A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa” of the Progressive Agency Pool, Progressive Direct Pool and Progressive Commercial Auto Group (collectively known as Progressive) and their respective members.
Best also affirmed the FSR of ‘A’ (Excellent) and ICR of “a+” of National Continental Insurance Company, as well as the ICR of “a” and all debt ratings of the parent holding company, The Progressive Corporation.
The outlook for all of the ratings is stable. All the companies are headquartered in Mayfield Village, Ohio.
The ratings reflect Progressive’s “solid capitalization, strong operating performance and sustainable competitive advantages,” said Best. “Progressive’s capitalization has benefitted from sustained underwriting profitability and a rebound in its investment portfolio since 2008.
“Progressive continues to benefit from an innovative management team, brand name recognition, a multiple channel distribution platform and innovative underwriting and claims handling technology. In addition, Progressive’s direct operations have exhibited favorable growth, reflective of improved brand recognition.
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