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.
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