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Progressive was formed in 1937 by Joseph Lewis and Jack Green as Progressive Mutual Insurance Company. [5] In 1956, the company found a niche by insuring more risky drivers. In 1965, Peter B. Lewis, son of Joseph Lewis, and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of ...
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Progressive, the only major insurer that shares its average telematics discount amount, reports an average savings of $231 per year for Snapshot enrollees, but cautions that “about 2 out of 10 ...
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