In line with its strategy to take aim at those bundling home and auto insurance, Progressive (NYSE:PGR) agrees to up its stake in American Strategic Insurance to 67% from 5% in exchange. Consideration will be $875M in cash.
ASI CEO John Auer: "This is a great opportunity for ASI, as our intention has long been to become the Progressive of home insurance."
Progressive CEO Glenn Renwick: "ASI provides a significant array of the most important products beyond auto. Together we can make our products an even more attractive bundle for consumers and agents."