If you’ve ever heard of Progressive Insurance Company, you’re probably familiar with their popular slogan “Name your price“. But who owns this insurance company that has been around since 1937? Let’s take a look at the history of Progressive Insurance and who owns it today.
History of Progressive Insurance
Progressive Insurance was founded in 1937 by Jack Green and Joseph Lewis, two attorneys from Cleveland, Ohio. Initially, the company sold only car insurance policies, but over the years they have grown to offer a wide range of insurance products including home, auto, and business insurance. In 1965, the company went public and began trading on the New York Stock Exchange under the symbol PGR.
In 1971, Peter Lewis took over as CEO and led the company through a period of rapid growth and expansion. By 1999 Progressive was the number one writer of private passenger auto insurance in the United States.
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Who Owns Progressive Today?
Today Peter Lewis is no longer at the helm his last day as CEO was in 2008 but he still holds a significant amount of shares in Progressive Insurance. The largest shareholder is Loews Corporation (L), which owns 9% of all outstanding shares. Other major shareholders include Vanguard Group Inc (6%), BlackRock Inc (5%), Bank Of America Corp DE (3%), and State Street Corporation (3%). As for management ownership, current CEO Tricia Griffith holds 0.01% of all outstanding shares while CFO John Sauerland holds 0.05%.
Who is The Owner of Progressive Insurance?
Progressive Insurance is one of the largest insurance providers in the United States, offering a wide range of coverage options for drivers, homeowners, and businesses. However, despite its prominence in the insurance industry, the question of who owns Progressive Insurance may not be immediately clear to some.
The founder of Progressive Insurance was Joseph Lewis and Jack Green, who started the company in 1937. However, since then, the ownership of the company has changed hands several times. Today, Progressive is a publicly traded company, meaning that it is owned by its shareholders, who can purchase stock in the company on the open market.
While the ownership of Progressive Insurance may be diffuse, the company’s leadership is well-defined. The current CEO of Progressive is Tricia Griffith, who has held the position since 2016. Griffith is a veteran of the company, having started as an entry-level claims representative in 1988 and worked her way up through the ranks over the years. Today, she is widely respected in the industry for her leadership and strategic vision.
Under Griffith’s leadership, Progressive has continued to grow and innovate, introducing new products and services to meet the evolving needs of its customers. The company has also been recognized for its commitment to diversity and inclusion, earning accolades for its efforts to create a more equitable and inclusive workplace.
While the ownership of Progressive Insurance may not be easily traced to a single individual or entity, the company’s leadership is clear and focused. With Tricia Griffith at the helm, Progressive is well-positioned to continue its success in the years ahead, delivering value and peace of mind to its customers through its innovative and customer-focused approach to insurance.
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Conclusion
Progressive has come a long way since its humble beginnings back in 1937 when it only offered car insurance policies. Today they are one of the leading providers of personal lines insurance products across multiple categories such as auto, home, and business coverage. While Peter Lewis no longer serves as CEO, he still maintains a significant stake in the company along with other major investors such as Loews Corporation and Vanguard Group Inc among others.
With strong leadership from Tricia Griffith at its helm, we can expect great things from this iconic brand for many years to come.
