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February 17, 2021

Progressive inks $338m deal to buy trucking-focused Protective Insurance

The Progressive, an auto insurer based in Ohio, has signed a definitive agreement to purchase trucking-focused Carmel, Indiana-based insurer Protective Insurance in a cash deal worth around $338m.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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Under the agreement, Progressive will buy all of the outstanding Class A and Class B common shares of Protective for $23 apiece. Progressive will finance the deal through its available liquid investments.

Protective’s Carmel offices will be maintained. As part of the deal, Protective staff will move to Progressive.

Protective CEO Jeremy Johnson called the deal a “milestone” in its history.

Johnson said: “With Progressive’s scale and resources, we expect to deliver greater value to our policyholders, while continuing to provide the exceptional service they have come to expect from us.

“Progressive shares our commitment to excellence in serving customers, and we are confident they are the ideal owner for Protective.”

The deal has already been cleared by Protective’s board. It now awaits regulatory and shareholders’ approvals.

Protective shareholders owning around 35% of the target’s outstanding class A common shares that earlier inked a contingent sale agreement terminated their obligations to close the transactions under that agreement. They also signed a voting agreement to support the sale to Progressive.

Deal completion is anticipated in the third quarter of 2021.

Progressive Commercial Lines president Karen Bailo. “Our Commercial Lines business provides one of our greatest opportunities to expand our addressable market and grow.

“This move allows us to add products that will help us support larger fleets and brings expertise in workers’ compensation coverage for the transportation industry, which are new areas of business for us and can help us to meet the needs of our commercial customers.”

Recently, USI Insurance Services acquired Washington-based Inland Insurance, expanding its footprint in the northwest US.

Moreover, US-based life and health insurance distributor Integrity Marketing Group recently snapped up brokerage general agency Advisors Insurance Brokers (AIB).

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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