Progressive Property Ins Co
Major Rating Factors:
Fair profitability index (3.1 on a scale of 0 to 10) with operating losses during 2020, 2021 and 2022. Average return on equity over the last five years has been poor at -2.4%. Fair overall results on stability tests (3.1) including. The largest net exposure for one risk is excessive at 9.8% of capital. History of adequate reserve strength (6.6) as reserves have been consistently at an acceptable level.
Other Rating Factors:
Good liquidity (6.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Strong long-term capitalization index (7.7) based on excellent current risk adjusted capital (severe and moderate loss scenarios) reflecting improvement over results in 2020.
Stability Factors:
R - Concerns about the financial strength of its reinsurers.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (96.3%), fire (0.5%), other (3.2%)
Licensed in:
FL, LA, TX
Principal Investments:
Investment grade bonds (100.0%)
Corporate Info
Group Affiliation
The Progressive Corporation
Investment Rating
Company Address
2 ASI Way N
Saint Petersburg, FL 33702
Saint Petersburg, FL 33702
Phone Number
(727) 821-8765
NAIC Number
13038
Website
Largest Affiliates