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The Progressive Corporation (NYSE: PGR) has finalized its acquisition of Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) for approximately $338 million. Shareholders of Protective will receive $23.30 per share in cash. This merger enhances Progressive's position in the transportation insurance market, with leadership expressing optimism about growth opportunities and customer service enhancements. The deal, initially announced in February 2021, reflects Progressive's strategic focus on expanding its insurance offerings and improving operational efficiencies.
Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) reported a first quarter net income of $12.9 million, or $0.90 per share, a significant recovery from a net loss of $22.2 million, or $1.56 per share, in the same quarter last year. Net premiums earned rose to $122.9 million, driven by rate increases and growth in commercial auto. The accident year combined ratio improved to 97.4%, down from 104.2%. Book value per share increased to $25.63. The company remains focused on profitability improvements and technological investments amidst ongoing challenges in net investment income, which decreased 26.7% to $5.3 million.
Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) announced that its class A shareholders have approved the merger agreement with The Progressive Corporation, valuing the transaction at approximately $338 million. Around 97% of voting Class A Shares supported the merger, equating to 71% of its outstanding shares. The merger is anticipated to finalize by June or July 2021, pending regulatory approvals. This agreement is aimed at enhancing value for Protective's stakeholders and expanding customer service capabilities under the Progressive brand.
Protective Insurance Corporation (Nasdaq: PTVCA, PTVCB) announced a quarterly dividend of $0.10 per share on its Class A and Class B Common Stock. This dividend will be paid on June 1, 2021, to shareholders of record as of May 18, 2021. This decision reflects the company's commitment to returning value to its shareholders.
Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) reported a fourth quarter net income of $12.0 million, translating to $0.84 per share, a significant rise from $3.8 million or $0.26 per share in the same quarter last year. Annual net income stood at $4.5 million, down from $7.3 million in 2019. Book value per share increased by $1.25 to $25.43. The accident year combined ratio improved to 99.7% in Q4 2020. Net premiums earned rose to $120.3 million for the fourth quarter, driven by rate increases and business growth, despite an annual decline due to COVID-19 challenges.
Protective Insurance Corporation (Nasdaq: PTVCA, PTVCB) has declared a quarterly dividend of $0.10 per share on its Class A and Class B Common Stock. This dividend will be payable on March 10, 2021, to shareholders of record as of March 5, 2021. This move reflects the company's commitment to returning value to its shareholders amidst ongoing business operations.
AM Best has placed under review with positive implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' of Protective Insurance Company and its subsidiaries. This follows Protective Insurance Corporation's announcement of a definitive agreement to be acquired by The Progressive Corporation for approximately $338 million. The acquisition is expected to enhance Protective's market presence and is subject to regulatory approvals and shareholder consent. AM Best will monitor the transaction closely.
Progressive Corporation has announced its acquisition of Protective Insurance Corporation for $23.30 per share, totaling approximately $338 million. The deal is anticipated to close by Q3 2021, pending regulatory and shareholder approvals. Protective's Board unanimously supports this transaction, citing a significant cash premium for shareholders. This acquisition is expected to enhance Progressive's capabilities in commercial auto insurance and expand its market offerings. The deal represents a 49.1% premium over Protective's recent share prices.
Protective Insurance Corporation (NASDAQ: PTVCA, PTVCB) announced its quarterly conference call scheduled for November 4, 2020, at 11:00 AM ET, to discuss third-quarter results for the period ended September 30, 2020.
Results will be released post-market on November 3, 2020, and will be available on their website. Investors can participate by dialing 1-877-705-6003 for U.S./Canada or 1-201-493-6725 for international calls. A replay will be accessible until November 11, 2020.
