Wednesday, September 16, 2009

Admiral Drives in Buffett’s Wake as Car Insurer Heads for U.S.

Admiral Group Plc's Chief Executive Officer Henry Engelhardt plans to follow Warren Buffett in selling car insurance to U.S. consumers over the Internet after the billionaire's Geico Corp. "paved the road" for competition.

Geico, owned by Buffett's Berkshire Hathaway Inc., has "spent a lot of money educating U.S. consumers to shop around and education is expensive," Chicago-born Engelhardt said in an interview at his office in Cardiff, Wales. "We just want to cling to their coat-tails. We like Geico."

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