Market Overview

Progressive Prices $1.0 Billion of Senior Notes

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MAYFIELD VILLAGE, OHIO, March 17, 2020 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today announced the pricing of $500 million aggregate principal amount of its 3.20% Senior Notes due 2030 (the "2030 notes") and $500 million aggregate principal amount of its 3.95% Senior Notes due 2050 (the "2050 notes") in an underwritten public offering.  The 2030 notes were priced at 100.000% of par, and the 2050 notes were priced at 99.148% of par. BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the Securities and Exchange Commission.  The offering of these notes is being made only by means of a prospectus supplement and the accompanying prospectus.  Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained from BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322 or by e-mailing dg.prospectus_requests@baml.com; Credit Suisse Securities (USA) LLC, Prospectus Department, Eleven Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037 or by emailing usa.prospectus@credit-suisse.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, telephone: (212) 834-4533.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement, the prospectus contained therein or the prospectus supplement.

The Progressive Corporation is a Cleveland-based insurance holding company.  Its insurance subsidiaries offer personal auto, commercial auto, property and specialty property-casualty insurance and related services throughout the United States.  Progressive's common shares are listed on the New York Stock Exchange.

Company Contact:
Julia Hornack
(440) 395-2164

The Progressive Corporation
6300 Wilson Mills Road
Mayfield Village, Ohio 44143

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