Protective insurance acquired by Progressive

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MAYFIELD VILLAGE, OH, June 1, 2021 (GLOBAL) – The Progressive Corporation (NYSE: PGR) today announced the successful acquisition of Protective Insurance Corporation (NASDAQ: PTVCA and PTVCB). Under the terms of the merger agreement, holders of Class A and Class B common shares of Protective will receive US $ 23.30 per share without interest for a total transaction value of approximately US $ 338 million. The acquisition was previously announced on February 16, 2021.

“We are delighted that the deal has closed and we especially want to thank the talented people at Protective who have built a solid foundation and momentum in their markets to set us all up for success,” said Karen Bailo, president of Progressive Commercial Lines. “We look forward to joining a team and growing our business profitably together. For now, we will all be focused on providing our clients, partners and clients with the exceptional service they expect and deserve as we work to make decisions on how to best integrate and manage our business to provide more room for growth. ” …

“Following the completion of the merger with Progressive, we look forward to the start of our new chapter as part of the Progressive team,” said Jeremy Edgecliffe-Johnson, Chief Executive Officer of Protective. “This presents a great opportunity for our customers, our employees and partners as we strive to grow in the markets we serve by staying true to what made us successful – responsive products, excellence in claims handling, specialized loss prevention and exceptional customer service focus. … We have a long history of creating exceptional value for the automotive industry and we strive to become even more valuable as we move forward. ”

About progressive
A progressive group of insurance companies makes it easy to understand, buy and use auto insurance… Progressive offers options for consumers to contact us anytime, anywhere, whenever they want – online at progressive.com, by calling 1-800-PROGRESSIVE, on a mobile device, or in person with a local agent.

Progressive provides insurance for personal and commercial vehicles and trucks, motorcycles, boats, recreational vehicles and homes; it is the third largest auto insurer in the country and a leading seller motorcycle as well as commercial auto insurance, and one of the 15 best homeowners insurance companies

Founded in 1937, Progressive continues its long history of offering trading tools and services that save clients time and money, such as Name Your Price.®, Snapshot®and HomeQuote Explorer®

The common stock of The Progressive Corporation, a Mayfield Village, Ohio holding company, is publicly traded on NYSE: PGR.

About protective insurance
Based in Carmel, Indiana, Protective Insurance Corporation and its subsidiaries, including Protective Insurance Company, Sagamore Insurance Company and Protective Specialty Insurance Company, provide transportation and logistics companies with customized insurance products, exceptional claims handling experience, and access to training, consulting. and technology. to improve security and manage risk. As a permanent member of the transport insurer community since 1930, we share our experience in protecting people and supporting safer roads.

Forward-looking statements
Statements in this press release, which are not historical facts, are forward-looking statements in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. All statements in this material that are not related to historical results are forward-looking in nature and are based on estimates, assumptions and projections, and Progressive may make appropriate oral forward-looking statements no later than the date of this Agreement. Some of these forward-looking statements are identified by words such as “believe,” “may,” “will,” “should,” “expect,” “intend,” “plan,” “design,” “forecast,” “anticipate”. , “Evaluate” or “continue” and other words and terms of the same meaning. All forward-looking statements involve risks and uncertainties that could affect the actual results of Progressive and Protective and could cause their actual results or benefits from a transaction to differ materially from those expressed in any forward-looking statements made by or on behalf of Progressive. Progressive or Protective. These risks and uncertainties include, but is not limited to, the impact of the transaction on Progressive and Protective’s relationships with customers, results of operations and the business as a whole; the risks that Protective’s integration could divert management attention from ongoing business operations; unforeseen expenses, costs or expenses incurred as a result of a transaction or integration activity; and the impact of the COVID-19 pandemic and related government actions on Protective’s operations and financial performance, as well as the response of Protective and Progressive management to any of the above factors. Except as required by law, Progressive assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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