Warren Buffett's Berkshire Hathaway promoted Bill Roberts topresident and COO of auto insurer, Geico.
|Geico CEO Tony Nicely, who had additionally been presidentof the insurer, said in a statement that he “will continue to bevery actively involved in the overall management of the company,”but Roberts will “take on a greater role in managing Geico'sday-to-day operations.”
|Roberts has been executive vice president of Geico since 2000with oversight of marketing, advertising, and the Internet businessunit, says Geico, the third-largest auto insurer in the U.S. He hasbeen with Geico for nearly 30 years.
|State Farm and Allstate hold the first two spots but Geico, whospent more on advertising than any other U.S. P&C insurer lastyear, gained market share in 2012, according to data from SNLFinancial.
|Berkshire Hathaway leapt over Allstate in 2012 to become thesecond-largest P&C insurance group based on net premiumswritten, according SNL.
|Lists of the Top 100 insurance groups and insurance companies,based on total net premiums written, will be published in the Julyedition of PropertyCasualty360-National Underwritermagazine.
|State Farm continues to hold the top spot.
|Of the Berkshire companies contributing to the rise in theranking are Geico, which maintained its position as thefifth-largest individual P&C insurance company while increasingNPW 4.6 percent. Meanwhile, Berkshire's National Indemnity Co.increased NPW more than 38 percent to jump four spots to No. 7among ranked insurance companies.
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