The Progressive Corporation (PGR) released a detailed overview of its 2026-2027 Property Catastrophe Reinsurance Program, designed to limit financial volatility from severe weather events. The program, effective June 1, 2026, utilizes a mix of traditional reinsurance, catastrophe bonds, and state funds to protect its property and certain business owners' policies.
Key Details
- Program Term: The per-occurrence program is effective from June 1, 2026, to May 31, 2027.
- Coverage & Retention: For a single catastrophic event, the program provides up to $2.19 billion in coverage in Florida (after a $75 million retention) and $1.85 billion outside of Florida (after a $300 million retention).
- Dividend Declared: Separately, the Board of Directors declared a quarterly dividend of $0.10 per share, payable on October 9, 2026, to shareholders of record on October 1, 2026.