Progressive takes majority stake in ASI for $875mn

New York-listed auto insurer Progressive has agreed to pay
$875mn in cash for a 67 percent stake in ARX, the parent of
privately held carrier American Strategic Insurance (ASI), the
company has said.
In a separate statement, XL Group said that it would receive
approximately $500mn for its 39.7 percent stake in ARX - valuing
the business at 2.6x tangible book value.
Progressive has had a 5 percent stake in ARX since 2012 and said
it expects to acquire the...