rated A++ (superior) by A. M. Best with respect to their financial condition and operating performance. GEICO – Berkshire acquired GEICO in January 1996. GEICO is headquartered in Chevy Chase, Maryland, and its principal insurance subsidiaries include; Government Employees Insurance Company, GEICO General Insurance Company, GEICO Indemnity Company, and GEICO Casualty Company. Over the past five years, these companies have offered primarily private passenger automobile insurance to individuals in all 50 states and the District of Columbia. GEICO markets its policies primarily through direct response methods in which applications for insurance are submitted directly to the companies via the Internet or by telephone. Gen Re – Berkshire acquired General Re in December 1998. General Re held a 91% ownership interest in Cologne Re . General Re subsidiaries currently conduct global reinsurance business in approximately 72 cities and provide global reinsurance coverage. General Re operates the following reinsurance businesses: North American property/casualty, international property/casualty, which principally consists of Cologne Re and the Faraday operations, and life/health reinsurance. General Re's reinsurance operations are primarily based in Stamford, Connecticut, and Cologne, Germany. General Re is one of the largest reinsurers in the world based on net premiums written and capital. NRG (Nederlandse Reassurantie Groep) – Berkshire acquired NRG, a Dutch life reinsurance company, from ING Group in December 2007. Berkshire Hathaway Assurance – Berkshire created a government bond insurance company to insure municipal and state bonds. These types of bonds are issued by local governments to finance public works projects such as schools, hospitals, roads, and sewer systems. Few companies are capable of competing in this area. On June 8, 2017, it was announced that Berkshire Hathaway had settled with California's insurance regulator, allowing its Applied Underwriters unit to sell a revised version of its "controversial" compensation insurance policies for workers in the state. Berkshire Hathaway sold Applied Underwriters in 2019. On March 21, 2022, Berkshire Hathaway announced it was buying insurance company Alleghany for $11.6 billion. This would have expanded its presence in the insurance space and allowed it to own a holding company much like Berkshire itself. There was speculation a bidding war could erupt for the company, with Barron's citing Markel, W.R. Berkley, Chubb, and Loews along with Pershing Square as potential suitors. Barron's also reported on an analysis that suggested the company could be worth $1,000 a share, compared to the offer of $848.02. This move was touted as