Fitch affirms Progressive

Fitch Ratings said it affirmed the Progressive Corp.'s issuer default rating at A+, senior debt ratings at A and junior subordinated debt at BBB+. The agency also said it affirmed Progressive's operating subsidiaries insurer financial strength rating of AA.

The outlook is stable.

The ratings are based on the company's excellent operating performance, pricing and underwriting expertise, personal auto insurance franchise, modest catastrophe risk, conservative investment allocation and strong risk-based capital position, Fitch said.

The ratings also reflect the limited product diversification and high notional leverage of the company, the agency said.

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