To All:After the WCOM deal I have been awaiting some word on how the market geniuses like the new look of HRB. Does the following indicate an interest or tie to Warren Buffet, a big GEICO shareholder?
Wednesday September 10 7:30 AM EDT
Company Press Release
Source: H&R Block Inc.
H&R Block Enters Agreement With GEICO
KANSAS CITY, Mo., Sept. 10 /PRNewswire/ -- H&R Block Inc. (NYSE:HRB) today
announced it has signed an agreement with the GEICO insurance companies to provide car insurance
information to Block's tax preparation customers. This new service will initially be offered to H&R
Block customers in at least six test states: Arizona, Florida, Maryland, Missouri, New Mexico and
Ohio. Additional offices in other states may also offer this program. These test states represent
between 1.5 million and 2 million H&R Block customers who will have the opportunity to contact
GEICO through a special toll-free number to review their insurance.
``Our more than 8,500 offices nationwide represent an untapped resource for financial products and
services,'' said Frank Salizzoni, president and chief executive officer of H&R Block. ``We have
successfully introduced new products and services to our clients in the past two years and continue
to explore more possibilities. GEICO is a highly rated, top-quality, low-cost provider that might help
our clients save money on their car insurance. We're not selling car insurance; we're providing
information to our clients so that they can make a decision on what best fits their needs.''
GEICO is the seventh largest private passenger auto insurance group in the United States as well as
one of the fastest growing. Founded in 1936, GEICO is now a wholly-owned subsidiary of
Berkshire Hathaway. It is the premier insurer in offering 24-hour sales, policyholder and claim
service.
The GEICO agreement is the latest among several new programs being offered in H&R Block's
offices. Last tax season, the company tested a mortgage origination program in about 30 tax offices
and will expand that program in 1998.
In addition, the company acquired Option One Mortgage Corporation, with a network of 5,000
mortgage brokers nationwide, last June. H&R Block also recently began offering college financial aid
application assistance in its tax offices.
Founded in 1955, H&R Block Inc. is a diversified company offering tax preparation services and
financial products and services. H&R Block served more than 18 million taxpayers in nearly 10,000
offices in the United States, Canada and Australia in fiscal year 1997. The company handled
approximately one in every seven regular returns and 51 percent of all electronic returns filed with the
Internal Revenue Service last tax season. H&R Block also develops and provides Kiplinger
TaxCut(R) software for personal computers. In addition, the company offers mortgage loans through
its own retail operations and through a network of 5,000 mortgage brokers nationwide. Quarterly
results and other information regarding H&R Block are available on the company's Web page at
www.hrblock.com.
SOURCE: H&R Block Inc. |
