The Progressive Corporation (NYSE: PGR), known as the Progressive Casualty Insurance Company through its subsidiaries, provides personal automobile insurance, and other specialty property-casualty insurance and related services in the United States. The company was co-founded in 1937 by Jack Green and Joe Lewis and is headquartered in Mayfield Village, Ohio.
Progressive Business Publications is a privately held company that focuses on long-term goals and robust, healthy growth. Progressive Business Publications provides training, publications, and business products to help companies to maximize their potential. Launched in the late 1980s, Progressive Business Publications started as a newsletter for sales executives called The Selling Advantage. Written by founder Ed Satell, this newsletter was highly successful and Progressive Business Publications began expanding its operations to include additional newsletters and other areas of focus. Progressive Business Publications' success is based on the company's commitment to customers, its employees, and strong finances. All of Progressive Business Publications' services and publications are reviewed on a continuing basis, and the company seeks to learn from its customers in order to best suit their needs. In addition, Progressive Business Publications believes in maintaining a staff of the most qualified employees possible, and as such provides numerous opportunities for advancement, recreational activities, and recognition within the company. Progressive Business Publications also offers generous benefits packages and has a high level of employee retention. Progressive Business Publications is well-capitalized and privately held, which allows the company to focus on the long term, as opposed to maximizing quarterly results at the expense of Progressive Business Publications' future. While maintaining strong growth, Progressive Business Publications strives for market leadership in all areas through better and more relevant services that target niche markets appropriately and effectively. The founder of Progressive Business Publications, Ed Satell has been a prominent businessman since the late 1950s. Consequently, Ed Satell designed Progressive Business Publications to not only be successful, but to support good corporate citizenship and philanthropic efforts. Progressive Business Publications focuses on five major philanthropic goals: assisting disadvantaged children; encouraging community and civic engagement; promoting higher education; supporting basic research into stem cells, cancer, and alternative energy; and preserving Jewish culture and heritage.
absolutely loathe paying for car insurance. Unfortunately, it is something that every driver must have. Even if you don't care about your safety or the safety of others, the law still requires that you must have
car insurance in order to drive. I also hate insurance salesman. I always feel like they're trying to get me to purchase the most expensive policy, which I'm certain they are. That is why I use Progressive for my auto insurance.
I used to spend hundreds of dollars a month on auto insurance. I felt like I could barely afford it. Then I discovered Progressive. Progressive makes it so easy to purchase and pay for car insurance. You can do everything directly from their website. You never even have to speak to a sales person. In fact, you never have to speak to anyone from the company. You can literally do it all online.
Every six-months I go to the Progressive website, enter in my personal information, and create my own custom insurance policy. Now I only pay $100 a month for car insurance. Every month Progressive automatically deducts my monthly payment, so I never have to worry about paying on time as long as I have money in my checking account. Progressive will also allow you to pay for multiple months in advance at a discounted rate. For example, if I paid for all six-months of my policy at once, instead of paying $100 per month, it would only cost $549.
Progressive will insure just about anyone, too. A few of years ago I was dropped from State Farm insurance because I was in a couple car accidents (isn't that why I pay for car insurance?!). Well, I had a lot of trouble trying to find a new insurance company. Most companies wouldn't insure me because I was dropped from my previous company. When I went to the Progressive website, I didn't have any problems. I did have to pay a slightly higher rate for my first six-months, but after that my rate went back down. One time I was even dropped from progressive because I missed a payment (I wasn't using direct deposit then), but I just went back to the website and signed up again.
Pros
1. Campus-like work environment
2. Immediate managers are great. Support your development. Encourage you to seek out new and interesting learning opportunities. Will help you achieve your goals, whatever they may be (advancement, work-life balance, etc.)
3. Work-out facilities are fantastic
Cons
Senior Leadership is lacking in "Leadership". Or, it could be that they are leading, but that it is not communicated effectively. I know they are working on it and am hopeful that results will soon be forthcoming.
Progressive Business Publications announced the expansion of its Satell International Social Entrepreneurship Program, which targets low-income and impoverished areas of Ecuador and Guatemala. Hoping to spur increased business development in these regions, the program vastly expanded the number of scholarships it awarded in its second year. The program was first launched in 2008 at the University of Connecticut School of Business in partnership with Duke University, University of Notre Dame, and Columbia University. Through the efforts of Progressive Business Publications’ founder, Ed Satell, the scholarship will now be offered to eight students at Franklin & Marshall College in Lancaster, Pennsylvania. The scholarship includes an eight-week internship in Ecuador and Guatemala, allowing students to develop workable business models in selected villages, empowering villagers to create a sustainable job market. The Satell International Social Entrepreneurship Program encourages students to look beyond their immediate communities and create an impact in developing areas of the world. Progressive Business Publications and Ed Satell expanded the program after seeing the dramatic impact that the scholarship had on the first year’s participants. Students came back from Guatemala with a new outlook on their lives and their careers, showing a newfound dedication to social entrepreneurship and its potential to change the lives of impoverished populations around the world. Franklin & Marshall College appreciated the chance to send students to Ecuador, which presented an incredible experiential learning opportunity for the students, as well as a chance to benefit the people of Ecuador. Progressive Business Publications supports nonprofit efforts like the Satell International Social Entrepreneurship Program through its Corporate Citizenship initiatives, which inspire countless business professionals to make a positive impact on the world.
Employee Benefit Plans
Retirement Plans The Company has a two-tiered Retirement Security Program. The first tier is a defined contribution pension plan covering all employees who meet requirements as to age and length of service. Contributions vary from 1% to 5% of annual eligible compensation up to the Social Security wage base, based on years of eligible service. Company contributions were $17.2 million in 2004, $15.4 million in 2003 and $13.0 million in 2002.
The second tier is a long-term savings plan under which the Company matches, up to a maximum of 3% of the employee's eligible compensation, amounts contributed to the plan by an employee. Company matching contributions are not restricted and may be invested by a participant in any of the investment funds available under the plan. Company matching contributions were $23.4 million in 2004, $19.9 million in 2003 and $16.9 million in 2002.
Postemployment Benefits The Company provides various postemployment benefits to former or inactive employees who meet eligibility requirements, their beneficiaries and covered dependents. Postemployment benefits include salary continuation and disability-related benefits, including workers' compensation, and, if elected, continuation of health-care benefits. The Company's liability was $15.5 million at December 31, 2004, compared to $12.3 million in 2003.
Postretirement Benefits The Company provides postretirement health and life insurance benefits to all employees who met requirements as to age and length of service at December 31, 1988. This group of employees represents less than one-half of one percent of the Company's current workforce. The Company's funding policy is to contribute annually the maximum amount that can be deducted for Federal income tax purposes. Contributions are intended to provide not only for benefits attributed to services to date, but also for those expected to be earned in the future.
Deferred Compensation The Company maintains The Progressive Corporation Executive Deferred Compensation Plan (Deferral Plan), which permits eligible executives to defer receipt of some or all of their annual bonuses or all of their restricted stock awards. These deferred amounts are deemed invested in one or more investment funds, including Common Shares of the Company, offered under the Deferral Plan. All distributions from the Deferral Plan will be made in cash. Prior to February 2004, distributions representing amounts deemed invested in Common Shares were made in Common Shares. The Company reserved 900,000 Common Shares for issuance under the Deferral Plan. Included in the Company's balance sheets is an irrevocable grantor trust established to provide a source of funds to assist the Company in meeting its liabilities under the Deferral Plan. At December 31, 2004 and 2003, the trust held assets of $59.3 million and $41.3 million, respectively, of which $12.4 million and $7.1 million were held in Common Shares, to cover its liabilities.
Incentive Compensation Plans The Company's incentive compensation plans include executive cash bonus programs for key members of management, a cash gainsharing program for all other employees and other stock-based compensation plans for key members of management and the non-employee directors. The amounts charged to income for cash incentive compensation plans were $260.7 million in 2004, $233.5 million in 2003 and $169.4 million in 2002. The amount charged to income for time-based and performance-based restricted stock awards was $23.8 million and $11.0 million in 2004 and 2003, respectively.
The Company's 2003 Incentive Plan and the Company's 1995 Incentive Plan, which provide for the granting of stock-based awards, including stock options and restricted stock awards, to key employees of the Company, has 5.0 million and 15.0 million shares authorized, respectively. The 1989 Incentive Plan has expired; however, awards made under the plan prior to expiration are still in effect.
Beginning in 2003, the Company began issuing restricted stock awards in lieu of stock options. The restricted stock awards were issued as either time-based or performance-based awards. The time-based awards vest in equal installments upon the lapse of a period of time, typically over three, four and five year periods. The restriction period must be a minimum of six months and one day. The performance-based awards vest upon the achievement of predetermined performance criteria. The restricted stock awards are expensed pro rata over the vesting period based on the market value of the non-deferred awards at the time of grant, while the deferred awards are based on the current market value at the end of the reporting period.
Prior to 2003, the Company issued nonqualified stock options, which were granted for periods up to ten years, become exercisable at various dates not earlier than six months after the date of grant, and remain exercisable for specified periods thereafter. All options granted had an exercise price equal to the market value of the Common Shares on the date of grant. All option exercises are settled in Common Shares.
Progressive Business Publications is a privately held company that focuses on long-term goals and robust, healthy growth. Progressive Business Publications provides training, publications, and business products to help companies to maximize their potential. Launched in the late 1980s, Progressive Business Publications started as a newsletter for sales executives called The Selling Advantage. Written by founder Ed Satell, this newsletter was highly successful and Progressive Business Publications began expanding its operations to include additional newsletters and other areas of focus. Progressive Business Publications' success is based on the company's commitment to customers, its employees, and strong finances. All of Progressive Business Publications' services and publications are reviewed on a continuing basis, and the company seeks to learn from its customers in order to best suit their needs. In addition, Progressive Business Publications believes in maintaining a staff of the most qualified employees possible, and as such provides numerous opportunities for advancement, recreational activities, and recognition within the company. Progressive Business Publications also offers generous benefits packages and has a high level of employee retention. Progressive Business Publications is well-capitalized and privately held, which allows the company to focus on the long term, as opposed to maximizing quarterly results at the expense of Progressive Business Publications' future. While maintaining strong growth, Progressive Business Publications strives for market leadership in all areas through better and more relevant services that target niche markets appropriately and effectively. The founder of Progressive Business Publications, Ed Satell has been a prominent businessman since the late 1950s. Consequently, Ed Satell designed Progressive Business Publications to not only be successful, but to support good corporate citizenship and philanthropic efforts. Progressive Business Publications focuses on five major philanthropic goals: assisting disadvantaged children; encouraging community and civic engagement; promoting higher education; supporting basic research into stem cells, cancer, and alternative energy; and preserving Jewish culture and heritage.
absolutely loathe paying for car insurance. Unfortunately, it is something that every driver must have. Even if you don't care about your safety or the safety of others, the law still requires that you must have
car insurance in order to drive. I also hate insurance salesman. I always feel like they're trying to get me to purchase the most expensive policy, which I'm certain they are. That is why I use Progressive for my auto insurance.
I used to spend hundreds of dollars a month on auto insurance. I felt like I could barely afford it. Then I discovered Progressive. Progressive makes it so easy to purchase and pay for car insurance. You can do everything directly from their website. You never even have to speak to a sales person. In fact, you never have to speak to anyone from the company. You can literally do it all online.
Every six-months I go to the Progressive website, enter in my personal information, and create my own custom insurance policy. Now I only pay $100 a month for car insurance. Every month Progressive automatically deducts my monthly payment, so I never have to worry about paying on time as long as I have money in my checking account. Progressive will also allow you to pay for multiple months in advance at a discounted rate. For example, if I paid for all six-months of my policy at once, instead of paying $100 per month, it would only cost $549.
Progressive will insure just about anyone, too. A few of years ago I was dropped from State Farm insurance because I was in a couple car accidents (isn't that why I pay for car insurance?!). Well, I had a lot of trouble trying to find a new insurance company. Most companies wouldn't insure me because I was dropped from my previous company. When I went to the Progressive website, I didn't have any problems. I did have to pay a slightly higher rate for my first six-months, but after that my rate went back down. One time I was even dropped from progressive because I missed a payment (I wasn't using direct deposit then), but I just went back to the website and signed up again.
Pros
1. Campus-like work environment
2. Immediate managers are great. Support your development. Encourage you to seek out new and interesting learning opportunities. Will help you achieve your goals, whatever they may be (advancement, work-life balance, etc.)
3. Work-out facilities are fantastic
Cons
Senior Leadership is lacking in "Leadership". Or, it could be that they are leading, but that it is not communicated effectively. I know they are working on it and am hopeful that results will soon be forthcoming.
Progressive Business Publications announced the expansion of its Satell International Social Entrepreneurship Program, which targets low-income and impoverished areas of Ecuador and Guatemala. Hoping to spur increased business development in these regions, the program vastly expanded the number of scholarships it awarded in its second year. The program was first launched in 2008 at the University of Connecticut School of Business in partnership with Duke University, University of Notre Dame, and Columbia University. Through the efforts of Progressive Business Publications’ founder, Ed Satell, the scholarship will now be offered to eight students at Franklin & Marshall College in Lancaster, Pennsylvania. The scholarship includes an eight-week internship in Ecuador and Guatemala, allowing students to develop workable business models in selected villages, empowering villagers to create a sustainable job market. The Satell International Social Entrepreneurship Program encourages students to look beyond their immediate communities and create an impact in developing areas of the world. Progressive Business Publications and Ed Satell expanded the program after seeing the dramatic impact that the scholarship had on the first year’s participants. Students came back from Guatemala with a new outlook on their lives and their careers, showing a newfound dedication to social entrepreneurship and its potential to change the lives of impoverished populations around the world. Franklin & Marshall College appreciated the chance to send students to Ecuador, which presented an incredible experiential learning opportunity for the students, as well as a chance to benefit the people of Ecuador. Progressive Business Publications supports nonprofit efforts like the Satell International Social Entrepreneurship Program through its Corporate Citizenship initiatives, which inspire countless business professionals to make a positive impact on the world.
Employee Benefit Plans
Retirement Plans The Company has a two-tiered Retirement Security Program. The first tier is a defined contribution pension plan covering all employees who meet requirements as to age and length of service. Contributions vary from 1% to 5% of annual eligible compensation up to the Social Security wage base, based on years of eligible service. Company contributions were $17.2 million in 2004, $15.4 million in 2003 and $13.0 million in 2002.
The second tier is a long-term savings plan under which the Company matches, up to a maximum of 3% of the employee's eligible compensation, amounts contributed to the plan by an employee. Company matching contributions are not restricted and may be invested by a participant in any of the investment funds available under the plan. Company matching contributions were $23.4 million in 2004, $19.9 million in 2003 and $16.9 million in 2002.
Postemployment Benefits The Company provides various postemployment benefits to former or inactive employees who meet eligibility requirements, their beneficiaries and covered dependents. Postemployment benefits include salary continuation and disability-related benefits, including workers' compensation, and, if elected, continuation of health-care benefits. The Company's liability was $15.5 million at December 31, 2004, compared to $12.3 million in 2003.
Postretirement Benefits The Company provides postretirement health and life insurance benefits to all employees who met requirements as to age and length of service at December 31, 1988. This group of employees represents less than one-half of one percent of the Company's current workforce. The Company's funding policy is to contribute annually the maximum amount that can be deducted for Federal income tax purposes. Contributions are intended to provide not only for benefits attributed to services to date, but also for those expected to be earned in the future.
Deferred Compensation The Company maintains The Progressive Corporation Executive Deferred Compensation Plan (Deferral Plan), which permits eligible executives to defer receipt of some or all of their annual bonuses or all of their restricted stock awards. These deferred amounts are deemed invested in one or more investment funds, including Common Shares of the Company, offered under the Deferral Plan. All distributions from the Deferral Plan will be made in cash. Prior to February 2004, distributions representing amounts deemed invested in Common Shares were made in Common Shares. The Company reserved 900,000 Common Shares for issuance under the Deferral Plan. Included in the Company's balance sheets is an irrevocable grantor trust established to provide a source of funds to assist the Company in meeting its liabilities under the Deferral Plan. At December 31, 2004 and 2003, the trust held assets of $59.3 million and $41.3 million, respectively, of which $12.4 million and $7.1 million were held in Common Shares, to cover its liabilities.
Incentive Compensation Plans The Company's incentive compensation plans include executive cash bonus programs for key members of management, a cash gainsharing program for all other employees and other stock-based compensation plans for key members of management and the non-employee directors. The amounts charged to income for cash incentive compensation plans were $260.7 million in 2004, $233.5 million in 2003 and $169.4 million in 2002. The amount charged to income for time-based and performance-based restricted stock awards was $23.8 million and $11.0 million in 2004 and 2003, respectively.
The Company's 2003 Incentive Plan and the Company's 1995 Incentive Plan, which provide for the granting of stock-based awards, including stock options and restricted stock awards, to key employees of the Company, has 5.0 million and 15.0 million shares authorized, respectively. The 1989 Incentive Plan has expired; however, awards made under the plan prior to expiration are still in effect.
Beginning in 2003, the Company began issuing restricted stock awards in lieu of stock options. The restricted stock awards were issued as either time-based or performance-based awards. The time-based awards vest in equal installments upon the lapse of a period of time, typically over three, four and five year periods. The restriction period must be a minimum of six months and one day. The performance-based awards vest upon the achievement of predetermined performance criteria. The restricted stock awards are expensed pro rata over the vesting period based on the market value of the non-deferred awards at the time of grant, while the deferred awards are based on the current market value at the end of the reporting period.
Prior to 2003, the Company issued nonqualified stock options, which were granted for periods up to ten years, become exercisable at various dates not earlier than six months after the date of grant, and remain exercisable for specified periods thereafter. All options granted had an exercise price equal to the market value of the Common Shares on the date of grant. All option exercises are settled in Common Shares.
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