Finance History | Progressive — Ten Thousand Dollars and a Drive-In Claim
· 1937-3
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Finance History | Progressive — Ten Thousand Dollars and a Drive-In Claim
kevin
People treat Progressive as a Mayfield Village campus that always sold insurance on a website.
The first office was two Cleveland lawyers and a mutual charter.
On 10 March 1937 Joseph M. Lewis and Jack Green opened Progressive Mutual Insurance Company.
The Encyclopedia of Cleveland History records the starting capital as $10,000 in 1937 dollars.
They limited the book to automobile cover even though the license allowed a wider casualty line.
The company’s own history says they offered a drive-in claims window and installment premiums in those first years, both unusual for the trade.
By 1940 the same Cleveland history puts annual writings at about $100,000 in 1940 dollars.
In 1951 the offices moved to 3600 Euclid Avenue.
In 1956 they organized Progressive Casualty to write the high-risk auto book that later defined the brand.
Peter B. Lewis, Joseph’s son, became chief executive in 1965, the year the holding company was incorporated.
The firm listed its shares in 1971 and built a suburban headquarters at 6300 Wilson Mills Road in Mayfield in 1972.
Campus Two at 300 North Commons Boulevard later became the operating headquarters.
Pin the Wilson Mills campus that still carries the 1972 name on the public frontage.
Describe only what is visible from the road.
The 1937 rooms downtown are gone.
What survived is a nonstandard auto book that learned to price risk the standard companies would not take.
Photo: attribution pending on a Mayfield campus plate; Progressive’s dated founding line is the company’s own 10 March 1937 chronology.
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