Protective Insurance Acquired by Progressive
June 01, 2021 at 11:06 AM EDT
MAYFIELD VILLAGE, Ohio, June 01, 2021 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE: PGR) today announced that it has successfully completed the acquisition of Protective Insurance Corporation (NASDAQ: PTVCA and PTVCB). Under the terms of the merger agreement, holders of Class A and Class B common shares of Protective will receive $23.30 per share in cash, without interest, for a total transaction value of approximately $338 million. The acquisition was previously announced on February 16, 2021.
“We’re pleased the transaction has closed and especially want to acknowledge the talented Protective employees who have built a strong foundation and created momentum in their markets to set us all up for success,” said Karen Bailo, Progressive’s Commercial Lines President. “We look forward to joining as one team and profitably growing the business together. For now, we’ll all remain focused on providing our customers, partners and clients with the exceptional service they expect and deserve, as we work towards making decisions on how to best integrate and operate our businesses to provide greater opportunities for growth.”
“With the closing of the merger with Progressive now complete, we look forward to starting our new chapter as part of the Progressive team,” said Jeremy Edgecliffe-Johnson, Protective’s Chief Executive Officer. “This presents an exciting opportunity for our customers, our employees and our partners as we look to grow in the markets we serve, while remaining true to what has made us successful - responsive products, excellence in claims, specialized loss prevention and an extraordinary focus on customer service. We have a long history of creating exceptional value to the motor carrier industry and are committed to become even more valuable as we move forward.”
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.
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