The Progressive Corporation acquired Protective Insurance Corporation (NASDAQ: PTVCA / PTVCB) for ~$338 million ($23.30/share, all cash), a transaction completed in June 2021.
Progressive, through an indirect subsidiary, acquired all outstanding Class A and Class B common shares of Protective Insurance Corporation for $23.30 per share in cash (about $338 million total) to expand its Commercial Lines portfolio with Protective's expertise in larger-fleet and affinity programs, workers'-compensation coverage for trucking and public-transportation fleets, and trucking-industry independent contractors. Announced February 16, 2021 and closed June 1, 2021; Protective was reported within Progressive's Commercial Lines segment and represented about 1% of companywide net premiums written from the acquisition date.
Progressive, through an indirect subsidiary, acquired all outstanding Class A and Class B common shares of Protective Insurance Corporation for $23.30 per share in cash (about $338 million total) to expand its Commercial Lines portfolio with Protective's expertise in larger-fleet and affinity programs, workers'-compensation coverage for trucking and public-transportation fleets, and trucking-industry independent contractors. Announced February 16, 2021 and closed June 1, 2021; Protective was reported within Progressive's Commercial Lines segment and represented about 1% of companywide net premiums written from the acquisition date.
We look forward to joining as one team and profitably growing the business together... as we work towards making decisions on how to best integrate and operate our businesses to provide greater opportunities for growth.
Advisory firms were not disclosed for this transaction.