Word: premiums
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Dates: during 1970-1979
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...sure, GEICO is emerging from its ordeal much smaller and poorer than in 1974, when it was the nation's fifth largest auto insurer, collecting premium income of $660 million-and when its stock sold as high as $61 a share. The company had reached that eminence by doing away with agents and selling policies directly to customers at premium rates as much as 25% below those charged by other insurers. The strategy worked because for a long time GEICO restricted its customers to employees of federal, state and local governments, and later to professional people-two low-risk...
...awesome costs we had to pay." He fired more than 1,500 employees, reducing the staff to fewer than 6,400, and closed 23 sales offices. Those moves have reduced expenses 20%; Byrne vows to cut them further by 10%. Byrne has also secured, state by state, permission for premium-rate increases averaging 38%. Further, the company, which once operated in 25 states, has stopped servicing unprofitable areas. GEICO pulled out of New Jersey, which once accounted for 10% of its business, when the state refused to allow a premium increase; it has also stopped writing new policies in Connecticut...
ARMS TALKS: "It is a big mistake to tie in the strategic arms limitation talks with summits. Given the fact that our political system is truly democratic, the premium for obtaining an agreement is much higher for the President than for the Soviet General Secretary." Still, he adds, because "the asymmetries between them and us are so favorable to us in every aspect, we can afford to be patient. The scalingdown of the levels [of atomic warheads] is the most urgent business of SALT...
...well afford the tab. The world recession seems to have largely lifted, and crude oil sales are rising as a result. Tanker charters have emerged from the doldrums, as top customers have scrambled to stock up on crude before the price rises again, often paying a 25? or 30? premium on each extra barrel...
...game has 45 minute halves; thus a premium is placed on conditioning...