Progressive (insurance company)

On March 10, 1937, two young Cleveland lawyers, Joseph M. Lewis and Jack Green (J. H. Green), founded Progressive Mutual Insurance Company with $10,000 in capital. They wanted to provide vehicle owners with “basic insurance that anyone could afford,” and they also thought an insurance company was a good investment for lawyers just getting started; when it opened, the company introduced a drive-in claims location for vehicle owners.⁠[1][2][1][1][1]

Although licensed to write all types of automobile and casualty insurance, the company wrote only auto insurance, and by 1940 it was writing about $100,000 of insurance annually.⁠[2]

Progressive kept growing after the war: by 1951 it had $2 million in assets and more than 25,000 policyholders, with offices on Euclid Avenue in Cleveland and branches in Akron and Youngstown.⁠[2]

In 1956, the company formed Progressive Casualty Insurance Company to specialize in nonstandard (high-risk) auto insurance; at the time it had 40 employees and $2.6 million in written premium. That year it also launched a Safe Driver Plan in Ohio, offering low rates to drivers without accidents. In 1964, the company began offering a payment plan to nonstandard auto policyholders and started insuring vehicles other than autos, such as motorcycles and motor scooters.⁠[1][1][1][1][1]

On February 8, 1965, Progressive Casualty and three other related insurance companies became part of the newly incorporated Progressive Corporation. That year, Peter B. LewisPeter B. LewisPeter B. Lewis (Peter Benjamin Lewis, 1933–2013) was an American businessman and philanthropist who served as chief executive officer of the auto insurer Progressive from 1965 to 2000 and then as its non-executive chairman until his death. By insuring high-risk drivers whom other insurers turned away, he built Progressive into the fourth-largest auto insurer in the United States; he was also the most generous donor in Princeton University’s modern history and one of the largest individual benefactors of the Guggenheim Museum, and he gave heavily over many years to the American Civil Liberties Union, Democratic-aligned political groups, and the movement to legalize marijuana.Open the full entry, son of founder Joseph Lewis, became chief executive officer; he had joined the company in 1955 after graduating from Princeton UniversityPrinceton UniversityPrinceton University is a private university and Ivy League member in Princeton, New Jersey. Chartered on October 22, 1746 as the College of New Jersey, it moved to Princeton in 1756 and adopted its present name in 1896. Undergraduate education leads to A.B. and B.S.E. degrees and emphasizes small-group discussion, independent research and residential college life. Graduate education spans the humanities, social sciences, natural sciences and engineering. As of October 2026, Christopher L. Eisgruber was president. Its 2026–27 operating budget was $3.407 billion, including $342 million for undergraduate aid.Open the full entry.⁠[2][2][1]

Under Lewis, the company adopted a policy of putting underwriting profit ahead of growth: it set rates for a “fair profit,” even if that meant some drivers would choose lower-priced insurers. The company wrote $23 million in premiums in 1965; by 1970, Progressive Casualty accounted for 75% of the group’s business and wrote nonstandard auto insurance in Ohio and eight other states.⁠[1][2][2]

In 1971, Progressive held its first public offering of stock and became a publicly held company; that year it also set its objective of a 96 combined ratio, meaning a profit of 4 cents on every premium dollar. The company also began writing motor home and commercial lines policies that year.⁠[1][2][1]

In 1974, the company moved its headquarters from downtown Cleveland to a new site in suburban Mayfield Village and bought its first original artworks to display in the new offices, starting the Progressive Art Collection; the first purchase was Andy Warhol’s Mao Tse Tung series, followed by lithographs by Roy Lichtenstein and other contemporary artists.⁠[1][1][2][2]

In 1977, Progressive began publishing a loss reserve report disclosing how it establishes and validates its reserves. In 1979, the company launched PROTEUS (Progressive On-line Transaction Enquiry and Update System) for data processing to improve efficiency and support growth.⁠[1][1][1]

In 1985, Progressive had total revenues of $456.5 million and net income of $35.6 million, ranking 55th in size among U.S. property-casualty insurance groups. In 1987, the company began trading on the New York Stock Exchange, with revenues reaching $1 billion and net income of $93 million that year; also in 1987, Peter B. Lewis and his management team introduced the company’s Core Values, which remain largely unchanged.⁠[2][2][1]

In 1988, California voters, unhappy with high auto insurance rates, passed Proposition 103. Peter B. Lewis saw this as a wake-up call and set a new mission for the company of reducing the human trauma and economic costs of auto accidents, and Progressive shifted from an agent-centric company to building a consumer-facing brand.⁠[1][1][1]

In 1990, Progressive introduced round-the-clock immediate claims response for auto customers, sending adjusters directly to accident scenes to handle claims; by 1994, the company had a fleet of about 2,600 claims vehicles equipped with laptop computers, whose bright markings also raised the company’s visibility.⁠[1][2][2][2]

In 1991, the company’s income declined because of overstaffing and losses in the trucking insurance business it had entered in 1987; after reducing staff and exiting most trucking insurance, it returned to profitability in 1993. That year the company began offering comparison rates and the option to buy by phone, along with 24/7 customer service; in 1994 it launched 1-800-AUTO-PRO, a 24/7 comparison rating line that gave a Progressive quote together with the rates of up to three other major insurers.⁠[2][2][1][1][1]

In 1994, Progressive’s net written premiums reached $2.4 billion, up 37.7% that year, and by its own account it reached the ranking of the seventh-largest U.S. insurer.⁠[2][1]

In 1995, Progressive launched the website auto-insurance.com, which became progressive.com two years later; that year the company served policyholders in the United States and Canada through more than 30,000 independent agents, 200 claims offices, and 7,500 employees. In 1996, the company began offering limited online policy access and quoting, and began using consumers’ credit histories in setting premiums.⁠[1][2][1][1]

In 1997, consumers could buy (not just quote) an auto insurance policy in real time on Progressive’s website, and Progressive joined the S&P 500 that year. By 1997 the company had 275 claims offices and more than 14,120 employees, and by 2000 its total written premiums topped $6 billion.⁠[1][1][2]

On December 15, 2000, Progressive announced that Glenn M. Renwick would become President and Chief Executive Officer effective January 1, 2001, with Peter B. Lewis remaining Chairman of the Board. Renwick joined the company in 1986 as auto product manager for Florida, later served as president of the Mid-Atlantic and California divisions and led consumer marketing, and from January 2000 was Chief Executive Officer–Insurance Operations.⁠[3][3][3][3][3][3]

Lewis said in the announcement that achieving an effective management transition “has long been my goal” and that his role would now be that of “coach and cheerleader”; he said he had been involved with Progressive full time for 45 years and CEO for 35 years, “and I’m not going anywhere.”⁠[3][3][3]

After Renwick took over, Progressive began reporting underwriting results monthly in 2001 and releasing monthly financial results in 2003. In 2003, the company’s written premiums exceeded $11.9 billion. In 2004, it introduced Drive Insurance, a brand developed for independent agents and brokers (discontinued in 2007).⁠[1][1][2][1]

In 2008, the “Superstore” advertising campaign debuted, set in a fictional insurance superstore and starring the clerk Flo, who became Progressive’s brand icon. In 2012, Ad Age named Flo one of the top 10 female ad icons of all time; in October 2017, the company launched the “Parentamorphosis” campaign aimed at young first-time homeowners, introducing the character Dr. Rick.⁠[1][1][1][1][1]

In 2017, the company launched the Flo chatbot, allowing consumers to get auto insurance quotes through Facebook Messenger. In its fiscal 2025 annual report, Progressive described its brand as critical to its business and listed a compromise of its reliance on a particular spokesperson or character as a risk factor that could materially and adversely affect the business.⁠[1][1][4][4]

On January 11, 2008, Progressive signed a 16-year agreement with the Cleveland IndiansCleveland GuardiansThe Cleveland Guardians are an MLB team in Cleveland, Ohio, belonging to the American League and playing at Progressive Field.Open the full entry (now the Cleveland Guardians) for the naming rights to the team’s home ballpark, Jacobs Field, which was renamed Progressive Field that day; Progressive also became the team’s Official Auto Insurer and agreed to payments averaging about $3.6 million a year over the term. Renwick called it “two Cleveland-based organizations making a long-term commitment to the city, the fans and our people.”⁠[5][5][5][6][1][5]

In 2009, Progressive introduced a Name Your Price option in auto insurance quoting, letting consumers choose coverage to fit their budget. As of fiscal 2025, the company held two patents on this website functionality, expiring in 2028 or later.⁠[1][4]

Chairman Peter B. Lewis died on November 23, 2013. The next day, the board elected Renwick Chairman, while he continued as President and Chief Executive Officer; director Stephen R. Hardis became Lead Independent Director.⁠[7][7][7][7]

On January 28, 2014, relator Elizabeth Negron filed a qui tam suit under the False Claims Act in federal court in New Jersey, alleging that Progressive allowed Medicare and Medicaid beneficiaries to choose “health first” auto policies that led health care providers to bill those programs in violation of secondary payer laws. The United States and New Jersey contended that Progressive companies caused false claims to be submitted to Medicare and Medicaid from March 19, 2009, through January 26, 2017.⁠[8][8][8]

Under the settlement agreement, Progressive Casualty Insurance Company and Progressive Garden State Insurance Company paid $1.38 million to the United States and $620,000 to New Jersey, a total of $2 million plus interest at 2.25% a year from September 12, 2017, and also paid the relator’s attorney’s fees and costs; the settlement was not an admission of liability, and Progressive denied the allegations.⁠[8][8][8][8][8][8][8]

After a search in 2014, Progressive chose a homeowners insurer that fit its culture and business goals, and in April 2015 it acquired a controlling interest in ARX Holding Corp., the parent of American Strategic Insurance (ASI) and other insurers. Progressive thereby began writing property insurance for homeowners, other property owners, and renters, and reported the business as a separate segment.⁠[1][9][9]

On May 12, 2016, Progressive announced that Renwick would retire as President and CEO on July 1 and become Executive Chairman, to be succeeded by Susan Patricia (Tricia) Griffith, Personal Lines Chief Operating Officer since April 2015. On July 1, Griffith became President and CEO and joined the board; Renwick had served as President and CEO for more than 15 years.⁠[10][10][10][11][11]

Griffith joined Progressive in 1988 and held positions including Chief Human Resource Officer, Claims Group President, and President of Customer Operations. Lawton W. Fitt, a retired Goldman SachsGoldman SachsGoldman Sachs is an American financial services group headquartered in New York whose businesses include investment banking, securities trading, asset management, and wealth management. It traces its origins to the commercial paper business Marcus Goldman founded in 1869; it listed on the New York Stock Exchange in 1999 under the ticker GS and became a bank holding company in 2008. David Solomon serves as chairman and chief executive officer.Open the full entry partner who became Lead Independent Director in May 2016, has been Chairperson of the Board since May 2018.⁠[12][12][10][12][12]

In June 2021, Progressive acquired Protective Insurance Corporation and its subsidiaries for about $337.5 million in cash to expand its offerings for larger fleets and workers’ compensation for trucking and public transportation fleets; Protective was integrated into Commercial Lines and its brand was later changed to Progressive Fleet. That year, Progressive surpassed 25 million policies in force companywide.⁠[13][13][1][1]

On April 3, 2024, the Cleveland Guardians and Progressive announced a new 13-year agreement under which Progressive remains the team’s official insurance provider and keeps the Progressive Field naming rights through the 2036 season, with automatic extension through the 2041 season if the ballpark lease is extended. New Progressive signage was added around the ballpark’s exterior. Griffith said that since 2008, Progressive Field had become part of the fabric of the Cleveland community.⁠[14][14][14][14]

In July 2021, New York policyholders led by Dominick Volino filed a class action alleging that when Progressive used Mitchell International’s WorkCenter Total Loss software to value total-loss vehicles, it applied a “projected sold adjustment” that left payouts about 6.5% too low. On March 16, 2023, Judge Lorna Schofield certified two litigation classes; on July 1, 2024, before trial, the parties filed a settlement under which Progressive agreed to create a $48 million fund covering about 93,000 policyholders while denying any wrongdoing.⁠[15][15][15][15][15][15][15]

On March 6, 2025, the U.S. District Court for the Southern District of New York approved the settlement and dismissed the case with prejudice.⁠[16][16][16][16]

After Florida enacted insurance reform in early 2023, Progressive’s personal auto profits in the state rose sharply. Despite rate cuts beginning in the fourth quarter of 2024, its profit for the 2023–2025 accident years exceeded the limit that Florida law sets on any insurance group’s personal auto profit over three consecutive accident years, so in 2025 the company recorded a $1.2 billion policyholder credit expense and, starting in early 2026, began issuing credits to Florida personal auto policyholders active at December 31, 2025, pro rata based on 2025 earned premium.⁠[17][17][17][17][17][17]

In fiscal 2025 (ended December 31, 2025), Progressive wrote $83.2 billion in net premiums, up 12% from 2024; net premiums earned were $81.661 billion, total revenues $87.671 billion, and net income attributable to Progressive $11.308 billion, with a companywide combined ratio of 87.4, better than its target of 96. At year-end it had 37.428 million Personal Lines and 1.191 million Commercial Lines policies in force, 3.7 million more than a year earlier.⁠[17][17][17][17][18][17][17][17][17]

At December 31, 2025, the company had total assets of $123.039 billion, shareholders’ equity of $30.323 billion, and about 70,000 employees.⁠[17][17][4]

On January 28, 2026, Progressive announced that John Sauerland, who had served the company for 35 years, including the last 10 as CFO, would retire on July 3, 2026. On May 8, the board elected Andrew J. Quigg, Chief Strategy and Finance Management Officer, as the next Vice President and CFO, effective July 4; the annual meeting that day elected 11 directors, including Griffith.⁠[19][19][20][20][20]

On June 17, the company announced that Pat Callahan, Personal Lines President with almost 24 years at the company, would serve until January 2027 and then retire, with a successor to be found through an internal search; CRM (customer relationship management) President Lori Niederst moved into the newly created role of Chief Personal Lines Officer, overseeing Personal Lines and CRM operations, and Heather Day became CRM President in July. Griffith said Callahan had been a critical force behind the company’s growth into an $80 billion company.⁠[21][21][21][21][21][21]

In the third quarter of 2026 (ended September 30), Progressive wrote $22.301 billion in net premiums, up 4% year over year; net income was $2.542 billion, down 3%; and the combined ratio was 88.7. At September 30, 2026, the company had 40.489 million policies in force, up 6% year over year, including 39.237 million in Personal Lines and 1.252 million in Commercial Lines.⁠[22][22][22][22]

Progressive is itself a holding company with no business operations of its own; through its insurance subsidiaries it writes personal and commercial auto insurance, personal residential property insurance, and insurance for motorcycles, watercraft, and recreational vehicles, as well as general liability and commercial property insurance for small businesses and workers’ compensation insurance for the transportation industry, operating throughout the United States. In 2025, Personal Lines accounted for 87% of companywide net premiums written and Commercial Lines for 13%.⁠[4][4][4][4][4][4]

Personal auto insurance is sold through agency and direct channels: the agency channel includes more than 40,000 independent insurance agencies across the U.S. and brokerages in New York and California, while the direct channel works through the website, mobile app, and phone. About 90% of commercial auto business is written through the agency channel, while transportation network company (TNC) business is written entirely through the direct channel.⁠[4][4][19][4]

Based on 2024 premiums, Progressive is the second-largest U.S. private passenger auto insurer, the largest writer of motorcycle insurance, and the twelfth-largest homeowners insurer; it has ranked number one in the U.S. commercial auto market since 2015. The company owns major locations in Mayfield Village and surrounding suburbs (including its corporate headquarters), Colorado Springs, Colorado, and St. Petersburg, Florida.⁠[12][4][4]

Progressive’s usage-based insurance began with TripSense, piloted in Minnesota in 2004; in 2008 it evolved into MyRate, which priced insurance based on how people actually drive, and in 2011 it was renamed Snapshot, offering lower rates for safe driving. In 2023, the company marked 25 years of usage-based insurance innovation.⁠[1][1][1][1]

As of fiscal 2025, personal auto customers in both the agency and direct channels can choose Snapshot to adjust their rates based on their own driving behavior; Snapshot is offered through a hardware device or mobile app in all states except California. The company also holds a usage-based insurance patent expiring in 2032 or later.⁠[4][4][4]

As of December 31, 2025, Progressive and its subsidiaries faced class actions in multiple states alleging that they improperly applied a negotiation adjustment in valuing total-loss vehicles, with classes certified in three states; the company said it has meritorious defenses and is vigorously contesting the suits, and it judged losses from them reasonably possible but not yet estimable. Other cases seeking class status involve physical damage claims, Florida personal injury protection claims, medical bill review, reimbursement of Medicare Advantage plans and Medicaid, uninsured and underinsured motorist claims, and the use of marital status as a rating factor in California, among others.⁠[17][17][17][17][17][17][17][17][17][17]

Progressive: Official website: https://www.progressive.com/ (opens in a new window).⁠[4]

Progressive Investor Relations: Official website: https://investors.progressive.com/ (opens in a new window).⁠[4]

X: Public account: https://x.com/progressive (opens in a new window)⁠[1]

YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: Public channel: https://www.youtube.com/user/progressive (opens in a new window)⁠[1]