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Progressive Announces Public Offering of $500 Million of Senior Notes

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^{Published in Business and Finance on Wednesday, August 17th 2011 at 13:26 GMT by Market Wire}  

MAYFIELD VILLAGE, Ohio--([ BUSINESS WIRE ])--The Progressive Corporation (NYSE: PGR) today announced the public offering of $500 million aggregate principal amount of its 3.75% Senior Notes due 2021. The notes were priced at 99.892% of par. Credit Suisse Securities (USA) LLC is acting as sole bookrunner for this debt offering.

The notes are offered pursuant to a prospectus supplement and an accompanying prospectus forming part of a shelf registration statement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, 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. Any offer of the notes will be made only by means of a prospectus forming a part of the effective registration statement, the related prospectus supplement and other related documents. Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained from Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037.

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