...The Progressive Corporation (Progressive - senior unsecured debt A2, stable, NYSE: PGR) is the publicly traded parent of a group of US property-casualty insurance companies offering coverages for personal and commercial automobiles and trucks as well as motorcycles, boats and recreational vehicles. Progressive is now the third-largest auto insurer in the US, active in all 50 states and the District of Columbia. The group also distributes residential property insurance through unaffiliated carriers on a commission basis, and through its majority- owned subsidiary, American Strategic Insurance Corp (ASI, rebranded Progressive Home). Our credit view of Progressive reflects the group's strong presence in the US auto insurance market, superior underwriting and 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, granular insurance liabilities....