Progressive prices $1.5B senior notes offering

Progressive announced the pricing of $1.5 billion in senior notes as part of an underwritten public offering.

The insurer priced:

• $500 million of 4.60% senior notes due 2031 at 99.987% of par
• $1 billion of 5.15% senior notes due 2036 at 99.676% of par

Goldman Sachs & Co. LLC and TD Securities (USA) LLC are acting as joint bookrunners.

The offering is being made under an existing shelf registration filed in May 2024.

Progressive, based in Ohio, operates across personal and commercial auto, as well as specialty lines including motorcycles, boats, RVs, and homeowners insurance.