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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 22, 2019 01:16 PM (EST)
AM Best has assigned a Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Ratings of “aa” to Progressive Freedom Insurance Company (Progressive Freedom) and Progressive Choice Insurance Company (Progressive Choice) (Cleveland, OH) as newly added members of The Progressive Corporation (Progressive). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Progressive Freedom’s and Progressive Choice’s balance sheet strength, which AM Best categorizes as strongest, as well as each company’s strong operating performance, very favorable business profile and appropriate enterprise risk management.
The ratings of Progressive are being extended to Progressive Freedom and Progressive Choice due to common management, sharing of operational capabilities and the explicit support provided through the pooling agreements. The new members provide licensing flexibility for Progressive.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.