M&A Deal Summary

Progressive Acquires American Strategic Insurance

On December 17, 2014, Progressive acquired insurance company American Strategic Insurance from Flexpoint Ford for 875M USD

Acquisition Highlights
  • This is Progressive’s 2nd transaction in the Insurance sector.
  • This is Progressive’s largest (disclosed) transaction.
  • This is Progressive’s 2nd transaction in the United States.
  • This is Progressive’s 1st transaction in Florida.

M&A Deal Summary
Date 2014-12-17
Target American Strategic Insurance
Sector Insurance
Buyer(s) Progressive
Sellers(s) Flexpoint Ford
Deal Type Add-on Acquisition
Deal Value 875M USD

Target

American Strategic Insurance

St. Petersburg, Florida, United States
American Strategic Insurance specializes in personal and commercial property insurance, personal umbrella insurance, and primary and excess flood insurance.

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Buyer(S) 1

Buyer

Progressive

Mayfield Village, Ohio, United States
Category Company
Founded 1937
Sector Insurance
Employees61,432
Revenue 62M USD (2023)
DESCRIPTION

Progressive of Insurance Companies makes it easy to understand, buy and use auto insurance. Progressive offers choices so consumers can reach us whenever, wherever and however it's most convenient for them. Progressive was founded in 1937 and is based in Mayfield Village, Ohio.

DEAL STATS #
Overall 2 of 3
Sector (Insurance) 2 of 3
Type (Add-on Acquisition) 2 of 3
State (Florida) 1 of 1
Country (United States) 2 of 3
Year (2014) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1995-12-31 Midland Financial Group

Memphis, Tennessee, United States

Midland Financial Group, Inc. specializes in underwriting automobile insurance.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-01 Protective Insurance

Carmel, Indiana, United States

Protective Insurance is a provider of transportation and logistics companies with customized insurance products, exceptional claims experiences, and access to training, consulting, and technology to improve safety and manage risk. Protective Insurance is based in Carmel, Indiana.

Buy $338M

Seller(S) 1

SELLER

Flexpoint Ford

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 7.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Flexpoint Ford is a private equity firm focused on investments in healthcare and financial services companies. Flexpoint prefers control based investments and looks to commit $50 to $500 million per transaction. The Firm is flexible when it comes to investment structure and asset class. Flexpoint Ford was formed in 2005 and is based in Chicago, Illinois.

DEAL STATS #
Overall 9 of 21
Sector (Insurance) 3 of 5
Type (Add-on Acquisition) 6 of 12
State (Florida) 1 of 2
Country (United States) 9 of 21
Year (2014) 3 of 3
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-17 T&H Global Holdings

Naperville, Illinois, United States

T&H Global Holdings LLC is a provider of insurance claims services to insurance carriers, insurance brokers, corporations and public entities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-08 TopRx

Bartlett, Tennessee, United States

TopRx is a national distributor of generic and branded pharmaceuticals, vitamins, OTC healthcare products, and pharmacy supplies. TopRx serves independent pharmacies, group purchasing organizations, re-packagers, veterinary wholesalers, long-term care facilities, correctional facilities, and mass merchant customers nationwide. TopRx is an authorized distributor for over 90 domestic and foreign manufacturers licensed to sell pharmaceuticals in the U.S. TopRx was formed in 1987 and is based in Bartlett, Tennessee.

Buy -
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