Buffett’s Geico to Charge Customers More After Margins Worsen

http://www.bloomberg.com/news/articles/2015-05-01/buffett-s-geico-to-charge-customers-more-after-margins-worsen

Geico, the auto insurer owned by Warren Buffett’s Berkshire Hathaway Inc., will charge drivers more after margins worsened… “We experienced increases in claims frequencies and severities in several of our major coverages,” according to the filing. “As a result, we are implementing premium rate increases as needed.”

Geico is the largest insurance unit by revenue at Berkshire. Buffett counts on insurers to generate funds that he can invest in stocks or takeovers. The business is the second-largest U.S. car insurer…