Thu, Jul. 14, 9:13 AM
Wed, Jul. 13, 5:30 PM
Thu, May 12, 5:30 PM
- Progressive (NYSE:PGR) says CEO Glenn Renwick will retire effective July 1, to be succeeded by COO Tricia Griffith.
- Griffith joined PGR in 1988 and has served as Personal Lines COO, responsible for the company's Personal Lines, Claims and Customer Relationship Management groups, since April 2015.
- Renwick has nearly 30 years' experience at the company, and has served as CEO of the parent company since 2001; he is known for winning market share by selling coverage directly to customers over the phone or Internet while rivals traditionally depended on agents.
Thu, Apr. 21, 1:32 PM
- It was a rough quarter for property & casualty insurers, in part due to major Texas hail storms - with Travelers (TRV -5.6%), Progressive (PGR -2%), and Allstate (ALL -1.9%) all reporting sizable catastrophe losses tied to that event.
- Catastrophes come and go, but low interest rates are seemingly a permanent fixture in today's world. Travelers' net investment income slipped to $439M in Q1 from $478M a year earlier as the company - perhaps looking to boost income through non-fixed-income investments - saw lower returns thanks to volatile markets.
- Look past the catastrophe loss, says BMO's Charles Sebaski. More concerning is the business-insurance segment which looks to be showing signs of strain from a competitive pricing environment. Travelers reported customers paying 2.2% more at renewal in Q1 vs. a 3.7% increase a year ago.
- Now read: Travelers: What Happened? (April 21)
Thu, Apr. 14, 9:29 AM
Wed, Apr. 13, 5:30 PM
Wed, Feb. 17, 11:52 AM
- It's been a tough start to the year for commercial mortgage-backed securities, and insurers tend to hold this sort of paper in their fixed-income portfolios. Sandler O'Neill's John Barnidge checks on just how much:
- While in general, life insurers tend to have more exposure than property & casualty players, Barnidge was surprised at some high levels among the P&C names. Leading was Conifer (CNFR -3.9%) with 44.4% exposure. State Auto Financial (STFC -2.3%) is at 23.7%. Among large-caps, Progressive (PGR +1.1%) is tops with 17%, while XL Group (XL -1.1%), Cincinnati Financial (CINF +0.5%), Travelers (TRV +1.3%), and Allstate (ALL +0.5%) all have less than 5% exposure.
Wed, Jan. 27, 9:09 AM
- Progressive (NYSE:PGR): Q4 EPS of $0.56 beats by $0.09.
- Revenue of $4.84B (+5.0% Y/Y) misses by $200M.
- Shares +0.61% PM.
Tue, Jan. 26, 5:30 PM
Oct. 16, 2015, 9:07 AM
- Progressive (NYSE:PGR): Q3 EPS of $0.47 misses by $0.01.
- Revenue of $5.41B (+14.4% Y/Y) beats by $140M.
- Shares +3.68% PM.
Oct. 15, 2015, 5:30 PM
Oct. 1, 2015, 11:09 AM
- Checking market share for exposures in the potential path of Hurricane Joaquin - still a Category 3 storm with sustained winds now at 125 mph vs. 120 earlier - Macquarie finds Allstate (ALL -0.8%) with a 8.07% share, Travelers (TRV -1.3%) a 4.97% share, Erice Indemnity (ERIE -1.9%) a 3.07% share, Progressive (PGR -0.2%) a 2.75% share, Chubb (CB -0.6%) a 1.87% share, AIG (AIG -0.4%) a 1.81% share, and CNA Financial (CNA -0.8%) a 1.22% share.
- On a gross pre-tax basis, says Macquarie, Allstate and Progressive are most exposed with the impact at about 65% and 50% of Q4 2015 operating EPS estimates, respectively. AIG has the least exposure as a percent of earnings.
- via Bert Macklin
Jul. 20, 2015, 11:13 AM
- "While Progressive's (PGR -0.1%) earnings are far less risky and far more consistent than most P&C insurers and deserve a premium to those companies, we believe long-term prospects for growth in the broad economy are far more certain than Progressive's," says analyst Joshua Shanker, downgrading to Sell with $27 price target.
- The move towards self-driving vehicles - while a boost to earnings in the short term thanks to fewer accidents - could hurt in the long run thanks to lower rates and fewer cars on the road.
- Higher rates may be nice for life insurers, but auto insurance companies not so much, says Shanker, noting inflation-sensitive liability portfolios and roughly four-year duration investment portfolios currently earning well-above available yields.
Jul. 17, 2015, 9:08 AM
- Progressive (NYSE:PGR): Q2 EPS of $0.62 beats by $0.07.
- Revenue of $5.25B (+13.4% Y/Y) beats by $140M.
Jul. 16, 2015, 5:30 PM
Jul. 1, 2015, 9:39 AM
- ACE's (ACE +7.7%) purchase of Chubb (CB +34.8%) for $28.3B in stock and cash has the property & casualty names higher in early action.
- Travelers (TRV +3.9%), Allstate (ALL +2.4%), Cincinnati Financial (CINF +2.2%), W.R. Berkley (WRB +3.1%), Progressive (PGR +2.3%), United Insurance (UIHC +2.2%), Hartford FInancial (HIG +3.3%).
- Previously: ACE buying Chubb in cash and stock deal for $28.3B (July 1)