tony-nicely-chairman-ceo-geico
21 December 2021Insurance

Warren Buffet's long-time trusted insurance associate to retire after 60-years

The executive chairman and former chief executive of  GEICO, the second-largest auto insurer in the US and a wholly owned subsidiary of Warren Buffett's  Berkshire Hathaway, is retiring at the end of the year following a 60-year career.

Tony Nicely (pictured) served as chairman and CEO of GEICO for 25 years, before assuming his current position as executive chairman in 2018. Prior to that, he served in executive roles with increasing responsibility. Nicely's leadership is credited for shaping GEICO into a profitable company.

During his career, Nicely also served on boards for the American Property Casualty Insurance Association, the Insurance Institute for Highway Safety and the Insurance Information Institute.

GEICO became a wholly owned subsidiary of Berkshire Hathaway in 1996 after its chairman and CEO Warren Buffett purchased the remaining 49 percent of shares it didn’t already own.

In his 2018 annual shareholder letter, Buffett described Nicely as “a model for everything a manager should be.”

In an earlier letter to shareholders, Buffett said: “If you have a new son or grandson in 2006, name him Tony,” after praising GEICO for having an exceptional year of growth and profitability.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
3 May 2022   Geico auto insurance swings to $178m Q1 loss on 17 pps rise for loss ratio.
Insurance
3 May 2022   Warren Buffett: auto insurance industry ‘essentially refutes’ standard business logic.
Insurance
10 January 2022   The reinsurer looks to build and expand its underwriting capacity with key partners.