- Founded: March 10, 1937, in Cleveland, Ohio
- 2024 Revenue: $75.34 billion (21.35% year-over-year growth)
- 2024 Employees: 66,300 (7.98% increase from 2023)
- Market Cap: Approximately $121 billion (January 2026)
- Fortune 500 Rank: #62 (2024)
The Progressive Corporation stands as the second-largest auto insurer in the United States, trailing only State Farm. Headquartered in Mayfield Village, Ohio, the company provides insurance for personal and commercial vehicles, motorcycles, boats, recreational vehicles, and homes.
Progressive operates through multiple business segments including vehicle insurance, property insurance, personal insurance services, business insurance, and financial services. The company serves customers through independent insurance agencies, online platforms, and direct phone sales. It has built a reputation for innovation in the insurance industry, pioneering features like usage-based insurance and online policy purchasing.
Progressive Corporation History
Progressive Corporation Co-founders
Progressive Corporation Revenue
Progressive Corporation generated $75.34 billion in total revenue for fiscal year 2024. This represents a 21.35% increase compared to 2023’s $62.08 billion.
The Personal Lines segment drives the majority of Progressive’s business, accounting for $60.98 billion in revenue during 2024. This segment covers private passenger auto insurance, motorcycle coverage, and recreational vehicle policies.
Progressive Corporation Acquisitions
Progressive has pursued strategic acquisitions to expand its product offerings beyond auto insurance. The company’s acquisition strategy focuses on building capabilities in property insurance and commercial lines.
In April 2015, Progressive completed its acquisition of a controlling interest in ARX Holding Corp., parent company of American Strategic Insurance (ASI). The initial purchase cost approximately $875 million and gave Progressive a 67% stake in one of the twenty largest homeowners insurance carriers in the United States. Progressive subsequently increased its ownership to over 80% in 2018 for an additional $296 million, and completed the full acquisition in 2020 for $242 million.
The ARX acquisition marked Progressive’s entry into the property insurance market. ASI, now operating as Progressive Home, remains based in St. Petersburg, Florida. This move allowed Progressive to offer bundled home and auto insurance packages, attracting customers who prefer purchasing multiple policies from a single provider.
In June 2021, Progressive completed its acquisition of Protective Insurance Corporation for approximately $338 million. Protective, based in Carmel, Indiana, specializes in covering fleet trucking operations and workers’ compensation for transportation-focused businesses. This acquisition expanded Progressive’s commercial lines capabilities and added expertise in larger fleet insurance programs. In 2024, Protective Insurance was rebranded as Progressive Fleet and Specialty Programs.
Progressive Corporation Marketcap
Progressive Corporation maintains a market capitalization of approximately $121 billion as of January 2026. This positions the company among the world’s most valuable insurance companies.
Progressive Corporation Competitors
Progressive competes with major national and regional insurers in the U.S. auto insurance market. Assurant and other diversified insurers also compete in specialty insurance segments. The top four auto insurers control more than 50% of the private passenger auto insurance market.
| Company | Headquarters | Primary Business |
|---|---|---|
| State Farm | Bloomington, Illinois | Auto, Home, Life Insurance |
| GEICO | Chevy Chase, Maryland | Auto Insurance |
| Allstate | Northbrook, Illinois | Auto, Home, Life Insurance |
| USAA | San Antonio, Texas | Auto, Home Insurance (Military) |
| Liberty Mutual | Boston, Massachusetts | Auto, Home, Commercial Insurance |
| Farmers Insurance | Woodland Hills, California | Auto, Home, Commercial Insurance |
| Nationwide | Columbus, Ohio | Auto, Home, Life Insurance |
| The Hartford | Hartford, Connecticut | Auto, Home, Commercial Insurance |
| Travelers | New York, New York | Property, Casualty Insurance |
| American Family | Madison, Wisconsin | Auto, Home, Life Insurance |
FAQs
Who founded Progressive Insurance?
Joseph M. Lewis and Jack Green founded Progressive Mutual Insurance Company on March 10, 1937, in Cleveland, Ohio. Both founders were attorneys seeking to provide affordable auto insurance.
What is Progressive Corporation’s market share?
Progressive holds approximately 16.4% of the U.S. private passenger auto insurance market as of 2024. This makes it the second-largest auto insurer behind State Farm.
When did Progressive Corporation go public?
Progressive held its initial public offering in 1971. The company later began trading on the New York Stock Exchange in 1987 under the ticker symbol PGR.
What types of insurance does Progressive offer?
Progressive offers auto, motorcycle, boat, RV, home, renters, commercial vehicle, and business insurance. The company also provides pet, life, and health insurance through partner carriers.
Where is Progressive Corporation headquartered?
Progressive Corporation is headquartered in Mayfield Village, Ohio. The company moved from downtown Cleveland to this location in 1974 and has remained there since.