Progressive
The second-largest U.S. auto insurance provider
Progressive — Company History (official site)The Progressive Corporation (NYSE: PGR) is a U.S. insurance holding company headquartered in Mayfield Village, Ohio. It distributes products through multiple channels—phone, online, and independent agents—and operates throughout the U.S., the District of Columbia, Bermuda, and Canada. Progressive is best known for personal auto insurance and has expanded into a broad range of vehicle, property, and related coverages, including home and renters' insurance.
The company was founded on March 10, 1937, when attorneys Joseph Lewis and Jack Green started Progressive Mutual Insurance Company with $10,000 in capital, originally specializing in non-standard, high-risk automobile insurance. More than 85 years later, Progressive is the second-largest auto insurer in the U.S., with a 15.3% market share in 2023—behind State Farm and ahead of Geico. It is led by CEO Tricia Griffith, the first woman to hold the top role at the company.
In FY 2024, Progressive reported revenue of about US$75.3 billion (up 21% from FY 2023) and net income of roughly US$8.46 billion (up 119%), with a profit margin of 11%. Its Personal Lines segment is the company's biggest product segment.
As a large-scale insurer operating across distribution channels and reliant on accurate risk pricing, claims handling, and customer experience, Progressive is a relevant adopter of innovations that improve underwriting, telematics, digital distribution, and operational efficiency in the insurance space.