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Progressive provides personal and commercial automobile insurance, homeowners, and other specialty property-casualty insurance and related services throughout the United States. Its two major business segments are Personal Lines and Commercial Auto. Progressive's Personal Lines segment writes insurance for private passenger automobiles and recreational and other vehicles. This business generally offers more than one program in a single state, with each program targeted to a specific distribution channel, market, or customer group. The Commercial Auto Business writes primary liability and physical damage insurance for automobiles and trucks owned by small businesses. Progressive has added homeowners insurance to its business mix. (31 May 2018)

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U.S. P&C Insurance: CreditSights ESG Scores

Sector Analysis: 18 Dec 2018, 4:48 AM ET - We are following up on the formal launch of the CreditSights ESG investment framework with an in-depth look at ESG issues in the U.S. P&C Insurance sector.

Transcript: US Insurers & The Rate Environment

Transcript: 04 Dec 2018, 9:15 PM ET - This note provides the slides and transcript for the U.S. insurance presentation given at the CreditSights IG and Crossover conference on December 4, 2018. A download link to the slides is provided in the note.

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

U.S. P&C Insurance: 3Q18 Earnings Recap

Sector Analysis: 19 Nov 2018, 10:15 PM ET - We provide a recap of U.S. P&C Insurer third quarter earnings reports and highlight certain trends and topics that emerged.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.

Progressive: Rare Loss in October

Worth Watching: 14 Nov 2018, 12:47 PM ET - Progressive reported a net loss of $32 mn in October 2018 as compared to a gain of $160 mn in the prior year period. A net loss is a rare outcome for Progressive, as even during periods of heavy catastrophe activity most of their exposure has h ..

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

Hartford 3Q18: Real Progress in Personal Lines

Earnings Note: 26 Oct 2018, 11:01 AM ET - We maintain our Outperform recommendation on HIG as the insurer posted gains of $418 mn in 3Q18. The company’s Commercial Lines performance remains strong, though middle market had a hiccup, while Personal Lines shows signs of progress.

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.

Chubb 3Q18: Brushes Away Hurricane Losses

Earnings Note: 24 Oct 2018, 10:48 AM ET - Chubb brushed aside what has been a tough operating environment for some other P&C insurers given elevated catastrophe losses and posted operating earnings of more than $1.1 bn. We maintain our O/P recommendation on this defensive name.

Allstate: 3Q18 CAT Losses Will Wipe Earnings

Worth Watching: 18 Oct 2018, 1:41 PM ET - Allstate estimates that it will pay out $177 mn in pre-tax catastrophe claims in September 2018 ($140 mn after-tax). According to the insurer, CAT losses during the month comprised of 13 events at a total cost of $145 mn pre-tax, with the remai ..

Travelers 3Q18: Great Start to P&C Earnings

Earnings Note: 18 Oct 2018, 12:33 PM ET - Travelers reported a strong third quarter earnings report and earned $687 mn. CAT losses were modest, which bodes well for future P&C insurance earnings reports.

Progressive: New 10YR Issuance to Fuel Growth

IG Note: 18 Oct 2018, 9:31 AM ET - Progressive is marketing $500 mn in new senior unsecured 10Y notes. Funds are earmarked for general corporate purposes which includes a distribution to operating subsidiaries and to improve liquidity at a non-insurance subsidiary.

Progressive: Nice September, Michael Impact Modest

Worth Watching: 16 Oct 2018, 12:54 PM ET - Progressive reported September 2018 net income of $250 mn, up from just $41 mn in the prior year period. We have a favorable view of current quarter results given the number of severe storm events which threatened profitability, though we note ..

U.S. P&C Insurance: Michael Insured Loss Estimates

Worth Watching: 15 Oct 2018, 12:19 PM ET - U.S. P&C Insurance: A number of risk modelers and data vendors have now released insured loss estimates for Hurricane Michael, with estimates ranging from a low of ~$3 bn to a high of ~$10 bn. At either end of the spectrum, losses will be absor ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

U.S. Insurance: Rate Hikes A Plus, Curve Stubborn

Sector Analysis: 10 Oct 2018, 9:11 PM ET - In this note we discuss the rising rate environment in light of a flattening yield curve. P&C insurers with shorter duration liabilities should benefit immediately, while life insurers with long duration liabilities face challenges.

U.S. P&C Insurance: Hurricane Michael

Sector Analysis: 10 Oct 2018, 4:35 AM ET - Hurricane Michael may end up being a Category 4 storm before it ultimately makes landfall in the Florida panhandle region. We discuss which insurers are most at-risk of losses, and offer a downloadable Excel file to accompany the note.

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