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Progressive Corporation
The Progressive Corporation is an American insurance company. Progressive is currently the #2 auto insurer in the United States behind State Farm. The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield, Ohio. The company insures passenger vehicles, motorcycles, recreational vehicles (RVs), trailers, boats, personal water craft (PWC), and commercial vehicles. Progressive also provides home, life, pet, and other types of insurance through select companies.
The company ranked #62 on the 2024 Fortune 500 list of the top American corporations.
Progressive was formed in 1937 by Joseph Lewis and Jack Green as Progressive Mutual Insurance Company. In 1956, the company found a niche by insuring more risky drivers. In 1965, Peter B. Lewis, son of Joseph Lewis, and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of Progressive. In 1971, Progressive conducted an initial public offering (IPO) and became a publicly-traded company. In 1987, the sum of the company's written premiums surpassed $1 billion, and by 2016 that number reached $20 billion. Progressive also claims being the first auto insurance company to allow customers to purchase insurance policies over the phone in 1993, and to have a website in 1995, and have policies available for purchase online in 1997. Later, Progressive enabled customers to use mobile browsers and smartphone apps for rating and managing policies. It also reports to be the first to offer 24/7 claims reporting. On December 13, 2006, the company said earnings rose 58 percent in November as the company retained more of the premiums it collected because of comparisons to a month affected by Hurricane Katrina claims.
The company operates in three segments: personal lines, commercial auto, and other indemnity.
Progressive is the second-largest auto insurer in the United States as of the 2023 fiscal year, with 15.2% of the market, behind State Farm's share of 18.3%. Progressive primarily offers its services through the internet, by telephone or through independent insurance agents. Progressive’s agency business sells insurance through more than 30,000 independent insurance agents and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale.
In December 2009, Progressive announced it was selling car insurance in Australia. Initially called Progressive Direct, it rebranded as Progressive in 2011, and later rebranded as PD Insurance in 2019.
In September 2007, Progressive began to offer pet injury coverage, which provides coverage for dogs and cats that are injured in a crash and is included at no additional cost with collision coverage. Immediate response vehicles used by Progressive are specially modified Ford Explorers and Ford Escapes.
Progressive's marketing campaign is known for offering quotes of its competitors along with its own quote.
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Progressive Corporation
The Progressive Corporation is an American insurance company. Progressive is currently the #2 auto insurer in the United States behind State Farm. The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield, Ohio. The company insures passenger vehicles, motorcycles, recreational vehicles (RVs), trailers, boats, personal water craft (PWC), and commercial vehicles. Progressive also provides home, life, pet, and other types of insurance through select companies.
The company ranked #62 on the 2024 Fortune 500 list of the top American corporations.
Progressive was formed in 1937 by Joseph Lewis and Jack Green as Progressive Mutual Insurance Company. In 1956, the company found a niche by insuring more risky drivers. In 1965, Peter B. Lewis, son of Joseph Lewis, and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of Progressive. In 1971, Progressive conducted an initial public offering (IPO) and became a publicly-traded company. In 1987, the sum of the company's written premiums surpassed $1 billion, and by 2016 that number reached $20 billion. Progressive also claims being the first auto insurance company to allow customers to purchase insurance policies over the phone in 1993, and to have a website in 1995, and have policies available for purchase online in 1997. Later, Progressive enabled customers to use mobile browsers and smartphone apps for rating and managing policies. It also reports to be the first to offer 24/7 claims reporting. On December 13, 2006, the company said earnings rose 58 percent in November as the company retained more of the premiums it collected because of comparisons to a month affected by Hurricane Katrina claims.
The company operates in three segments: personal lines, commercial auto, and other indemnity.
Progressive is the second-largest auto insurer in the United States as of the 2023 fiscal year, with 15.2% of the market, behind State Farm's share of 18.3%. Progressive primarily offers its services through the internet, by telephone or through independent insurance agents. Progressive’s agency business sells insurance through more than 30,000 independent insurance agents and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale.
In December 2009, Progressive announced it was selling car insurance in Australia. Initially called Progressive Direct, it rebranded as Progressive in 2011, and later rebranded as PD Insurance in 2019.
In September 2007, Progressive began to offer pet injury coverage, which provides coverage for dogs and cats that are injured in a crash and is included at no additional cost with collision coverage. Immediate response vehicles used by Progressive are specially modified Ford Explorers and Ford Escapes.
Progressive's marketing campaign is known for offering quotes of its competitors along with its own quote.