The completion of the acquisition has been introduced for roughly $338 million.
Progressive has introduced that its $338 million acquisition of Protecting Insurance coverage Company is now full.
Protecting is a employees’ compensation and trucking fleet insurer now owned by Progressive.
The Protecting Insurance coverage acquisition was first introduced in February. It concerned a $23.30 per share money buyout of Protecting’s shareholders, with out curiosity, for Class A and Class B frequent shares. That share worth introduced a 49.1 % premium to Class A shareholders and a 63.2 % premium to Class B shareholders. Progressive’s out there liquid investments have been used for funding this acquisition.
After the acquisition, the Carmel, Indiana workplaces at Protecting shall be maintained, and the present workers shall be stored on.
Each corporations expressed their enthusiasm over the acquisition in a press release launched when the deal closed.
Progressive said that it was happy that the Protecting Insurance coverage transaction had now closed.
“We’re happy the transaction has closed and particularly wish to acknowledge the gifted Protecting workers who’ve constructed a robust basis and created momentum of their markets to set us all up for achievement,” mentioned Progressive Business Traces President Karen Bailo. “We stay up for becoming a member of as one staff and profitably rising the enterprise collectively. For now, we’ll all stay centered on offering our clients, companions and purchasers with the distinctive service they count on and deserve, as we work in the direction of making selections on how one can finest combine and function our companies to supply better alternatives for development.”
Protecting Insurance coverage CEO Jeremy Edgecliffe-Johnson spoke on behalf of the insurer, stating that they have been trying ahead to a brand new starting as a part of Progressive. “With the closing of the merger with Progressive now full, we stay up for beginning our new chapter as a part of the Progressive staff,” he mentioned. Edgecliffe-Johnson additionally underscored how thrilling this new chapter seems as a possibility for his or her workers and staff members, along with their companions and, after all, their clients. “Now we have a protracted historical past of making distinctive worth to the motor provider trade and are dedicated to change into much more worthwhile as we transfer ahead.”
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