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.
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