B
PROGRESSIVE PROPERTY INS CO
Data as of
December 31, 2021
NAIC
Classification
Risk Adjusted
Capital Ratio #1
Risk Adjusted
Capital Ratio #2
Loss
Ratio
Total
Assets
Capital
Net
Premiums
Net
Income
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Major Rating Factors: History of adequate reserve strength (6.1 on a scale of 0 to 10) as reserves have been consistently at an acceptable level. Good liquidity (5.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors: Fair overall results on stability tests (4.7) including negative cash flow from operations for 2021. The largest net exposure for one risk is excessive at 5.8% of capital. Strong long-term capitalization index (8.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Weak profitability index (2.0) with operating losses during 2018, 2019, 2020 and 2021. Average return on equity over the last five years has been poor at -12.7%.
Stability Factors: F - Negative cash flow. G - Fast asset or premium growth. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Homeowners (94.4%), fire (1.3%), other (4.3%)
Licensed in: FL, LA, TX
Principal Investments: Investment grade bonds (100.0%)
Ratios
Premium to Surplus
Reserve to Surplus
1-Year Reserve Development
2-Year Reserve Development
Expense Ratio
Combined Ratio
Cash From Underwriting
Net Premium Growth
Investments in Affiliates
Corporate Info
Group Affiliation
Progressive Corporation
Investment Rating
PGR
Company Address
1 ASI Way
St Petersburg, FL 33702
Phone Number
(727) 821-8765
NAIC Number
13038
Largest Affiliates
B
CLEVELAND, OH - P&C
B
CLEVELAND, OH - P&C
B
CLEVELAND, OH - P&C
C
C
Weiss Ratings