Demotech Affirms the Financial Stability Rating® Assigned to Progressive Property Insurance Company


Columbus, Ohio, February 24, 2017: The Financial Stability Rating® (FSR) of A, Exceptional, assigned to Progressive Property Insurance Company has been affirmed by Demotech, Inc.  This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE) and realistic pricing.

FSRs summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle.  FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC).  Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace.

About Progressive Property Insurance Company

Progressive Property Insurance Company (PPIC) was incorporated as Ark Royal Insurance Company on April 9, 2007.  Ark Royal Insurance Company received its Certificate of Authority on November 9, 2007, began writing Homeowners Insurance on March 17, 2008, and changed its name on April 1, 2017.  PPIC is a wholly-owned subsidiary of ARX Holding Corp., whose ultimate parent is The Progressive Corporation.  PPIC is managed by ASI Underwriters Corp. (ASIU) and writes its business through the independent agent force.

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers.  Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters.  FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer.  Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size.  Visit www.demotech.com for more information.

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