Progressive buys Carmel’s Protective Insurance
CARMEL, Ind. (Inside INdiana Business) – The Progressive Corp. (NYSE: PGR) in Ohio and Carmel-based Protective Insurance Corp. (Nasdaq: PTVCA and PTVCB) have entered into an agreement under which Progressive will acquire all of the outstanding Class A and Class B common shares of Protective. The company says the total value of the acquisition is about $338 million.
The acquisition is expected to close before the end of the third quarter of 2021. Protective says its board of directors unanimously approved the deal.
“As a leader in commercial auto insurance, we’re excited to expand our capabilities with the expertise Protective offers in larger fleet and affinity programs and by providing additional product lines for us to add to our portfolio,” says Commercial Lines President Karen Bailo. “Our Commercial Lines business provides one of our greatest opportunities to expand our addressable market and grow. This move allows us to add products that will help us support larger fleets and brings expertise in workers’ compensation coverage for the transportation industry, which are new areas of business for us and can help us to meet the needs of our commercial customers.”
Progressive says it plans to maintain Protective’s offices in Carmel and will retain Protective’s employees.