Progressive (PGR) CIO adds 828 restricted stock units from dividends

Rhea-AI Filing Summary

Progressive Corporation’s Chief Investment Officer Jonathan S. Bauer reported an acquisition of 828.653 Restricted Stock Units on January 8, 2026. Each unit represents a contingent right to receive one common share of Progressive’s stock, and these units were acquired through the reinvestment of dividend equivalents.

After this transaction, Bauer beneficially owns 13,777.88 Restricted Stock Units, held directly. The new units will vest at the same time as the related restricted stock units they are tied to, and carry no cash exercise price.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bauer Jonathan S.

Role Chief Investment Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	828.653	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 13,777.88 shares (Direct)

Footnotes (1)

1. Each Restricted Stock Unit represents a contingent right to receive one Common Share of the Company's stock. These units, which were acquired upon the reinvestment of dividend equivalents, will vest at the same time as the Restricted Stock Units to which they relate. Expiration Date is the same as the Date Exercisable.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bauer Jonathan S.

(Last) (First) (Middle)

300 NORTH COMMONS BLVD.

(Street)

MAYFIELD VILLAGE OH 44143

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PROGRESSIVE CORP/OH/ [ PGR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Investment Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/08/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	01/08/2026		A		828.653		(2)	(3)	Common	828.653	$0	13,777.88	D

Explanation of Responses:

1. Each Restricted Stock Unit represents a contingent right to receive one Common Share of the Company's stock.

2. These units, which were acquired upon the reinvestment of dividend equivalents, will vest at the same time as the Restricted Stock Units to which they relate.

3. Expiration Date is the same as the Date Exercisable.

	/s/ Allyson L. Bach, By Power of Attorney	01/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Progressive (PGR) disclose for January 8, 2026?

Progressive disclosed that Chief Investment Officer Jonathan S. Bauer acquired 828.653 Restricted Stock Units on January 8, 2026, reported as an acquisition transaction.

How many Progressive (PGR) Restricted Stock Units does the CIO hold after this transaction?

Following the reported transaction, Chief Investment Officer Jonathan S. Bauer beneficially owns 13,777.88 Restricted Stock Units, held in direct ownership.

What does each Progressive (PGR) Restricted Stock Unit represent in this filing?

Each Restricted Stock Unit represents a contingent right to receive one common share of Progressive Corporation’s stock upon vesting.

How were the new Progressive (PGR) Restricted Stock Units acquired by the CIO?

The 828.653 units were acquired through the reinvestment of dividend equivalents, meaning dividends on existing awards were converted into additional restricted stock units.

When will the newly acquired Progressive (PGR) Restricted Stock Units vest?

The newly acquired units will vest at the same time as the Restricted Stock Units to which they relate, as disclosed in the footnotes.

Is there an exercise price for the Progressive (PGR) Restricted Stock Units reported?

The filing lists an exercise price of $0 for these Restricted Stock Units, consistent with typical equity awards that settle in shares upon vesting rather than requiring cash payment.