Agent, I am the last person to defend Progressive, since they are known by most agents as a necessary evil. However, they are entering the home business by purchasing a majority stake in a company that has been one of the few home carriers that has been consistently profitable, even with all the weather events that are hurting most carriers. So the home company they own(66% owner) is an “A” rated company that is doing quite well. So Progressive is at least smart enough to realize that they need: 1. The ability to bundle their auto to get and keep the preferred client. 2. The agents that seek out and quote preferred risks, and that by leveraging these agents that write preferred business, this will go a long way to accomplish their goals. Their previous strategy of trying to bypass agents and write non packaged auto simply was not giving them the results they need. With companies such as Travelers, who has become very hostile toward the agents, it is good to see another package option available to the IA channel.
Actually Agent1, the company they write their homes through, utilizes the HO3 policy form, which is an all risk form. It allows the addition of foundation / slab resulting damage coverage, water backup, etc. It is a very strong policy form.
So Flo wants to write some HO business now. Let a few big hail,windstorms happen and she may not be so enthusiastic.
If its anything like their auto coverage, their home coverages will have more holes than swiss cheese.
I guess you don’t know too much about the HO company PGR purchased or their auto policy form.
Agent, I am the last person to defend Progressive, since they are known by most agents as a necessary evil. However, they are entering the home business by purchasing a majority stake in a company that has been one of the few home carriers that has been consistently profitable, even with all the weather events that are hurting most carriers. So the home company they own(66% owner) is an “A” rated company that is doing quite well. So Progressive is at least smart enough to realize that they need: 1. The ability to bundle their auto to get and keep the preferred client. 2. The agents that seek out and quote preferred risks, and that by leveraging these agents that write preferred business, this will go a long way to accomplish their goals. Their previous strategy of trying to bypass agents and write non packaged auto simply was not giving them the results they need. With companies such as Travelers, who has become very hostile toward the agents, it is good to see another package option available to the IA channel.
Agree with all. A nice show of support for IA’s would be for Progressive to remove the ASI product from Geico.
Actually Agent1, the company they write their homes through, utilizes the HO3 policy form, which is an all risk form. It allows the addition of foundation / slab resulting damage coverage, water backup, etc. It is a very strong policy form.