On March 23, 2026, The Progressive Corporation (the "Company") entered into an Underwriting Agreement with Goldman Sachs & Co. LLC and TD Securities (USA) LLC, acting as representatives of the underwriters, for the issuance of $500 million in 4.60% Senior Notes due 2031 and $1 billion in 5.15% Senior Notes due 2036. The offering is expected to close on March 26, 2026, subject to customary closing conditions. The net proceeds from this offering are estimated to be approximately $1.487 billion after accounting for underwriting discounts and estimated expenses. The Notes will be issued under an Indenture dated September 12, 2018, and will bear interest payable semi-annually, with the first payment scheduled for September 26, 2026. This offering is part of the Company's strategy to enhance its liquidity and financial flexibility, allowing it to better position itself in the market. The Company has indicated that the proceeds will be used for general corporate purposes, which may include refinancing existing debt, funding operations, or other strategic initiatives. The successful completion of this offering is expected to positively impact the Company's financial standing and provide it with additional resources to pursue growth opportunities.

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