Protective Insurance Corporation
2021
$338M
Why
Progressive acquired Protective Insurance Corporation for $23.30 per share, about $338 million total, completed June 1, 2021, to expand its commercial lines products, particularly in transportation and trucking insurance.
Impact
Protective's specialty transportation-insurance expertise complemented Progressive's existing commercial auto business. The deal also gave Progressive access to Protective long-standing relationships with trucking fleet operators, a specialized commercial-insurance niche.
Outcome
Protective Insurance was rebranded as Progressive Fleet & Specialty Programs in January 2024, fully integrating it into Progressive's Commercial Lines segment. The rebrand to Progressive Fleet & Specialty Programs in 2024 completed the multi-year integration process, eliminating the last vestige of Protective's independent corporate identity.