B
PROGRESSIVE CASUALTY INS CO
Rating Date
December 2023
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: Fair overall results on stability tests (3.7 on a scale of 0 to 10) including potential drain of affiliation with Progressive Group and weak results on operational trends. The largest net exposure for one risk is acceptable at 2.7% of capital. Good long-term capitalization index (6.9) based on good current risk adjusted capital (moderate loss scenario), despite some fluctuation in capital levels.
Other Rating Factors: History of adequate reserve strength (5.9) as reserves have been consistently at an acceptable level. Excellent profitability (9.5) with operating gains in each of the last five years. Return on equity has been excellent over the last five years averaging 31.3%. Vulnerable liquidity (1.8) as a spike in claims may stretch capacity.
Stability Factors: L - Past results on our liquidity tests. R - Concerns about the financial strength of its reinsurers. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: Personal/comm auto (95.6%), homeowners (0.4%), comm multi (0.1%), other (3.9%)
Licensed in: All states except PR
Principal Investments: Investment grade bonds (73.0%), common stock (19.3%), real estate (2.9%), non investment grade bonds (2.9%), preferred stock (1.7%), other (0.2%)
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 Group
Investment Rating
PGR
Company Address
6300 WILSON MILLS ROAD W33
CLEVELAND, OH 44143
Phone Number
(440) 395-4460
NAIC Number
24260
Largest Affiliates
C
CLEVELAND, OH - P&C
B
CLEVELAND, OH - P&C
C
C
C
ST. PETERSBURG, FL - P&C
Weiss Ratings