US insurance giant Progressive has announced it has agreed a deal to offload on of its portfolios to Hollard.
Progressive Direct Insurance Company, the Australian subsidiary of The Progressive Corporation, announced that it had entered into a definitive agreement with Hollard, with the transfer expected to be completed by the fourth quarter of 2017.
The deal will see the launch of PD Insurance Agency (PDIA), a new company part-owned by Hollard, and will allow Hollard and PDIA certain rights to use the Progressive brand in the car insurance market for two and a half years.
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Lindsay described Hollard as “the perfect fit” for the Progressive business as the US giant will be able to focus on operations in its home country.
“We’ll benefit from a shared vision and local scale advantages to reinforce our core value proposition for our customers with quality, online and materially lower-cost car insurance,” Lindsay continued.
Richard Enthoven, CEO and executive director of Hollard, said that the business will look to continue the growth of the Progressive brand in the crowded car insurance market.
