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{{Short description|American businessman}}
⚫ '''John J. Byrne''' (born 1931) is a longtime insurance industry executive who was CEO of GEICO, White Mountain Insurance Group and Fireman's Fund. He also served as chairman of Overstock.com.<ref></ref>
{{Infobox person
|name = John Byrne
|birth_date = {{birth date|1932|7|11}}
|birth_place = ], U.S.
|death_date = {{death date and age|2013|3|7|1932|7|11}}
|death_place = ], U.S.
|education = ] (])<br />] (])
}}
⚫ '''John J. Byrne''' (July 11, 1932 &ndash; March 7, 2013) was an ] longtime insurance industry executive who was CEO of ], ] and ]. He also served as chairman of ].<ref>{{cite web|url=http://www.auctionbytes.com/cab/abn/y05/m10/i26/s03|title="Overstock Names John Byrne Chairman of the Board" Ina Steiner, AuctionBytes.com, October 26, 2005|website=auctionbytes.com|accessdate=18 July 2017}}</ref>


==Early Backround == ==Early background ==
⚫ As a young man, Byrne worked for his father, who owned a small insurance agency in ], ]. He attended ], where he graduated with a mathematics degree, and then worked as an actuarial assistant for ]. He then earned a master's degree in mathematics.<ref name="See Jack Run">{{cite web|url=https://www.forbes.com/forbes/2000/0724/6603098a.html |title=See Jack Run |first=John |last=Gorham |work=Forbes |date=July 24, 2000 |archive-url=https://web.archive.org/web/20150629125337/https://www.forbes.com/forbes/2000/0724/6603098a.html |archive-date=June 29, 2015 |url-status=live}}</ref>

⚫ As a young man, Byrne worked for his father, who owned a small insurance agency in ], N.J. He attended ], where he graduated with a mathematics degree, and then worked an actuarial assistant for ]. He then earned a master's degree in mathematics.<ref>

⚫ After service in the ], Byrne worked as a reinsurance salesman for ]. He then moved to Travelers and was eventually promoted to executive vice president in charge of life insurance operation.<ref>"See Jack Run"</ref>


⚫ After serving in the ], Byrne worked as a reinsurance salesman for Lincoln National Life Insurance. He then moved to Travelers and was eventually promoted to executive vice president in charge of life insurance operations.<ref name="See Jack Run"/>


== Insurance industry magnate== == Insurance industry magnate==
⚫ After being passed over for president at Travelers in 1975, Byrne quit to become chief executive of ], then a troubled Washington, D.C., auto insurer. ] sold insurance directly to low-risk drivers, but had begun to lose money after underwriting riskier drivers. The company's shares had declined and regulators wanted to shut it down.<ref name="See Jack Run"/>


Supported by ]<ref name="Empower Your Investing">{{Cite book |title=Empower your investing : adopting best practices from John Templeton, Peter Lynch, and Warren Buffett |last=Chapman |first=Scott A. |publisher=] |year=2019 |isbn=978-1-64293-238-6 |location=New York |pages=255 |oclc=1112253785}}</ref> (who was a close watcher of GEICO and had named the company "The Security I Like Best" in 1951<ref>{{Cite book |title=Empower your investing : adopting best practices from John Templeton, Peter Lynch, and Warren Buffett |last=Chapman |first=Scott A. |publisher=] |year=2019 |isbn=978-1-64293-238-6 |location=New York |pages=252 |oclc=1112253785}}</ref>), led a turnaround of GEICO; Byrne accomplished this by firing more than 1,500 employees, reducing the staff to fewer than 6,400, and closing 23 sales offices. GEICO also stopped writing policies in several states.<ref>{{Cite web |date=2007-09-30 |title=GEICO Pulls Through - TIME |url=http://www.time.com/time/magazine/article/0,9171,947829-2,00.html |access-date=2022-05-07 |website= |archive-url=https://web.archive.org/web/20070930035204/http://www.time.com/time/magazine/article/0,9171,947829-2,00.html |archive-date=30 September 2007 |url-status=dead}}</ref> Buffett's ] eventually acquired the company, and Buffett has called Byrne the "Babe Ruth of insurance."<ref name="See Jack Run"/>
⚫ After being passed over for president in 1975, Byrne quit to become chief executive of GEICO, then a troubled Washington, D.C. auto insurer. GEICO sold insurance directly to low-risk drivers, but had begun to lose money after underwriting riskier drivers. The company's shares had declined and regulators wanted to shut it down.<ref>"See Jack Run"</ref>

Byrne fired more than 1,500 employees, reducing the staff to fewer than 6,400, and closed 23 sales offices. It also stopped writing policies in several states. <ref></ref>

GEICO had a turnaround as a result of these measures, which attracted the attention of investor Warren Buffett. He bought a position in the company and eventually his Berkshire Hathaway acquired the company. He has called Byrne the "Babe Ruth of insurance."<ref>"See Jack Run"</ref>


In 1985, Byrne was invited to run the troubled Fireman's Fund, then a subsidiary of ]. Fireman's had incurred $356 million in pretax losses in 1983 and 1984. Byrne vastly improved Fireman's financial performance and initiated a public offering of some of Fireman's shares in 1985. The company was sold to Allianz AG in 1991.<ref>"See Jack Run"</ref> Byrne retained the Fireman's holding company, which he later renamed as ]. <ref>"See Jack Run"</ref><ref></ref> In 1985, Byrne was invited to run the troubled Fireman's Fund, then a subsidiary of ]. Fireman's had incurred $356 million in pretax losses in 1983 and 1984. Byrne vastly improved Fireman's financial performance and initiated a public offering of some of Fireman's shares in 1985. The company was sold to Allianz AG in 1991.<ref name="See Jack Run"/> Byrne retained the Fireman's holding company, which he later renamed as ].<ref name="See Jack Run"/><ref>{{cite web|url=http://www.fundinguniverse.com/company-histories/White-Mountains-Insurance-Group-Ltd-Company-History.html|title=History of White Mountains Insurance Group, Ltd. – FundingUniverse|website=www.fundinguniverse.com|accessdate=18 July 2017}}</ref>


==Role at Overstock.com == ==Role at Overstock.com ==
Byrne's son ] founded ], an Internet retailer. The elder Byrne served as an Overstock.com director from October 1999 until October 2002, and then rejoined the board in June 2004. He was elected chairman in October 2005.<ref>"Overstock Names John Byrne Chairman of the Board" </ref> Byrne's son ] bought a 60% interest in the Internet retailer D2: Discounts Direct, changing its name to ]. The elder Byrne served as an Overstock.com director from October 1999 until October 2002, and then rejoined the board in June 2004. He was elected chairman in October 2005.<ref>{{cite web|url=http://www.ecommercebytes.com/cab/abn/y05/m10/i26/s03 |title=Overstock Names John Byrne Chairman of the Board |last=Steiner |first=Ina |date=October 26, 2005 |access-date=January 12, 2020 |website=eCommerceBytes.com |archive-url=https://web.archive.org/web/20190822220714/http://www.ecommercebytes.com/cab/abn/y05/m10/i26/s03 |archive-date=August 22, 2019 |url-status=live}}</ref>


In March 2006, the elder Byrne said that he was thinking of stepping down in disagreement over his son's "jihad" over naked short-selling. He said "I can't tell whether this jihad adds to the value of the stock or subtracts from it, but what it does is take from Patrick's time." He said his "headstrong" son has ignored his pleas to drop the fight. Byrne said, “I'd rather keep my relationship with my son than be the chairman of the board.” <ref></ref> In March 2006, the elder Byrne said that he was thinking of stepping down in disagreement over his son's campaign against ], which he said was distracting his son from leading the company.<ref>{{cite web|url=https://www.nbcnews.com/id/wbna11652266|title=Overstock.com chairman mulls stepping down|date=3 March 2006|website=NBC News|access-date=18 July 2017}}</ref> In April 2006, John Byrne stepped down to become vice-chairman, and was replaced by Patrick Byrne. In July 2006, John Byrne resigned from Overstock's board of directors. In August 2008, Jack Byrne said that after "much initial skepticism" he believed his son was "right all along" about the battle and lawsuits with short-sellers and analysts. He was reelected to the board on May 12, 2010.<ref>Overstock.com, </ref>
Patrick Byrne said of his father, "You know, when you're 74, you feel differently every day, based on what you have for breakfast that morning" and that "I never really expected him to get this fight."<ref></ref> In April 2006, John Byrne stepped down to become vice-chairman, and was replaced by Patrick Byrne. In July 2006, John Byrne resigned from Overstock's board of directors.


Byrne died at his home in Etna, New Hampshire on March 7, 2013, after a long struggle against cancer.<ref>{{cite web|url=http://www.insurancejournal.com/news/national/2013/03/11/284185.htm|title=Former White Mountains' Chair, GEICO Rescuer Byrne Passes Away|date=11 March 2013|website=insurancejournal.com|accessdate=18 July 2017}}</ref>


== References == == References ==
{{Reflist}}
<references/>


{{Authority control}}


] {{DEFAULTSORT:Byrne, John J.}}
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Latest revision as of 18:41, 3 August 2024

American businessman
John Byrne
Born(1932-07-11)July 11, 1932
Paterson, New Jersey, U.S.
DiedMarch 7, 2013(2013-03-07) (aged 80)
Etna, New Hampshire, U.S.
EducationRutgers University, New Brunswick (BA)
University of Michigan, Ann Arbor (MA)

John J. Byrne (July 11, 1932 – March 7, 2013) was an American longtime insurance industry executive who was CEO of GEICO, White Mountains Insurance Group and Fireman's Fund. He also served as chairman of Overstock.com.

Early background

As a young man, Byrne worked for his father, who owned a small insurance agency in Wildwood, New Jersey. He attended Rutgers University, where he graduated with a mathematics degree, and then worked as an actuarial assistant for Travelers Insurance Company. He then earned a master's degree in mathematics.

After serving in the U.S. Air Force, Byrne worked as a reinsurance salesman for Lincoln National Life Insurance. He then moved to Travelers and was eventually promoted to executive vice president in charge of life insurance operations.

Insurance industry magnate

After being passed over for president at Travelers in 1975, Byrne quit to become chief executive of GEICO, then a troubled Washington, D.C., auto insurer. GEICO sold insurance directly to low-risk drivers, but had begun to lose money after underwriting riskier drivers. The company's shares had declined and regulators wanted to shut it down.

Supported by Warren Buffett (who was a close watcher of GEICO and had named the company "The Security I Like Best" in 1951), led a turnaround of GEICO; Byrne accomplished this by firing more than 1,500 employees, reducing the staff to fewer than 6,400, and closing 23 sales offices. GEICO also stopped writing policies in several states. Buffett's Berkshire Hathaway eventually acquired the company, and Buffett has called Byrne the "Babe Ruth of insurance."

In 1985, Byrne was invited to run the troubled Fireman's Fund, then a subsidiary of American Express. Fireman's had incurred $356 million in pretax losses in 1983 and 1984. Byrne vastly improved Fireman's financial performance and initiated a public offering of some of Fireman's shares in 1985. The company was sold to Allianz AG in 1991. Byrne retained the Fireman's holding company, which he later renamed as White Mountains Insurance Group.

Role at Overstock.com

Byrne's son Patrick M. Byrne bought a 60% interest in the Internet retailer D2: Discounts Direct, changing its name to Overstock.com. The elder Byrne served as an Overstock.com director from October 1999 until October 2002, and then rejoined the board in June 2004. He was elected chairman in October 2005.

In March 2006, the elder Byrne said that he was thinking of stepping down in disagreement over his son's campaign against naked short selling, which he said was distracting his son from leading the company. In April 2006, John Byrne stepped down to become vice-chairman, and was replaced by Patrick Byrne. In July 2006, John Byrne resigned from Overstock's board of directors. In August 2008, Jack Byrne said that after "much initial skepticism" he believed his son was "right all along" about the battle and lawsuits with short-sellers and analysts. He was reelected to the board on May 12, 2010.

Byrne died at his home in Etna, New Hampshire on March 7, 2013, after a long struggle against cancer.

References

  1. ""Overstock Names John Byrne Chairman of the Board" Ina Steiner, AuctionBytes.com, October 26, 2005". auctionbytes.com. Retrieved 18 July 2017.
  2. ^ Gorham, John (July 24, 2000). "See Jack Run". Forbes. Archived from the original on June 29, 2015.
  3. Chapman, Scott A. (2019). Empower your investing : adopting best practices from John Templeton, Peter Lynch, and Warren Buffett. New York: Post Hill Press. p. 255. ISBN 978-1-64293-238-6. OCLC 1112253785.
  4. Chapman, Scott A. (2019). Empower your investing : adopting best practices from John Templeton, Peter Lynch, and Warren Buffett. New York: Post Hill Press. p. 252. ISBN 978-1-64293-238-6. OCLC 1112253785.
  5. "GEICO Pulls Through - TIME". 2007-09-30. Archived from the original on 30 September 2007. Retrieved 2022-05-07.
  6. "History of White Mountains Insurance Group, Ltd. – FundingUniverse". www.fundinguniverse.com. Retrieved 18 July 2017.
  7. Steiner, Ina (October 26, 2005). "Overstock Names John Byrne Chairman of the Board". eCommerceBytes.com. Archived from the original on August 22, 2019. Retrieved January 12, 2020.
  8. "Overstock.com chairman mulls stepping down". NBC News. 3 March 2006. Retrieved 18 July 2017.
  9. Overstock.com, Press Release
  10. "Former White Mountains' Chair, GEICO Rescuer Byrne Passes Away". insurancejournal.com. 11 March 2013. Retrieved 18 July 2017.
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