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Progressive10-K: Supplier concentration

Flood insurance business is 100% reinsured and dependent on the National Flood Insurance Program (NFIP).

What happened

The company's entire flood insurance portfolio is underwritten via the NFIP's "Write Your Own" program, with 100% of the risk reinsured by the NFIP. This total dependency on a single government program for a product line creates significant operational and regulatory risk.

Source

SEC EDGARMar 2, 2026

Annual report (Form 10-K)

Progressive 10-K for FY2025

Filing excerpt

We also act as a participant in the “Write Your Own” program for the National Flood Insurance Program (NFIP) under which we write flood insurance in virtually all states; 100% of this business is reinsured with the NFIP.

sec.gov/Archives/edgar/data/80661/000008066126000086/pgr-20251231.htmRead the full source

Other signals in this filing (6)

Extracted by Autobound

From the Signal API record
Signal
10-K: Supplier concentration

What this signalsFilings often name leadership changes, deals and spending plans.

Period
FY2025
Fiscal year end
12/31
Filed
Mar 2, 2026

More 10-K signals at other companies

The full record

From the Signal API record

Numbers

Percent
100% (of flood insurance business reinsured with the NFIP)

Details

CIK
80661
Accession number
0000080661-26-000086
Timeframe
Current year
Filing year
2026
Why it matters
Risk management needed
Signal category
Market

Topics and mentions

Vendors

  • National Flood Insurance Program

Regions named

  • United States

Extraction

Confidence
High
Relevance
75%
Sentiment
Neutral
Detected
Mar 3, 2026
signal_type
sec-10k
signal_subtype
supplierConcentration

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The API returns more than this page shows

This page shows a preview. The full sec-10k record in the Signal API and MCP can also have these 8 fields. Some fields are empty for some signals.

Company

  • linkedin_urlValue in the API
  • industriesValue in the API
  • employee_count_lowValue in the API
  • employee_count_highValue in the API
  • revenueValue in the API
  • descriptionValue in the API

Signal

  • signal_nameValue in the API
  • associationValue in the API
Show the full JSONThe record on this page and the API request

GET /v1/signals/b87889e9-dd1e-40fd-ad6c-24658a353919 returns this record as JSON. POST /v1/companies/enrich returns every signal for progressive.com.

{
  "signal_id": "b87889e9-dd1e-40fd-ad6c-24658a353919",
  "signal_type": "sec-10k",
  "signal_subtype": "supplierConcentration",
  "detected_at": "2026-03-03T05:50:19.544+00:00",
  "company": {
    "name": "Progressive",
    "domain": "progressive.com"
  },
  "data": {
    "detail": "The company's entire flood insurance portfolio is underwritten via the NFIP's \"Write Your Own\" program, with 100% of the risk reinsured by the NFIP. This total dependency on a single government program for a product line creates significant operational and regulatory risk.",
    "metrics": {
      "pct": 1,
      "timeframe": "current_year",
      "pct_context": "of flood insurance business reinsured with the NFIP"
    },
    "summary": "Flood insurance business is 100% reinsured and dependent on the National Flood Insurance Program (NFIP).",
    "excerpts": "We also act as a participant in the “Write Your Own” program for the National Flood Insurance Program (NFIP) under which we write flood insurance in virtually all states; 100% of this business is reinsured with the NFIP.",
    "relevance": 0.75,
    "sentiment": "neutral",
    "confidence": "high",
    "source_url": "https://www.sec.gov/Archives/edgar/data/80661/000008066126000086/pgr-20251231.htm",
    "filing_date": "2026-03-02",
    "filing_year": 2026,
    "fiscal_year_end": "12/31",
    "sales_relevance": "Risk management needed",
    "signal_category": "market",
    "regions_mentioned": [
      "United States"
    ],
    "vendors_mentioned": [
      "National Flood Insurance Program"
    ]
  }
}

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