Subject: Re: Progressive Auto performance
Auto P/C is really fragmented though isn't it?

I think Progressive and Geico tie up would barely exceed 25% market share.


Progressive says it's at 18.6%, in a virtual tie for first place with State Farm. Geico is #3 at about 11.5% as far as I can tell, and Allstate is close behind at 10.2%. USAA (for military service members and vets) at 6%, Farmers at 3.5%, Liberty Mutual 3%, Travelers, AAA and American Family about 2%. It's fragmented after the big 4, but the big 4 have about 60% of the market.

Progressive is at 10x earnings right now, which is really strange. I don't think Berkshire can buy them but Berkshire shareholders can. I used to have a big position and I'm thinking about reestablishing it.