Finance History | 11 Wall Street — Eighteen Dollars for Three Hundred Seventy-One Thousand Insurance Shares
· 1971-4
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Finance History | 11 Wall Street — Eighteen Dollars for Three Hundred Seventy-One Thousand Insurance Shares
kevin
People treat Progressive as a Mayfield Village auto-insurer that always printed PGR after a finished New York book.
The April 1971 issuer was The Progressive Corporation, the Ohio holding company formed in 1965 around a Cleveland nonstandard-auto book that dated to 1937.
The New York Times of 17 April 1971 recorded the first public sale: 371,184 shares priced on Thursday, 15 April 1971, at 18 dollars a share in 1971 currency, by a White, Weld and Co. and McDonald and Co. underwriting group.
By the close the next day those shares were quoted at 23 and one-quarter bid, 23 and three-quarters asked.
A later company shareholder report repeats the same opening arithmetic. A holder who bought 100 shares for 1,800 dollars on 15 April 1971 owned the first public book.
The company's own history page dates that 1971 offering as the first public Progressive stock and the year the firm stated a 96 combined-ratio target.
The present tape is PGR on the New York Stock Exchange.
The mechanism is a specialty-insurer IPO. A privately held holding company sold a slice of common. The operating companies kept writing nonstandard auto.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints PGR.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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