Who owns Progressive Insurance?

Question

Zippia Team · Accepted Answer

Institutional Investors Own Progressive Insurance. Institutional investors purchased a net of $340.9 thousand shares during the quarter ending June 2019 and now owns 85.74% of the total shares outstanding. This is a greater percentage than is typically seen with companies in the property/casualty insurance industry.

The top shareholders of Progressive Insurance include:

The Vanguard Group, Inc (7.88%)
Wellington Management, Co LLP (5.68%)
BlackRock Fund Advisors (4.89%)
SSgA Funds Management Inc (4.62%)
JP Morgan Investment Management, Inc (3.23%)

Progressive Insurance was founded in 1937 by Joseph Lewis and Jack Green. In 1956, the company found a niche by insuring more risky drivers. In 1965, Joseph Lewis' son Peter and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completing a leveraged buyout of Progressive Insurance.

In 1987, the sum of the company's written premiums reached $1 billion. In 2016, the sum of written premiums surpassed $20 billion.

Progressive has attempted to be an innovator in the industry and boasts that it was the first auto insurance company to have a website, the first to allow customers to purchase policies online, and the first to allow the use of mobile browsers and smartphone apps for rating and managing policies. They also offer 24/7 claims service.

Progressive Insurance is headquartered in Mayfield Village, Ohio, and operates in three segments:

Personal lines
Commercial auto
Other-indemnity

Progressive Insurance is one of the largest auto insurers in the United States with over 13 million policies in force. In 2021, Progressive Insurance reported revenue of $42.658 billion. They have approximately 43,000 employees.