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Progressive Announces CEO Transition

(GLOBE NEWSWIRE via COMTEX) -- Glenn Renwick to Retire as CEO, Will Remain Executive Chairman

Tricia Griffith Appointed CEO

MAYFIELD VILLAGE, OHIO - May 12, 2016 - The Progressive Corporation PGR, +0.35% today announced that President and Chief Executive Officer Glenn Renwick will retire after more than 15 years as Chief Executive Officer and almost 30 years with the Company, effective July 1, 2016. Mr. Renwick will continue as Executive Chairman of the Board. Tricia Griffith, currently Personal Lines Chief Operating Officer, will succeed Mr. Renwick as CEO and President on July 1, 2016 and will join the Board of Directors at that time.

"Under Glenn's leadership, Progressive has become one of the most successful, innovative and respected insurance companies. Since he became CEO in 2000, the Company's market capitalization has increased by approximately 155% to more than $19 billion and written premiums have more than tripled. Glenn has also overseen game-changing innovations such as Snapshot(R), online price comparisons, concierge claim service, and Name Your Price(R), along with the development of the Progressive brand and the direct-to-consumer marketing approach," said Stephen Hardis, Lead Independent Director of Progressive's Board of Directors. "Glenn's vision and unwavering commitment to Progressive's values have created significant value for all of the Company's stakeholders, including policyholders, agents, employees, shareholders and the communities in which we operate. On behalf of the Board and the entire Company, we thank Glenn for his many years of dedicated service."

Hardis continued, "This leadership transition is the culmination of years of planning by the Board, initiated by Glenn several years ago, based on a timeframe that would ensure continuity of leadership and with an approach grounded in Progressive's values and evolving business model. It also comes at a time of great strength...