BestWire Services Via Acquire Media NewsEdge) The market for automobile insurance in Massachusetts may have another person - the third largest U.S. supplier of auto insurance - if regulatory approvals are granted.

Berkshire Hathaway-owned Geico asked to write automobile insurance in the state, said the Insurance Division.

Insurance Commissioner Nonnie Burnes said that while Geico "meets the stringent consumer protection" to comply with the year-old system of managed competition, insurers would be the eighth new company to enter the market.

"This is further evidence that competition is administered to more choice in terms of cost, coverage and companies to Massachusetts consumers," Burnes said in a statement, adding residents of the state are "reaping the fruits of the reform of automobile insurance. " Massachusetts, unveiled the new system of competition, a year ago on 1 April in which the market set the rates. For 30 years before, Massachusetts regulators set the rate for a limited number of insurers who write in the state.

Peerless Insurance, Liberty Mutual Group, go back on the market after a long absence since the new system was implemented. Progressive also began writing in Massachusetts. Other insurers in the note to begin writing in Massachusetts are American International Group Inc. subsidiary, Private Client Group, and Vermont Mutual Insurance Group.

The CEO of Berkshire, Warren Buffett said recently in announcing the company's annual financial results Geico is a bright spot during a difficult year that saw Berkshire profit decline of 62%. Geico has grown to become the third largest auto insurer nationally behind State Farm and Allstate, and growth opportunities because of the economy, "said Buffet (BestWire, March 3, 2009).


Government employees, currently has a group of Best financial strength rating of A + + (Superior).

The five writers of private passenger automobile insurance in Massachusetts, according to AM Best Co. state / line data, are: Commerce Group, with a market share of 31.9%; Safety Group, with 11.5% Arbella Insurance Group, with 9.4%, Liberty Mutual Insurance Co., to 7.9% and MetLife Auto & Home Group, with 6.9%.

(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway @ ambest.com) Copyright? 2009 h Best Company, Inc.