# Berkshire's insurance businesses "will be much more cautious, specifically across the primary and reinsurance businesses," Abel says.

*business · news · 2026-05-02 · Reuters*

## Key points

- Berkshire's insurance units will adopt a more cautious approach due to increased market competitiveness.
- Geico reduced its workforce by nearly one-third, reaching 29,541 employees by end of 2025.
- Geico has now matched competitors in implementing telematics for monitoring driver behavior and pricing.
- First-quarter pre-tax underwriting gains at Geico fell 35% due to higher advertising and accident claims.
- Nancy Pierce, a Geico veteran since 1986, has replaced Todd Combs as CEO after his departure to JPMorgan Chase.

**Companies:** Berkshire Hathaway, Geico
**Countries:** United States

[Read the full story on Reuters](https://www.reuters.com/legal/legalindustry/berkshire-ceo-greg-abel-says-insurance-becoming-increasingly-competitive-2026-05-02/)

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