Business traces president shares reasoning behind the transfer
Progressive Insurance coverage has introduced a rebrand for its massive fleet industrial line protection, which beforehand glided by the identify of a enterprise it had acquired.
The product that was generally known as Protecting Insurance coverage will now be named Progressive Fleet & Specialty Applications, the insurance coverage large mentioned in a information launch, as a part of a strategic integration of companies following the 2021 acquisition of Protecting Insurance coverage Company.
Based on the discharge, the new Progressive Fleet model goals to showcase Progressive’s expanded experience in massive fleet transportation and area of interest insurance coverage packages focusing on these within the transportation and supply industries.
“This announcement was a part of our technique once we first acquired Protecting nearly three years in the past,” mentioned industrial traces president Karen Bailo. “Our imaginative and prescient has come to fruition with this announcement enabling us to advertise our full suite of capabilities within the transportation market.”
Previous to Progressive’s acquisition, Protecting Insurance coverage had a decades-long historical past in advertising and marketing and underwriting insurance coverage merchandise targeted on the transportation trade.
Progressive accomplished its swoop for Protecting Insurance coverage in June 2021. The transaction was valued at $338 million, in accordance with a earlier launch.
“We sit up for becoming a member of as one group and profitably rising the enterprise collectively,” Bailo mentioned of the deal in 2021. “For now, we’ll all stay targeted on offering our clients, companions and purchasers with the distinctive service they anticipate and deserve, as we work in the direction of making choices on easy methods to greatest combine and function our companies to offer better alternatives for development.”
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