St. Pete insurer sells majority share for $875M

  • By Business Observer Staff
  • | 5:15 p.m. December 17, 2014
  • Tampa Bay-Lakeland
  • Share

ST. PETERSBURG — Progressive Corp. is buying a controlling interest in St. Petersburg-based homeowners insurance firm American Strategic Insurance for $875 million in cash. The insurer agreed to acquire 67% of the shares of ARX Holding Corp., the parent company of American Strategic Insurance (ASI). Progressive has had a 5% stake in the company since 2012.

 

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