GEICO stood for Government Employees Insurance Company when it first opened its doors in 1936. Its founder, Leo Goodwin, sought to provide car insurance for federal employees and their families.
In 1974, David Lloyd Kreeger, the president at the time, expanded the company’s charter to insure the general public, not just government employees. Since then, the company--which is still headquartered just north of Washington, D.C.--has grown tremendously, and now offers far more than just car insurance. However, there are only about 150 agents nationwide who sell exclusively for the company.
GEICO was a publicly traded company until 1996, when it was bought by Berkshire Hathaway. Since then, its TV commercials--especially those starring its beloved mascot, the GEICO Gecko--have entertained millions. In 2005, it was voted America’s favorite advertising icon, and has become synonymous with saving customers money on car insurance.