(Reuters) - Progressive Corp (PGR.N), a provider of auto insurance products, said it would acquire a controlling stake in property insurer ARX Holding Corp for $875 million in cash.
Progressive Corp said it would increase its share in the parent of American Strategic Insurance to 67 percent from 5 percent after it buys shares from non-management shareholders.
American Strategic Insurance, which provides personal and commercial property insurance, will continue as a separate company.
Progressive Corp said it expected to buy the remaining shares of ARX over the next six years.
Reporting by Rohit T. K. in Bengaluru; Editing by Don Sebastian