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1. 1Insurance regulators control important parts of the business, including licenses, permitted coverages, policy terms and, in some places, rates and rate changes.
2. 2Progressive relies on independent insurance agents and brokers to sell many policies, especially personal property and commercial coverage.
3. 3Progressive buys reinsurance to share some property catastrophe losses and certain commercial losses; it generally does not buy catastrophe-specific reinsurance for personal auto or core commercial auto.
4. 4The company relies on its own and third-party computer systems to quote policies, handle claims and serve customers.
5. 5Some insurance products are written by unaffiliated partner insurers, and Progressive earns commissions for referring or placing those policies.