Looks like a decent quarter for Progressive. http://www.sec.gov/Archives/edgar/data/80661/000119312512419...Progressive is currently trading at over 2x book value. I doubt that a stand-alone GEICO would trade at a lower valuation. Not that I would pay 2x book for Progressive. But it is a company I've had on my watch list for a couple of years having missed a great opportunity to take a position during the depths of the financial crisis.
$1 special dividend announced today:http://www.sec.gov/Archives/edgar/data/80661/000119312512421...The special dividend does not impact the annual variable dividend. Progressive has a very smart dividend policy. I think more companies can and should declare large special dividends prior to the end of 2012 if there is excess capital available. The next time Progressive gets cheap, I won't be stupid enough to pass on it again.
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