The Progressive Corporation (NYSE: PGR) priced $1.5 billion in senior notes through an underwritten public offering. The insurance company issued $500 million of 4.60% Senior Notes due 2031 at 99.987% of par and $1 billion of 5.15% Senior Notes due 2036 at 99.676% of par.

Goldman Sachs & Co. LLC and TD Securities (USA) LLC are serving as joint bookrunners for the offering. The notes are being offered under an effective registration statement on Form S-3 filed with the Securities and Exchange Commission on May 17, 2024.

Progressive operates as an Ohio-based insurance holding company. Its subsidiaries provide insurance coverage for personal and commercial vehicles, motorcycles, boats, recreational vehicles, and homes across the United States. The company's shares trade on the New York Stock Exchange.

The offering is being conducted through a prospectus supplement and accompanying prospectus, with copies available from the joint bookrunners. The securities have not received approval or disapproval from regulatory authorities.