One of the largest U.S. auto and home insurers, Progressive sells policies like car, motorcycle, and renters insurance both through tens of thousands of independent agents and directly online or by phone. Founded in 1937 by two Cleveland lawyers who spotted an opening while investigating door-to-door insurance salesmen, the company pioneered usage-based coverage with its Snapshot device that tracks driving habits to set rates.
Progressive declares $0.10 quarterly dividend and issues catastrophe reinsurance report
On August 7, 2026, Progressive's Board declared a quarterly dividend of $0.10 per common share, payable October 9, 2026, to shareholders of record on October 1, 2026.
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On August 10, 2026, Progressive released a report on its Catastrophe Reinsurance Program, attached as Exhibit 99, detailing its 2026-2027 property catastrophe reinsurance placements.
The 2026-2027 Property per Occurrence XOL program has a $300 million retention for first events outside Florida and $75 million for first events in Florida, with coverage limits of $1.85 billion and $2.19 billion respectively.
The program includes layers with traditional reinsurers and catastrophe bonds (Bonanza Re Ltd), plus coverage from the Florida Hurricane Catastrophe Fund, with effective dates from June 1, 2026.
The report also discloses modeled gross PML estimates, including a 1-in-100-year return period loss of $1.325 billion as of March 31, 2026.
The information is furnished under Regulation FD and not filed, per General Instruction B.2 of Form 8-K.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Progressive announces Patrick K. Callahan's retirement and leadership changes
Patrick K. Callahan intends to retire as Personal Lines President in January 2027 and will advise the executive team thereafter.
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Lori Niederst will be promoted to Chief Personal Lines Officer on July 4, 2026, overseeing Personal Lines and CRM.
Heather Day will become CRM President on July 4, 2026.
Andrew J. Quigg's compensation as CFO was approved: $700,000 salary, 150% Gainshare target, and equity awards.
Progressive reported May 2026 net income of $1,445 million, up 36% year-over-year.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Progressive elects Andrew J. Quigg as next CFO, effective July 4, 2026.
On May 8, 2026, the Board elected Andrew J. Quigg, current Chief Strategy and Finance Management Officer, as Vice President and CFO, effective July 4, 2026.
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Quigg, 46, was Chief Strategy Officer from July 2018 until February 2026, when he assumed his current role.
Quigg's compensation as CFO has not been finalized; details will be disclosed in an amendment to this Form 8-K.
At the May 8, 2026 Annual Meeting, shareholders elected all eleven directors and approved executive compensation and PwC ratification.
The Board renewed share repurchase authorization for up to 25 million shares and declared a $0.10 quarterly dividend payable July 10, 2026.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Progressive prices $1.5B senior notes offering due 2031 and 2036
On March 23, 2026, Progressive entered into an underwriting agreement with Goldman Sachs & Co. LLC and TD Securities (USA) LLC for the sale of $500 million 4.60% Senior Notes due 2031 and $1 billion 5.15% Senior Notes due 2036.
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The offering is expected to close on March 26, 2026, with estimated net proceeds of $1,487 million after underwriting discounts and estimated expenses.
Interest on the notes is payable semi-annually on March 26 and September 26, beginning September 26, 2026; the 2031 notes mature March 26, 2031, and the 2036 notes mature March 26, 2036.
The notes are issued under an indenture supplemented by a Fifth Supplemental Indenture dated March 26, 2026, with U.S. Bank Trust Company, National Association as trustee.
The offering is registered under Progressive's automatic shelf registration statement on Form S-3 (File No. 333-279482) and a related prospectus supplement dated March 23, 2026.
8.01 Other Events · 9.01 Financial Statements and Exhibits