Todd Combs bid farewell to Geico employees in a Monday email obtained by Business Insider. Warren Buffett’s deputy is leaving the Berkshire-owned insurer to join JPMorgan and advise Jamie Dimon. Combs thanked Geico employees, trumpeted the auto insurer’s prospects, and championed his successor as CEO in a farewell email on Monday obtained by Business Insider.

Combs — one of Warren Buffett’s two investment managers at Berkshire Hathaway for the past 15 years, and the CEO of Berkshire-owned Geico since 2020 — struck a grateful tone in his goodbye message, saying it was a “privilege” and “honor” to lead the company. The departing boss said he was confident in Geico and its “ongoing transformation,” and that it had “tremendous momentum — and that momentum belongs to you.”

Combs hailed new CEO Nancy Pierce, an almost 40-year Geico veteran who was previously its operating chief, as the “right leader” for Geico and “uniquely qualified” to take it to the “next level.” The former hedge fund manager is leaving Berkshire to head up JPMorgan’s $10 billion Strategic Investment Group and serve as a special advisor to the bank’s CEO, Jamie Dimon. Geico declined a request for comment from Business Insider.

Combs spearheaded a turnaround at Geico that saw it swing from a pre-tax underwriting loss of $1.9 billion in 2023, to a $3.6 billion profit in 2024, then a $7.8 billion profit in the 2025 financial year. Buffett told Berkshire shareholders in his annual letter this year that Combs had “reshaped Geico in a major way, increasing efficiency and bringing underwriting practices up to date,” and described the company’s performance in 2024 as “spectacular.”

Read more at Yahoo Finance: Read Todd Combs’ goodbye letter to Geico employees after he quit Berkshire Hathaway to join JPMorgan