Progressive Unveils Rebranding for Commercial Fleet Product | Insurance business America
The president of Commercial Lines explains the reasons for the move
Engine & Fleet
By Mika Pangilinan
Progressive Insurance has announced a rebrand of its large fleet commercial insurance business, which previously operated under the name of an acquired company.
The product, which was known as Protective Insurance, will now be called Progressive Fleet & Specialty Programs, the insurance giant said in a news release, as part of a strategic integration of companies following its acquisition of Protective Insurance Corporation in 2021.
According to the press release, the new Progressive Fleet brand aims to demonstrate Progressive’s expanded expertise in large fleet transportation and niche insurance programs for companies in the transportation and delivery industries.
“This announcement was part of our strategy when we first acquired Protective nearly three years ago,” said Karen Bailo, president of Commercial Lines. “With this announcement, our vision has become a reality, allowing us to promote our full range of services to the transportation market.”
Prior to being acquired by Progressive, Protective Insurance had a decades-long history of marketing and underwriting insurance products with a focus on the transportation industry.
Progressive completed its protection insurance acquisition in June 2021. According to a previous press release, the transaction was valued at $338 million.
“We look forward to working together as a team and growing the business profitably together,” Bailo said of the deal in 2021. “For now, we will all remain focused on providing our customers, partners and clients with the exceptional service that “They expect to earn as we work to make decisions about how best to integrate and operate our businesses to provide greater growth opportunities.”
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2024-01-30 12:56:48
www.insurancebusinessmag.com
