Progressive's chief strategy officer Andrew Quigg sells $234,044 in shares

Andrew J. Quigg, the Chief Strategy Officer at Progressive Corp (NYSE:PGR), recently sold shares worth approximately $234,044, according to a recent SEC filing. The sale involved 962 shares of the company's common stock at a price of $243.29 each, executed on January 22, 2025. The insurance giant, currently valued at $139.6 billion, has delivered strong returns over the past decade and trades slightly below its InvestingPro Fair Value.

Additionally, Quigg reported a transaction involving the disposition of 1,097 shares at $243.34 each, totaling $266,943. These shares were acquired through the vesting of restricted stock units, which were exchanged for common shares. Progressive maintains a GREAT financial health score according to InvestingPro, with a P/E ratio of 17.3 and robust profit margins.

The transactions were part of a 10b5-1 trading plan, which Quigg had adopted on January 25, 2024. Following these transactions, Quigg holds 34,786.871 shares in Progressive. Discover more insights about Progressive's financial health and growth potential with InvestingPro, which offers 12 additional ProTips and a comprehensive research report.

In other recent news, insurance companies, including Progressive Corp, experienced significant stock declines due to concerns over wildfire losses. J.P. Morgan analysts anticipate the economic losses from the California wildfires to exceed initial estimates, potentially surpassing $20 billion. The impact on the insurance industry is expected to be substantial, particularly for Allstate (NYSE:ALL), Travelers (NYSE:TRV), and Chubb (NYSE:CB), which have significant exposure to the California homeowners' market.

In contrast, Progressive Corp received an upgrade from Raymond (NSE:RYMD) James from Market Perform to Outperform, based on the company's growth prospects and value creation capabilities. The firm projects Progressive to lead in policy-in-force growth and achieve better-than-target combined ratios in the near term. Furthermore, BMO Capital maintained its Outperform rating on Progressive, despite trimming its price target to $267 from $273.

Progressive Corp recently reported robust growth in November, with an 18% increase in net premiums written, reaching $5.56 billion. Net premiums earned also rose to $6.04 billion, up 19% from the previous year. The company's net income surged by 48% to $1.01 billion, while earnings per share (EPS) grew from $1.15 to $1.71.

In other company news, fellow insurance companies GEICO and Travelers faced fines totaling $11.3 million for inadequate cybersecurity measures. These are the most recent developments in the insurance sector.

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