Leo Goodwin, Sr.

Leo Goodwin Sr. (1886–1971) was an American businessman and philanthropist best known for founding private auto insurance company GEICO in 1936, with his wife Lillian Goodwin. Biography Goodwin was born in 1886 in Lowndes, Missouri, the son of a country doctor who traveled by horse and buggy to treat his patients. Educated as an accountant, Goodwin entered the insurance business in San Antonio, Texas. As he became more experienced in the field, Goodwin came to the remarkable insight that the industry could better serve its customers and reduce costs by eliminating sales commissions to producers of premiums and dealing directly with policyholders. Professional career and GEICO With this precedent-setting vision in mind, he founded the Government Employees Insurance Company (GEICO) in 1936. With his wife, Lillian, Mr. Goodwin worked 12 hours a day for little or no salary for several years to implement his business dream. In 1940, after operating in the red for several years, the company realized its first profit. In 1948, GEICO became publicly owned and as of 2018 has assets of more than $32 billion.