PROGRESSIVE CORP

Progressive Corp (ticker PGR, CUSIP 743315103) is a top-tier U.S. auto and property insurance company known for direct-to-consumer distribution, telematics-based pricing (Usage-Based Insurance), and best-in-class underwriting discipline. As of Q2 2026, ten institutions reported $127.1M in PGR holdings — a figure that looks substantial until one examines the concentration: Confluence Investment Management alone accounts for $121.8M and 557,408 shares, or approximately 95.8% of the reported 13F institutional base. Confluence's position at quarter-start stood at 580,259 shares and roughly $114.1M in value, meaning it trimmed 22,851 shares (3.9%) during Q2 while the stock appreciated approximately $9.8/ share. The share reduction produced a $6.74M increase in reported value — Confluence trimmed but still made substantial unrealized gains. In contrast to concentration in one holder, two new entrants appeared this quarter. SWP Investment Management initiated a new $2.49M position at 11,403 shares — a meaningful commitment that signals SWP is beginning active institutional ownership. Noble Wealth Management entered with a token 6-share position ($1,311), more likely a data-tracking open than a conviction. Versant Capital Management added 753 shares and $199K in value, a constructive signal given its track record of following directional themes.