Progressive Corp. (NYSE: PGR) in Ohio has announced plans to acquire Carmel-based Protective Insurance Corp. (Nasdaq: PTVCA and PTVCB). Progressive says it will acquire all of Protective Insurance’s outstanding common stock for total value of about $338 million.
The acquisition is expected to close before the end of the third quarter. Protective says its board of directors unanimously approved the deal.
“As a leader in commercial auto insurance, we’re excited to expand our capabilities with the expertise Protective offers in larger fleet and affinity programs and by providing additional product lines for us to add to our portfolio,” said Karen Bailo, president of Progressive’s commercial lines business. “This move allows us to add products that will help us support larger fleets and brings expertise in workers’ compensation coverage for the transportation industry, which are new areas of business for us and can help us to meet the needs of our commercial customers.”
Progressive says it plans to maintain Protective’s offices in Carmel and will retain Protective’s employees.