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Progressive Direct Insurance Company is selling its Australian portfolio to The Hollard Insurance Company with sale completion expected by the end of this year, it was announced today.

PD Insurance Agency, a new company created and partly owned by Hollard and Progressive’s Australia Country Manager Simon Lindsay “and others”, will be the authorised agent servicing Progressive’s Australian policies until the transfer to Hollard, and will start operating on March 31.

The agreement allows Hollard and PDIA rights to use the Progressive brand in connection with car insurance in Australia until 2020.

Said Hollard CEO and executive director, Richard Enthoven: "Progressive and Hollard have a history of embracing innovation and entrepreneurship and I am excited that Progressive's Australian insurance portfolio will be joining the Hollard family. Hollard's business philosophy is founded on investing in and partnering with brands, brand partners and underwriting agencies for the long-term. In just seven years, Progressive has grown a successful online car insurance business and we look forward to working with Simon and PDIA to grow the business further."

"Hollard is the perfect fit for our business," said Lindsay. "We'll benefit from a shared vision and local scale advantages to reinforce our core value proposition for our customers with quality, online and materially lower-cost car insurance."

Progressive CFO, John Sauerland said: "This transaction allows Progressive to focus on our Destination Era strategy of growing our U.S. business to become the number one choice and destination for auto and other insurance. We were pleased to find a suitable insurance company to continue providing quality service to our existing policy holders and to continue to invest in growing the business."

During its time in Australia, Progressive introduced a number of firsts to the local car insurance market such as a multi-car policy offering and an online, self-service proposition.

 

 

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