Geico, the crown jewel of Berkshire's insurance empire, has found itself in trouble recently after losing market share to its best competitor Progressive.
Geico, viewed as the crown jewel of Berkshire's insurance empire, has found itself in a bit of a trouble recently after losing market share to its best competitor, Progressive, in 2022 with a widening gap in underwriting margins and growth, according to an analysis from UBS. Geico suffered a"I think it's the biggest issue out there at the moment is really Geico," said Bill Stone, chief investment officer at Glenview Trust and a Berkshire shareholder.
Ajit Jain, Berkshire's vice chairman of insurance operations, said the biggest culprit for Geico's underperformance is telematics. The conglomerate tends to shine in a down market as many use it for downside protection given its diverse businesses and unmatched balance sheet strength.While Geico is only a relatively small percentage of Berkshire's sprawling empire, Buffett does have a soft spot for the insurer as it's one of the "Oracle of Omaha's" first investments, and perhaps among the most successful.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple hands Warren Buffett's Berkshire Hathaway a $214 million payout ahead of shareholder weekendApple hands Warren Buffett’s Berkshire Hathaway a $214 million payout ahead of shareholder weekend
Read more »
Berkshire Hathaway’s annual meeting is here: What to expect from Warren Buffett and Charlie MungerWarren Buffett is set to kick off Berkshire Hathaway's annual shareholder meeting Saturday. Here's your complete guide for the highly anticipated event.
Read more »
The fight for fortune and family who sold Warren Buffett Berkshire HathawayMalcolm “Kim” Chace Jr. died in 2011 after becoming a billionaire thanks to Buffett buying his family firm. But now the Chace clan is descending into a brawl over the cash.
Read more »
Bitcoin Critic Warren Buffett Might Surprisingly Lose Chairman Position at Berkshire HathawayWarren Buffett, adamant crypto skeptic and author of 'rat poison' meme, is under fire due to his ties with Bill Gates
Read more »
Here are Thursday's biggest analyst calls: Apple, Western Alliance, Berkshire Hathaway, Wix & moreCiti downgraded Wingstop. Goldman upgraded Cemex.
Read more »
The 6 proposals Berkshire Hathaway investors will vote on this weekendHere are the 6 proposals Berkshire Hathaway investors will vote on this weekend - including removing Warren Buffett as chairman and requiring the company stay out of political discussions
Read more »