What dividend did Progressive declare and when will it be paid?

The Board declared a quarterly common share dividend of $0.10 per share on August 7, 2026. It is payable October 9, 2026, to shareholders of record on October 1, 2026.

What is the purpose of the Catastrophe Reinsurance Program report?

The report explains Progressive's reinsurance practices and how they limit earnings volatility from severe weather and other catastrophe events. It is an overview, not a comprehensive examination, and is intended to help stakeholders understand the program's effect on financial results.

How much catastrophe protection does Progressive have for the 2026-2027 period?

For a first event outside Florida, the per-occurrence program has a $300M retention and $1.85B of limit, net of retention and including shared limits. For a first event in Florida, the retention is $75M and limit is $2.19B. Coverage for subsequent events depends on the location and size of earlier losses, and some layers include reinstatements.

Does Progressive reinsure its personal auto business?

Not outside the regulated programs described in its 2025 Form 10-K. The reinsurance program primarily covers Property and certain business owners property (BOP) business, plus specialty commercial and boat exposures.

Is this filing a material event that changes the investment case?

Probably not. The 8-K contains a routine quarterly dividend and an informational reinsurance overview with no new financial results or guidance. Investors should rely on the 10-K and 10-Q for financial performance and the full discussion of catastrophe risk.

PGR 8-K: Regulation FD — Aug 10, 2026

01—Abstract

Summary

Summary of the 8-K filed August 10, 2026. Cited figures are marked; the original filing is the authoritative source.

Progressive Corporation (NYSE: PGR) filed an 8-K on August 10, 2026, with two disclosures furnished under Regulation FD rather than filed.

First, the Board declared a quarterly common dividend of $0.10^a per share, payable October 9, 2026, to shareholders of record as of October 1, 2026. Second, the company published a Catastrophe Reinsurance Program report (Exhibit 99) describing how its reinsurance structure limits earnings volatility from severe weather. The filing contains no new financial results, guidance, or material transactions beyond the dividend and the program overview.

The reinsurance report details the 2026-2027 property catastrophe program, which renewed June 1, 2026. The per-occurrence excess-of-loss program has a $300 million^b retention for the first event outside Florida and $75 million for the first event in Florida, with limits of $1.85 billion outside Florida and $2.19 billion in Florida (including shared limits). Progressive also disclosed modeled gross probable maximum loss figures, including a 1-in-100-year single-event loss of $1.325 billion and a 1-in-250-year loss of $1.798 billion, as of March 31, 2026, before reinsurance is applied.

For investors, the key takeaway is that Progressive is transparent about its catastrophe risk transfer and has a layered reinsurance structure with a mix of traditional reinsurers and insurance-linked securities (including catastrophe bonds). The dividend is modest at $0.10^c per quarter, and the report is primarily informational. Investors should still refer to the 10-K risk factors for the full discussion of catastrophe exposure and reinsurance outcomes.

02—Key points

Key Highlights

Quarterly common dividend declared at $0.10 per share, payable October 9, 2026, to holders of record on October 1, 2026
Property per-occurrence reinsurance program renewed June 1, 2026, with a $300M retention for the first non-Florida event and $75M for the first Florida event
Total per-occurrence reinsurance limit of $1.85B outside Florida and $2.19B in Florida for the first event, including shared limits
Program mixes traditional reinsurers with catastrophe bonds (e.g., Bonanza Re Ltd. 2024-1 Class B and C) and the Florida Hurricane Catastrophe Fund
Modeled gross 1-in-100-year single-event property/BOP loss is $1.325B, and 1-in-250-year is $1.798B, before reinsurance (as of March 31, 2026)
Aggregate XOL programs and a named-storm top layer ($175M shared limit) supplement per-occurrence protection for 2026
Information furnished under Regulation FD, not filed, so it is not incorporated into Securities Act or Exchange Act filings

03—Questions

Frequently Asked Questions

What dividend did Progressive declare and when will it be paid?
The Board declared a quarterly common share dividend of $0.10 per share on August 7, 2026. It is payable October 9, 2026, to shareholders of record on October 1, 2026.
What is the purpose of the Catastrophe Reinsurance Program report?
The report explains Progressive's reinsurance practices and how they limit earnings volatility from severe weather and other catastrophe events. It is an overview, not a comprehensive examination, and is intended to help stakeholders understand the program's effect on financial results.
How much catastrophe protection does Progressive have for the 2026-2027 period?
For a first event outside Florida, the per-occurrence program has a $300M retention and $1.85B of limit, net of retention and including shared limits. For a first event in Florida, the retention is $75M and limit is $2.19B. Coverage for subsequent events depends on the location and size of earlier losses, and some layers include reinstatements.
Does Progressive reinsure its personal auto business?
Not outside the regulated programs described in its 2025 Form 10-K. The reinsurance program primarily covers Property and certain business owners property (BOP) business, plus specialty commercial and boat exposures.
Is this filing a material event that changes the investment case?
Probably not. The 8-K contains a routine quarterly dividend and an informational reinsurance overview with no new financial results or guidance. Investors should rely on the 10-K and 10-Q for financial performance and the full discussion of catastrophe risk.

04—Continue

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