(Bloomberg) — Progressive Corp., the fourth-largest U.S. auto insurer, is expanding in home coverage to challenge rivals including Allstate Corp. that are better known for bundling different types of policies.
Progressive agreed to pay $875 million for a majority stake in ARX Holding Corp., bringing its ownership of the firm to 67% from 5%, the Mayfield Village, Ohio-based company said today in a statement. ARX was the No. 18 U.S. seller of homeowners' coverage last year.
The buyer, known for spunky spokeswoman Flo, is seeking to compete with rivals that sell auto and home policies together. Allstate, which sells policies through agents, purchased online car-insurance seller Esurance in 2011 in a challenge to Progressive's business, and said it would offer home policies as well.
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