The Hartford and Progressive Announce Alliance to Bring Convenience to Insurance Agents and their Bank Customers
Comprehensive package of insurance products now available from both companies
May 6, 2008 -- Community banks now have access to a full suite of insurance products from their independent agent representing either The Hartford Financial Services Group (NYSE: HIG) or Progressive (NYSE: PGR). The new alliance between two of the best known names in the insurance industry combines the strengths of both companies and allows banks and their agents the option of getting all of their business insurance from one source.
Progressive Casualty Insurance Company, the A+ rated underwriter for the ABA-sponsored insurance program, currently provides professional liability and bond products to more than 1,700 community banks.
The Hartford, also an A+ rated carrier, offers banks industry-tailored property and casualty insurance that includes bank-specific coverages such as mortgage protection and foreclosed properties as well as standard-lines coverages like workers' compensation, property and general liability.
"Offering agents access to our Professional Liability and Bond coverages along with The Hartford's property and casualty products is about convenience," said John Wells, director of Progressive's Professional Liability Group. "Agents can now write a complete insurance package through either company."
"We're pleased to be aligned with Progressive, a company that meets our high standards of customer service," said Stephanie Bush, senior vice president of middle market at The Hartford. "Now, Hartford and Progressive agents alike have a complete package of products available to meet their bank customers' business insurance needs."
Learn more about the The Hartford / Progressive alliance at Banks.TheHartford.com.
About Progressive
Progressive Casualty Insurance Company has earned an "A+" (Superior) rating from the A.M. Best Company. According to A.M. Best, a superior rating is assigned to companies that have, on balance, superior financial strength, operating performance and market profile when compared to the standards established by the A.M. Best Company. These companies, in the opinion of A.M. Best, have a very strong ability to meet their ongoing obligations to policyholders. For more information about Progressive's Professional Liability Group, visit www.banks.progressive.com.
About The Hartford
The Hartford, a Fortune 100 company, is one of the nation's largest diversified financial services companies, with 2007 revenues of $25.9 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, the United Kingdom, Canada, Brazil and Ireland. The Hartford's Internet address is www.thehartford.com.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Quarterly Reports on Form 10-Q, our 2007 Annual Report on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
Professional liability and financial institution bond coverages are underwritten by Progressive Casualty Insurance Company, Mayfield Village, OH. Property & casualty coverages (other than professional liability and bond) are underwritten by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc., Hartford, CT.
Media Contact(s):
Thomas Hambrick
860-547-9746
Thomas.hambrick@thehartford.com
Mike Read, Progressive
800-274-5222
MRead@progressive.com