The Progressive Corporation · Mayfield Village, OH United States ·(NYSE: PGR)
Company Description
Phone: 440-461-5000
Fax: 800-456-6590
Toll Free: 800-456-6590
Rankings
- #371 in FT Global 500
- #209 in FORTUNE 500
- S&P 500
View The Progressive Corporation Locations On A US Map
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This link will open in a new window It's risky business, and Progressive loves it. Long a leader in nonstandard, high-risk personal auto insurance, The Progressive Corporation has motored beyond its traditional business into standard-risk and preferred auto insurance, as well as other personal-use vehicle coverage (motorcycles, recreational vehicles, and snowmobiles). Progressive also offers commercial policies for heavy trucks, vans, and lighter trucks. It writes a bit of professional liability insurance for directors' and officers' insurance of community banks. The company markets directly to consumers online and by phone, and through 30,000 independent agents which account for 60% of the company's business. To read the full description, subscribe now.
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Key The Progressive Corporation Financials
| Company Type | Public - NYSE: PGR Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $12,840.1 |
| 2008 Employees | 25,929 |
The Progressive Corporation Executives
33 executives listed for The Progressive Corporation's Mayfield Village, OH location.
| Title | Name & Bio | Contact |
| Chairman | Peter Lewis | Network |
| President, CEO, and Director | Glenn Renwick | Network |
| VP and CFO | Brian Domeck | Network |
Competition
Competitive Landscape for The Progressive Corporation
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top The Progressive Corporation Competitors
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