Does Progressive own other companies?

Does Progressive own other companies?

1. ASI

One of the notable subsidiaries of Progressive is ASI, which stands for American Strategic Insurance. Progressive acquired this Florida-based insurance company in 2015 and added it to its portfolio. ASI specializes in providing homeowners insurance coverage and operates its business independently, while still benefiting from its connection to Progressive.

2. The Progressive Art Collection

Progressive is not only invested in the insurance industry but also supports and promotes art. The company has its own art collection known as "The Progressive Art Collection." It includes a diverse range of contemporary artwork from emerging and established artists. The collection is displayed throughout Progressive's offices, creating an inspiring and visually appealing environment for its employees and visitors.

3. ARX Holding Corp.

ARX Holding Corp. is another entity that falls under Progressive's ownership. ARX is the parent company of Artfluent, an online platform that deals with art sales and leasing. This subsidiary allows Progressive to expand its presence in the art industry and contribute to the growth and development of this sector.

4. Drive Group

Progressive has also invested in Drive Group, which is an auto-focused marketing and consulting firm based in Florida. This acquisition allows Progressive to tap into Drive Group's expertise in marketing and expand its reach in the auto industry.

5. Lightship Insurance

Lightship Insurance, formerly known as Spartan Underwriters, is a managing general agency specializing in truck insurance. Progressive acquired this company in 2019, aiming to strengthen its foothold in the commercial trucking insurance market.

6. Progressive Specialty Insurance Agency (PSIA)

PSIA is an independent agency that serves as a subsidiary of Progressive. It handles the sales and distribution of non-standard auto insurance policies, offering coverage options to customers who might have difficulty obtaining insurance from other providers.

7. Progressive Casualty Insurance Company (PCIC)

PCIC is a subsidiary of Progressive and operates as an insurer for both personal and commercial auto insurance. It shares a similar business focus as Progressive, but operates under the PCIC name in certain states.

8. Other Investments

In addition to these subsidiary companies, Progressive has made strategic investments and partnerships with various startups and technology companies. These collaborations allow Progressive to stay at the forefront of technological advancements and innovate within the insurance industry.

In conclusion, Progressive owns several subsidiary companies and has made investments in various industries to expand its business reach. While primarily known for its auto insurance offerings, Progressive's involvement in additional sectors such as art and technology demonstrates its commitment to diversification and growth.

Frequently Asked Questions

Yes, Progressive owns other insurance companies. They have acquired several insurance companies over the years, including ARX Holding Corp., Drive Insurance Holdings, Inc., and Protective Insurance Company.

No, Progressive is not a subsidiary of another company. It is an independent public company listed on the New York Stock Exchange.

No, not all Progressive insurance policies are underwritten by Progressive. While Progressive underwrites a majority of its policies, it also partners with other insurance companies to provide certain types of coverage.

No, Progressive is primarily focused on the insurance industry and does not own any non-insurance businesses.

Yes, there have been major acquisitions in Progressive's history. One notable acquisition was the purchase of the American Strategic Insurance Corp. in 2015, which expanded Progressive's presence in the homeowners insurance market.