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    Progressive Corp (PGR)

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    The Progressive Corporation operates primarily in the insurance industry, offering a diverse range of products through its three main segments: Personal Lines, Commercial Lines, and Property. The company provides insurance for personal autos, recreational vehicles, small businesses, and residential properties, making it a significant player in the insurance market. Progressive's offerings are structured to cater to both individual and business needs, with a focus on auto-related and property insurance .

    1. Personal Lines - Offers insurance for personal autos and recreational vehicles, divided into Agency and Direct businesses, with the Direct channel contributing a slightly higher percentage of net premiums written .

      • Agency - Provides insurance products through a network of independent agents.
      • Direct - Sells insurance products directly to consumers, primarily through online and phone channels.
    2. Commercial Lines - Provides auto-related liability and physical damage insurance, business-related general liability, and property insurance predominantly for small businesses, as well as workers' compensation insurance .

    3. Property - Includes residential property insurance for homeowners, other property owners, and renters .

    4. Service Businesses - Offers insurance-related services, representing less than 1% of total revenues .

    NamePositionExternal RolesShort Bio

    Susan Patricia Griffith

    ExecutiveBoard

    President and CEO

    Board Member at FedEx Corporation

    CEO since 2016, joined PGR in 1988. Held various leadership roles, including Chief Human Resource Officer and Claims Group President. Deep expertise in operations and DEI efforts.

    View Report →

    Andrew J. Quigg

    Executive

    Chief Strategy Officer

    None

    Chief Strategy Officer. No details on start date, prior roles, or achievements provided.

    David M. Stringer

    Executive

    VP, Chief Legal Officer, and Secretary

    None

    Chief Legal Officer since at least May 2024. No additional details on prior roles or achievements provided.

    John Murphy

    Executive

    Claims President

    None

    Claims President since December 2021. Previously Customer Relationship Management President.

    John P. Sauerland

    Executive

    Vice President and CFO

    None

    CFO since at least 2023. No additional details on prior roles or achievements provided in the documents.

    Jonathan S. Bauer

    Executive

    Chief Investment Officer (CIO)

    None

    CIO since January 2020. Previously a Portfolio Manager at PGR. No specific achievements detailed.

    Karen B. Bailo

    Executive

    Commercial Lines President

    None

    Commercial Lines President since October 2020. Previously served as Commercial Lines Acquisition and Small Business GM and Commercial Lines Controller.

    Lori Niederst

    Executive

    Customer Relationship Management President

    None

    CRM President since December 2021. Previously Chief Human Resources Officer.

    Mariann Wojtkun Marshall

    Executive

    VP and Chief Accounting Officer

    None

    CAO since March 2019. Previously Director of Financial Reporting - GAAP. Announced retirement planned for mid-2025.

    Patrick K. Callahan

    Executive

    Personal Lines President

    None

    Personal Lines President. No details on start date, prior roles, or achievements provided.

    Remi Kent

    Executive

    Chief Marketing Officer (CMO)

    None

    CMO since November 2021. Previously SVP and Global CMO at 3M Company. Expertise in marketing and brand management.

    Steven A. Broz

    Executive

    Chief Information Officer (CIO)

    None

    CIO at PGR. No details on start date, prior roles, or achievements provided.

    William L. Clawson II

    Executive

    Chief Human Resources Officer

    None

    CHRO since December 2021. Previously served as Compensation and Benefits Business Leader and Product Manager.

    Barbara R. Snyder

    Board

    Director

    President of the Association of American Universities (AAU); Director at KeyCorp

    Director since 2014. Expertise in governance, DEI, and higher education leadership.

    Charles A. Davis

    Board

    Director

    Director at AXIS Capital Holdings Limited

    Director since 1996. CEO of Stone Point Capital LLC. Extensive financial and investment expertise.

    Devin C. Johnson

    Board

    Director

    President of The SpringHill Company

    Director since 2020. Expertise in digital media, marketing, and content production. President of The SpringHill Company.

    Kahina Van Dyke

    Board

    Director

    Operating Partner at Advent International

    Director since 2018. Expertise in fintech and digital banking. Former executive at Ripple Labs and Facebook.

    Lawton W. Fitt

    Board

    Chairperson of the Board

    Director at Ciena Corporation and The Carlyle Group Inc.

    Chairperson since May 2018. Director since 2009. Former Lead Independent Director. Extensive financial and governance expertise.

    Pamela J. Craig

    Board

    Director

    Director at Merck & Co., Inc. and Corning Incorporated

    Director since 2018. Former CFO of Accenture. Expertise in accounting, finance, and governance.

    Philip Bleser

    Board

    Director

    None

    Director since 2017. Former Chairman of Global Corporate Banking at JPMorgan Chase. Expertise in finance and governance.

    Roger N. Farah

    Board

    Director

    Director at CVS Health Corporation

    Director since 2008. Extensive retail industry experience. Former executive at Ralph Lauren Corporation.

    Stuart B. Burgdoerfer

    Board

    Director

    None

    Director since 2009. Former CFO of L Brands, Inc. Chair of PGR's Audit Committee.

    1. Given the record profits and high margins you're experiencing, could you elaborate on how you balance maintaining profitability with potential price cuts, especially in states where you're already highly competitive?
    2. With attorney representation rates and litigation costs rising in personal auto, how are you adjusting your claims handling and pricing strategies to mitigate the impact of social inflation on your loss ratios?
    3. Your Commercial Lines growth has been challenging due to softness in the trucking market; what specific actions are you taking to drive growth in this segment, and how confident are you about competitors catching up in rates impacting your future growth?
    4. Considering that two hurricanes struck Florida only a week apart, can you provide more details on how you are risk-adjusting your property business and what progress you've made in reducing exposure to volatile weather-related states?
    5. With a substantial increase of 4.2 million policies in force amid a tight labor market, how are you ensuring staffing levels keep pace without compromising service quality, and what role does technology and AI play in this effort?
    Program DetailsProgram 1
    Approval DateMay 2024
    End Date/DurationNo expiration
    Total additional amount25 million shares
    Remaining authorization amount24,576,264 shares
    DetailsNeutralizing dilution from equity-based compensation and effectively using under-leveraged capital
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20271,000.0 2.45% Senior Notes 2.45 14.5% = (1,000.0 / 6,891.8) * 100
    20271,000.0 2.50% Senior Notes 2.50 14.5% = (1,000.0 / 6,891.8) * 100
    2029850.0 6 5/8% Senior Notes 6.625 12.3% = (850.0 / 6,891.8) * 100
    2029850.0 4.00% Senior Notes 4.00 12.3% = (850.0 / 6,891.8) * 100
    2030500.0 3.20% Senior Notes 3.20 7.3% = (500.0 / 6,891.8) * 100
    2032900.0 3.00% Senior Notes 3.00 13.1% = (900.0 / 6,891.8) * 100
    2032900.0 6.25% Senior Notes 6.25 13.1% = (900.0 / 6,891.8) * 100
    2033500.0 4.95% Senior Notes 4.95 7.3% = (500.0 / 6,891.8) * 100
    2044350.0 4.35% Senior Notes 4.35 5.1% = (350.0 / 6,891.8) * 100
    2045400.0 3.70% Senior Notes 3.70 5.8% = (400.0 / 6,891.8) * 100
    2047850.0 4.125% Senior Notes 4.125 12.3% = (850.0 / 6,891.8) * 100
    2048600.0 4.20% Senior Notes 4.20 8.7% = (600.0 / 6,891.8) * 100
    2050500.0 3.95% Senior Notes 3.95 7.3% = (500.0 / 6,891.8) * 100
    2052500.0 3.70% Senior Notes 3.70 7.3% = (500.0 / 6,891.8) * 100
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1984 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Protective Insurance Corporation and subsidiaries

    2021

    Acquisition Value & Structure: Progressive acquired all outstanding Class A and Class B common shares for $23.30 per share in cash totaling about $338 million, including key assets such as $1.7 billion in total assets and liabilities of $1.4 billion. Strategic Rationale & Capabilities: The deal was aimed at enhancing Progressive’s commercial insurance portfolio by expanding into larger fleet, affinity programs, and transportation workers' compensation, while also integrating valuable operational expertise and assets.

    Recent press releases and 8-K filings for PGR.

    Progressive Corp Reports April 2025 Financial Results
    PGR
    Earnings
    • April 2025 results include key financial metrics such as net premiums earned of $6,641 million, net income of $986 million, and per share earnings of $1.68.
    • Year-to-date figures show net premiums written of $29,043 million and net income of $3,553 million, with detailed breakdowns for personal and commercial lines.
    • The filing also notes that May 2025 results will be released on June 18, 2025, indicating forthcoming updates.
    May 21, 2025, 12:00 AM
    Progressive Reports Q1 2025 Financial Results
    PGR
    Earnings
    Revenue Acceleration/Inflection
    • Progressive Corp announced its Q1 2025 results through an 8-K filing, reporting key figures such as net premiums written of $22.206 billion year-to-date and net income of $2.567 billion, reflecting notable growth compared to the prior period.
    • The report provides detailed performance metrics for both monthly and quarterly periods, including improvements in net premiums earned and per share earnings, along with comprehensive breakdowns of underwriting and investment results.
    • The filing also includes balance sheet highlights and notes upcoming investor events, such as a conference call scheduled for May 6, 2025, underscoring the company’s commitment to transparent financial reporting.
    Apr 16, 2025, 12:00 AM
    Progressive Reports February 2025 Financial Results
    PGR
    Earnings
    • Financial Performance: Progressive reported February 2025 results with net premiums written of $6,684 million, net premiums earned of $6,036 million, and net income of $928 million, reflecting a 17% increase in premiums and 26% increase in net income compared to February 2024.
    • Earnings and Underwriting: The company achieved an improvement in per share earnings to $1.58 (up from $1.24) and a combined ratio of 82.6, indicating stronger underwriting efficiency.
    • Additional Details: The filing also provided data on policy counts across personal and commercial lines and noted that March results are scheduled for release on April 16, 2025.
    Mar 19, 2025, 12:00 AM