On July 12th, Progressive Insurance announced they had made an equity investment in ASI and ASI had made an equity investment in Progressive Insurance. The 2 companies are partnered in offering mutual customers discounts for combining home and auto insurance under 1 package . This is a sign the flirtatious relationship with these companies may be adding up to something bigger.
Here is part of the letter from Progressive Insurance to Independent Agents:
“On June 14, Progressive was pleased to announce a strengthening of this partnership by making a minority equity investment in ASI and in return, ASI will invest in Progressive. We’re confident that ASI shares our commitment to quality and service and that this financial investment by both companies will strengthen our ability to provide your agency with a package solution for your preferred customers.
Nothing about the PHA program, our working relationship with ASI, or either of our relationships with your agency will change due to this investment. You’ll continue to benefit from:
- Better discounts on auto and home policies
- Progressive Home Advantage branding
- Single deductible endorsement in the event of a claim affecting both policies
Our joint commitment to investing in the PHA program will continue.”
As an independent insurance agency, we believe this is a great move on behalf of both companies.