Chevy Chase Insurance Agency Inc history

A network of regional offices with switchboards and operators also was being built, and the first center, a $13.1 million facility in Woodbury, New York, was dedicated in October 1973.

In 1975 GEICO reported a loss of $126.5 million, as high claims for hospital and auto repair fees battered its bottom line.

Warren Buffett made another appearance in 1976 for a second purchase of GEICO stock, reported to total 1 million shares.

In 1978 GEICO began to acquire the stock of its three sister companies in an effort to diversify the company's lines of business.

1979: GEICO Corporation is formed.

GEICO introduced 24-hour a day, 365-day a year telephone service for claims, sales and service in 1980 as its emphasis on customer service deepened.

In 1981 the company formed Resolute Group, a reinsurance subsidiary set up to insure other insurers.

In 1982 the company bought a property casualty insurance company, which wrote standard insurance, and named it GEICO General.

In 1984 GEICO increased its level of automation, and this investment was rewarded with lower costs and higher profits.

By 1991, its profits had reached $193.8 million, and the company had become the country's seventh largest automobile insurer.

In 1993, Olza "Tony" Nicely was named GEICO's new chairman, president and CEO, and worked to expand the customer base through a new four-company strategy.

In April 1995, as part of its push to strengthen its position as a premier auto insurer, GEICO made the controversial decision to phase out its homeowners insurance plan.

1996 – Warren Buffett purchases outstanding GEICO stock, making GEICO a subsidiary of Berkshire Hathaway, Inc.

1998: GEICO launches $100 million marketing campaign.

1999 – The beloved GEICO Gecko® makes his debut in a wildly popular GEICO ad campaign.

During this same period, an increase in the number of underwriting losses resulted in weaker profits for the company, and in the first quarter of 2000 GEICO suffered a total underwriting loss of more than $86 million.

By 2001 it remained to be seen if GEICO's more liberal driver policy would pay off.

2002 – GEICO passes the 5 million PIF mark.

Building activities in Buffalo were completed in 2005 and associates moved into their new 250,000-square-foot regional center following a grand opening ceremony in October.

In 2006, GEICO marketing efforts, expanding Internet capabilities and customer outreach combined to attract the company's 7 millionth policyholder.

In 2008, the Caveman was voted America's favorite advertising icon of the year and joined the GEICO Gecko on the Advertising Week Walk of Fame.

2013 – GEICO surpasses 12 million policies-in-force and insures more than 20 million vehicles.

2014 – GEICO passes the 13 million PIF mark and insures more than 22 million vehicles.

2016 – GEICO adds its 14 millionth policy.

2017 – In its best growth year ever, GEICO passes 15 million and 16 million PIF.