The Progressive Corporation $PGR Deep Dive and 2024 Outlook

Higher insurance prices are driving better margins and growth, but is that sustainable?

Progressive Corporation, founded in 1937 by Joseph Lewis and Jack Green, is an insurance company headquartered in Mayfield Village, Ohio. The company offers various personal and commercial insurance products, including automobile, property-casualty, specialty property insurance, and related services.

Progressive caters to various insurance needs such as motorcycles, recreational vehicles, boats, floods, renters, general liability, professional liability, workers’ compensation, umbrella policies, watercraft, and snowmobiles. They also provide residential property insurance for homeowners and renters.

Progressive has been a pioneer in the insurance industry. They were the first auto insurance company to have a website and allow customers to purchase policies online. Additionally, they have utilized mobile browsers and smartphone apps for policy management and claims reporting. With over 25 million policies in force, Progressive is one of the largest auto insurers in the United States. The company serves its customers through independent insurance agents and brokers, online platforms, etc.