[Form 4] Progressive Corporation Insider Trading Activity

Rhea-AI Filing Summary

Progressive Corp. (PGR) – Form 4 insider activity

Chief Information Officer Steven Broz disclosed the sale of 1,267 common shares on 07/18/2025 at an average price of $247.54, generating roughly $313 k in gross proceeds. The transaction was executed under a Rule 10b5-1 plan adopted on 01/30/2025, indicating it was pre-scheduled rather than discretionary.

After the sale, Broz directly owns 26,353.695 PGR shares. No derivative securities were involved and no other insiders joined the filing.

Positive

• Sale executed under a Rule 10b5-1 plan, signalling a pre-scheduled disposition rather than opportunistic selling.
• Officer retains 26,353.695 shares, demonstrating continued equity alignment with shareholders.

Negative

• Insider sold 1,267 shares worth about $313 k, which some investors may interpret as a mild bearish signal.

Insights

Securities Analyst

TL;DR: Modest, pre-planned sale; limited signal value.

The 1,267-share sale equals roughly 4.6 % of Mr. Broz’s post-transaction holdings and was executed via a 10b5-1 plan, reducing concerns about timing or intent. Proceeds (~$0.31 M) are immaterial relative to Progressive’s $145 B+ market cap and do not alter insider ownership patterns meaningfully. I view the filing as neutral for investors: it neither confirms nor refutes management confidence but does show continued alignment through a remaining 26.3 k-share stake.

Corporate Governance Expert

TL;DR: Governance-clean trade under 10b5-1; negligible impact.

Use of a pre-arranged 10b5-1 plan satisfies best-practice governance standards, limiting litigation or perception risk. The absence of derivative activity and the filing’s timeliness further support transparency. Because the transaction is small and plan-driven, I classify its market impact as minimal; investors should monitor but need not reassess governance quality or risk profile on this disclosure alone.

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).

1. Name and Address of Reporting Person^*

Broz Steven

(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 Information Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2025

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
Common	07/18/2025		S(1)		1,267	D	$247.54	26,353.695	D

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

Explanation of Responses:

1. This transaction reported on this Form 4 was made pursuant to a 10b5-1 trading plan adopted by the reporting person as of January 30, 2025.

	/s/ Sarah R. D'Amore, By Power of Attorney	07/21/2025
	** 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

How many Progressive (PGR) shares did CIO Steven Broz sell?

He sold 1,267 common shares on 07/18/2025.

At what price were the PGR shares sold?

The average sale price was $247.54 per share.

How many PGR shares does Steven Broz own after the transaction?

He directly owns 26,353.695 shares following the sale.

Was the transaction part of a 10b5-1 trading plan?

Yes. The filing states it was executed under a 10b5-1 plan adopted on 01/30/2025.

Did the Form 4 report any derivative security activity?

No. No derivative transactions were disclosed in Table II.