...Our credit view of The Progressive Corporation (Progressive - senior debt A2, stable, NYSE: PGR) reflects its strong presence in the US auto insurance market, superior underwriting and claims management through data analytics, segmentation expertise, expense management, balanced distribution channels, and sound balance sheet. The company also exhibits good risk-adjusted capitalization, with a high-quality, liquid investment portfolio and short- tail insurance liabilities. These strengths are partly offset by Progressive's high operating leverage and significant payments to shareholders through dividends and share buybacks. Progressive is also exposed to losses from catastrophes and severe storms primarily in its homeowners business though reinsurance reduces this exposure. The company faces persistent competition and potential adverse regulation in personal insurance lines. Progressive generated $11.7 billion in net premiums written (NPW) during first quarter 2021, an increase of $1.9 billion,...