Profile: Progressive Corp (PGR)
20 Jan 2017
The Progressive Corporation, incorporated on February 4, 1965, is an insurance holding company. The Company's insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. It also offers vehicle insurance products that protect its customers against losses due to collision and physical damage to their motor vehicles, uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles. The Company's property insurance products protect its customers against losses due to damages to their structure or possessions within the structure, as well as liability for accidents occurring in the structure or on the property. Its non-insurance subsidiaries and affiliates generally support the Company's insurance and investment operations. The Company operates its vehicle businesses and property business in the United States. The Company also sells personal auto physical damage and auto property damage liability insurance in Australia. The Company operates through Personal Lines, Commercial Lines and Property segments.
The Company's Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. It writes personal auto insurance in approximately 50 states and the District of Columbia, and the Company writes the majority of its special lines products in over 50 states. The Personal Lines segment consists of its personal auto insurance products, as well as special lines products. Personal auto insurance business includes Snapshot, the Company's usage-based insurance program, which is available to consumers through both the Agency and Direct channels in over 48 states and the District of Columbia. Special lines products include insurance for motorcycles, all-terrain vehicles (ATVs), recreational vehicles (RVs), manufactured homes, watercraft, snowmobiles and other items. The Company also offers a personal umbrella insurance product in approximately 37 states and the District of Columbia through certain independent agents and to direct customers through telephone.
The Company's Personal Lines products are sold through both the Agency and Direct channels. The Agency business includes business written by its network of approximately 35,000 independent insurance agencies located throughout the United States, including brokerages in New York and California. These independent insurance agents and brokers place business with the Company for specified insurance coverages. The Agency business also writes insurance through strategic alliance business relationships with other insurance companies, financial institutions and national agencies. The Direct business includes business written directly by the Company on the Internet, through mobile devices and over the phone.
In the Personal Lines segment, the Company focuses to penetrate customer households through cross-selling auto policies with other products, including through Progressive Home Advantage (PHA) to meet a range of customer needs. PHA is the program in which it bundles auto product with property insurance provided by American Strategic Insurance (ASI), primarily in the Agency channel, or unaffiliated insurance carriers in the Direct channel. In addition, it offers Platinum product, which is a home and auto insurance combined offering that provides the agents a single offering with compensation, coordinated policy periods, single event deductible and other features.
The Commercial Lines business writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned and/or operated predominately by small businesses as a part of the commercial auto market. It offers these products in over 49 states. Its Commercial Lines customers on average insure approximately two vehicles.
The Commercial Lines business operates in the business market targets: Business auto, which includes autos, vans and pick-up trucks used by small businesses, such as retailing, farming, services and private trucking; For-hire transportation, which includes tractors, trailers and straight trucks primarily used by regional general freight and expeditor-type businesses and non-fleet long-haul operators; Contractor, which includes vans, pick-up trucks, and dump trucks used by small businesses, such as artisans, heavy construction, and landscapers/snowplowers; For-hire specialty, which includes dump trucks, log trucks, and garbage trucks used by dirt, sand and gravel, logging and coal-type businesses; Tow, which includes tow trucks and wreckers used in towing services and gas/service station businesses, and For-hire livery , which includes non-fleet taxis, black-car service and airport taxis.
ASI is a homeowner carrier in the United States, which specializes in personal and commercial property insurance, personal umbrella insurance, and primary and excess flood insurance. Its Property business writes homeowners and renters insurance, primarily in the Agency channel in over 31 states and the District of Columbia for personal property insurance and in over four states for commercial property insurance. The Company also writes flood insurance in approximately 37 states, ASI is a provider of homeowner products for new PHA business in its Agency channel. The commercial business principally includes insurance covering real estate owned by condominium and homeowners associations and similar entities, as well as apartment complexes.
The Company's other indemnity businesses consist of managing its run-off businesses, including the run-off of professional liability business. It has approximately five professional liability policies in force.
The Company's service business includes Commercial Auto Insurance Procedures/Plans (CAIP) and Commission-based businesses. It is a servicing carrier on a nationwide basis for CAIP plans, which are state-supervised plans servicing the involuntary market in over 41 states and the District of Columbia. It has over two commission-based service businesses. In its Direct business through Progressive Home Advantage, the Company offers home, condominium and renters insurance, among other products, written by unaffiliated insurance companies on a nationwide basis. Through Progressive Commercial Advantage, the Company offers its customers the ability to package their auto coverage with other commercial coverages that are written by unaffiliated insurance companies or placed with additional companies through unaffiliated insurance agencies. This program offers general liability and business owners' policies throughout the continental United States and workers' compensation coverage in approximately 44 states.
The Company manages its vehicle claims handling on a company-wide basis through approximately 215 claims offices located throughout the United States. In addition, it operates over 67 Service Centers in approximately 51 metropolitan areas across the country, of which over 53 have combined claims offices and Service Centers.
6300 Wilson Mills Rd
MAYFIELD VILLAGE OH 44143-2109