Leo Goodwin Sr. (1886–1971) was a businessman and philanthropist best known for founding
GEICO in 1936, with his wife
Lillian Goodwin
Lillian Goodwin was an American businesswoman who co-founded GEICO with her husband Leo Goodwin, Sr. in 1936.
Background and Family
She was married to Leo Goodwin, Sr. and mother to Leo Goodwin, Jr. She moved to Fort Lauderdale, Florida in the ...
.
Background
Goodwin was born in 1886 in
Lowndes, Missouri
Lowndes is an unincorporated community in eastern Wayne County, Missouri, United States. It is located approximately twenty miles southwest of Marble Hill, along Missouri Route E. Bear Creek flows past the north side of the community and Barne ...
, 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
("Cradle of Freedom")
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. 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. 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.
Professional career and GEICO
He hammered out the basic business plan during his early career days in Texas. In 1936, Goodwin established GEICO operations in
Washington, D.C.
)
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By the end of 1936, there were 3,700 GEICO policies in force and a total staff of 12 people. He believed that "if he lowered costs in the company by marketing directly to carefully targeted customer groups, he'd be able to pass along lower premiums and still earn a profit". 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 today has assets of nearly $7.3 billion. Leo Goodwin chose to retire in 1958. In 2001, Leo Goodwin was
posthumously
Posthumous may refer to:
* Posthumous award - an award, prize or medal granted after the recipient's death
* Posthumous publication – material published after the author's death
* ''Posthumous'' (album), by Warne Marsh, 1987
* ''Posthumous'' (E ...
named to the
Insurance Hall of Fame.
IIS To Induct Three Into Insurance Hall of Fame
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Philanthropy
Leo Goodwin was a large donor to Nova Southeastern University
Nova Southeastern University (NSU or, informally, Nova) is a private nonprofit research university with its main campus in Davie, Florida. The university consists of 14 total colleges, centers, and schools offering over 150 programs of study ...
and is considered one of the primary founders. The building that contains the university's law school, Shepard Broad Law Center, is housed in Leo Goodwin Sr. Hall. In addition, one of the dorms is named the Leo Goodwin Sr. Residence Hall. The Law Center is housed in the Leo Goodwin Sr. Hall, which is named for a generous entrepreneur and visionary who was committed to the advancement of education and research.
The Goodwin Foundation carried on the community-minded attitude of Leo Goodwin Sr. after his death. It sponsors a scholarship
A scholarship is a form of financial aid awarded to students for further education. Generally, scholarships are awarded based on a set of criteria such as academic merit, diversity and inclusion, athletic skill, and financial need.
Scholars ...
at Broward Community College.
The Leo Goodwin Sr. Chair in Law was established at Shepard Broad Law Center with an initial gift from the late Leo Goodwin Sr. The Goodwin Chair allows the Law Center to invite distinguished legal scholars to spend time in residence, to team-teach a seminar with a member of the Law Center faculty, and to interact with the Law Center faculty, students, and alumni.
References
{{DEFAULTSORT:Goodwin, Leo Sr.
20th-century American businesspeople
Nova Southeastern University people
1886 births
1971 deaths
GEICO