The Board of Directors of The Progressive Corporation today elected
Lawton W. Fitt, 55, to fill a vacancy on the Company's Board for a term
ending on the date of the Annual Meeting of Shareholders in April 2010.
Ms. Fitt is a retired partner of Goldman Sachs & Co., where she worked
until 2002. From 2002-2005, she served as Secretary (Chief Executive
Officer) of the Royal Academy of Arts in London. She currently serves on
the Boards of Directors of Ciena Corporation, Thomson Reuters, Frontier
Communications, and Overture Acquisition Corporation, and is a trustee
of several not-for-profit organizations.
The Board also approved a new authorization for the Company to
repurchase up to 50 million of its Common Shares commencing on July 1,
2009; there is no expiration date. This authorization will replace the
approximately 48 million shares that currently remain under the Board's
June 2007 authorization, which will expire by its terms on June 30, 2009.
About Progressive
The
Progressive Group of Insurance Companies, in business since 1937, is one
of the country’s largest auto insurance groups, the largest seller of
motorcycle policies and a market leader in commercial auto insurance
based on premiums written.
Progressive is committed to becoming consumers’ #1 choice for auto
insurance by providing competitive rates and innovative products and
services that meet drivers’ needs throughout their lifetimes, including
superior online and in-person customer service, and best-in-class,
24-hour claims service, such as its concierge level of claims service
available at service centers located in major metropolitan areas
throughout the United States.
Progressive companies offer consumers choices in how to shop for, buy
and manage their auto insurance policies. Progressive offers its
products, including personal and commercial auto, motorcycle, boat and
recreational vehicle insurance, through more than 30,000 independent
insurance agencies throughout the U.S. and online and by phone directly
from the Company. Private passenger auto products and prices are
different when purchased directly from Progressive or through
independent agencies. To find an agent or to get a quote, go to http://www.progressive.com.
The Common Shares of The Progressive Corporation, the Mayfield Village,
Ohio-based holding company, are publicly traded at (NYSE:PGR).
The Progressive Corporation
Patrick Brennan, 440-395-2370
