MAYFIELD VILLAGE, OHIO, May 22, 2023 (GLOBE NEWSWIRE) -- The Progressive Corporation (NYSE:PGR) today announced the pricing of $500 million aggregate principal amount of its 4.95% Senior Notes due 2033 (the "notes") in an underwritten public offering. The notes were priced at 99.941% of par. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint bookrunners for the offering.

The offering is being made pursuant to an effective registration statement on Form S-3, which was filed with the Securities and Exchange Commission on September 20, 2021. The offering of these notes is being made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone: 1-866-803-9204.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the registration statement, the prospectus contained therein or the prospectus supplement.

The Progressive Corporation is a Cleveland-based insurance holding company. Its insurance subsidiaries offer personal auto, commercial auto, property and specialty property-casualty insurance and related services throughout the United States. Progressive's common shares are listed on the New York Stock Exchange.

Company Contact:

Douglas S. Constantine

(440) 395-3707

The Progressive Corporation

6300 Wilson Mills Road

Mayfield Village, Ohio 44143

Progressive Prices $500 Million of Senior Notes