Saturday, May 02, 2009
Alistair Barr
MarketWatch Pulse
OMAHA, Nebraska -- Geico, an auto insurer owned by Berkshire Hathaway [s:brka] [s:brkb], added 505,000 policy holders during the first four months of 2009 as drivers look to save money, Chairman Warren Buffett said Saturday at the company's annual shareholder meeting. Geico has benefited from consumers' cost-cutting efforts because it's the lowest-cost producer in the auto insurance industry, he explained. Geico had 8.5% of the market at the end of 2008, up from roughly 2% several years ago.
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