December 16, 2014 / 2:08 PM / 3 years ago

Progressive to take controlling stake in ARX Holding for $875 mln

1 MINUTES DE LECTURE

Dec 16 (Reuters) - Progressive Corp, a provider of auto insurance products, said it would acquire a controlling stake in property insurer ARX Holding Corp for $875 million in cash.

Progressive Corp said it would increase its share in the parent of American Strategic Insurance to 67 percent from 5 percent after it buys shares from non-management shareholders.

American Strategic Insurance, which provides personal and commercial property insurance, will continue as a separate company.

Progressive Corp said it expected to buy the remaining shares of ARX over the next six years. (Reporting by Rohit T. K. in Bengaluru; Editing by Don Sebastian)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below