8-K
PROGRESSIVE CORP/OH/ (PGR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 21, 2022
THE PROGRESSIVE CORPORATION
(Exact name of registrant as specified in its charter)
| Ohio | 001-09518 | 34-0963169 | ||
|---|---|---|---|---|
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) | ||
| 6300 Wilson Mills Road, | Mayfield Village, | Ohio | 44143 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (440) 461-5000
| Not Applicable |
|---|
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $1.00 Par Value | PGR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On December 21, 2022, The Progressive Corporation issued a news release regarding updated incurred loss estimates related to Hurricane Ian. A copy of the news release is attached hereto as Exhibit 99.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
See exhibit index on page 3.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | December 21, 2022 | ||
|---|---|---|---|
| THE PROGRESSIVE CORPORATION | |||
| By: | /s/ Mariann Wojtkun Marshall | ||
| Name: | Mariann Wojtkun Marshall | ||
| Title: | Vice President and Chief Accounting Officer |
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EXHIBIT INDEX
| Exhibit No. Under Reg. S-K Item 601 | Form 8-K Exhibit No. | Description |
|---|---|---|
| 99 | 99 | News release dated December 21, 2022, containing updated incurred loss estimates related to Hurricane Ian for The Progressive Corporation. |
| 104 | 104 | Cover Page Interactive Data File (the cover page tags are<br>embedded within the Inline XBRL document). |
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Document
| Exhibit 99 |
|---|
PROGRESSIVE ANNOUNCES UPDATED LOSS ESTIMATES
FROM HURRICANE IAN
MAYFIELD VILLAGE, OHIO – December 21, 2022 – The Progressive Corporation (NYSE: PGR) today reported updated incurred loss estimates related to Hurricane Ian, which made multiple landfalls beginning in late September 2022. As of December 20, 2022, our estimate, which is subject to change, for our vehicle losses, including boats and recreational vehicles, is essentially unchanged from November 2022. For our Property business, prior to giving effect to reinsurance, our loss and allocated loss adjustment expenses (ALAE) is estimated to be $1 billion, which reflects favorable development of $400 million from our estimated loss and ALAE of $1.4 billion reported as of September 30, 2022. Given that we exceeded our $200 million retention threshold under our reinsurance contracts in September 2022, this change in estimate for our Property losses and ALAE will not impact our results of operations for December.
We continue to evaluate and reserve for this catastrophe using our knowledge and experience of reporting patterns from many past storms, in addition to actual claims reported and assumptions specific to this hurricane. As further described in our periodic reports filed with the SEC, these estimates will continue to change, and could change materially, favorably or unfavorably, as additional information develops, and additional claims are reported.
About Progressive
Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it's most convenient for them – online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.
Company Contact:
Douglas S. Constantine
(440) 395-3707
investor_relations@progressive.com
The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143
http://www.progressive.com