Friday, March 20, 2009
Geico insurance is jumping into the Massachusetts auto insurance market.
Insurance Commissioner Nonnie Burnes confirmed that Geico, the nation�s third-largest auto insurer, has filed to do business in Massachusetts, effective in May.
Geico, which had been in talks with industry officials for months about entering the Bay State market, will become the second major out-of-state insurer to start selling policies here since Gov. Deval Patrick�s administration deregulated the insurance industry here almost exactly a year ago.
One of Geico�s archrivals, Progressive Insurance, began selling policies last year, shaking up the state market with super-low prices.
Geico, a wholly owned subsidiary of Warren Buffett�s Berkshire Hathaway, had been seriously assessing a jump into the Bay State market since deregulation began.A spokesman for Geico, which has 9 million policyholders, could not be immediately reached for comment.
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