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As of 8:04 PM 07/9/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

6300 Wilson Mills Road

Mayfield Village, OH 44143

United States

Phone: 440-461-5000

Fax:

The Progressive Corporation, through its subsidiaries, provides personal and commercial automobile insurance, and other specialty property-casualty insurance and related services. The company’s property-casualty insurance products 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. Its non-insurance subsidiaries and limited partnership investment affiliate generally support its insurance and investment operations. The company operates its businesses throughout the United States and sells personal auto insurance on an Internet-only basis in Australia. The company offers various personal and commercial property-casualty insurance products primarily related to motor vehicles. Businesses Personal Lines The company’s Personal Lines segment writes insurance for personal autos and recreational and other vehicles. This business generally offers approximately one program in a single state, with each program targeted to a specific distribution channel, market, or customer group. The Personal Lines segment consists of the company’s personal auto insurance products, as well as its special lines products. Personal Auto Insurance: This business includes Snapshot, the company’s usage-based insurance program, which is available to consumers through both the agency and direct channels in 44 states and the District of Columbia and to consumers in Massachusetts only on a direct basis; continued expansion is planned for 2014, depending on regulatory approval. Special Lines Products: This business includes insurance for motorcycles, ATVs, RVs, mobile homes, watercraft, snowmobiles, and similar items. Due to the nature of these products, the company typically experiences higher losses during the warmer weather months. The company offers a personal umbrella insurance product in 37 states and the District of Columbia through certain independent agents and to direct customers via telephone. The agency business includes business written by the company’s 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 have the ability to place business with Progressive for specified insurance coverages within prescribed underwriting guidelines, subject to compliance with company-mandated procedures. 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 online, via mobile devices, and over the phone. Commercial Lines The company’s commercial lines business offers products in 49 states. The Commercial Lines business writes primary liability and physical damage insurance for automobiles and trucks owned and/or operated predominantly by small businesses. The majority of the company’s Commercial Lines customers insure two or fewer vehicles. The Commercial Lines business, which is primarily distributed through the independent agency channel, operates in various business market targets, including business auto, for-hire transportation, contractor, for-hire specialty, and tow. Business auto: Autos, vans, and pick-up trucks used by small businesses, such as retailing, farming, services, and private trucking. For-hire transportation – tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses and non-fleet long-haul operators. Contractor: Vans, pick-up trucks, and dump trucks used by small businesses, such as artisans, heavy construction, and landscapers/snowplowers. For-hire specialty: Dump trucks, log trucks, and garbage trucks used by dirt, sand and gravel, logging, and coal-type businesses. Tow: Tow trucks and wreckers used in towing services and gas/service station businesses. Service Businesses Commercial Auto Insurance Procedures/Plans (CAIP)

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Industry Analysis

PGR

Industry Average

Valuation PGR Industry Range
Price/Earnings 12.9x
Price/Sales 0.8x
Price/Book 2.3x
Price/Cash Flow 12.6x
TEV/Sales 0.6x
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