All About GEICO

One of Berkshire Hathaway's most popular companies is, without a doubt, GEICO. The ubiquitous gecko and cavemen are instantly recognizable across the country, and their ads promise to save customers on their car insurance.

GEICO is actually an acronym for Government Employees Insurance Company. Their website states that they currently insure 12 million vehicles and are the fourth-largest private passenger auto insurer in the United States.

It was in 1996 that Warren Buffett acquired GEICO. Since then, the company has enjoyed receiving top ratings from insurance raters Standard & Poors, Moody's, and A.M. Best.

We're all familiar with the gecko that is often featured in the company's ads, but it is interesting to note that the computer-generated creature was not the first choice to be the company's spokesperson. According to a May 2006 USA Today article, the marketing leader at GEICO was considering several other choices besides the lizard. At the time of the choice, there was a strike in the Screen Actors Guild that ruled out the use of live actors in the commercials. The article goes on to state how the gecko has received a makeover since its inception:

Now that the gecko has taken the lead in Geico advertising, however, he's had a subtle makeover. At the start of this year, The Martin Agency gave him bigger, more-expressive eyes, more humanlike movements, a shorter body and a slight heft to his shoulders. His voice is now provided by one announcer who speaks with a more common English accent vs. a rotation of three actors who spoke using more upper-class English.

Photo illustration by Andy Knoblauch