PGR - Progressive expands commercial lines business through Protective Insurance acquisition

The Progressive (PGR) and Protective Insurance (PTVCB) entered into a definitive agreement wherein the former agreed to acquire all of the outstanding Class A and Class B common shares of Protective for $23.30/share in cash for a total transaction value of ~$338M.Acquisition is expected to close prior to the end of the 3Q21 and will be funded through liquid investments on hand.Certain Protective shareholders owning ~35% of its outstanding Class A common stock that had previously entered into a contingent sale agreement terminated their obligations to close the transactions under that agreement and entered into a voting agreement with Protective and Progressive in support of the sale to Progressive."This move allows us to add products that will help us support larger fleets and brings expertise in workers' compensation coverage for the transportation industry, which are new areas of business for us and can help us to meet the needs of

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Progressive expands commercial lines business through Protective Insurance acquisition