Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
A wonderful business at a fair price. The finest underwriting machine in American property-casualty insurance, now the largest auto insurer in the country, trading at roughly 10.7× trailing earnings after a 17% drawdown from its high — because the market has remembered that insurance is cyclical. We never forgot, and we're happy to buy wonderful businesses when other people rediscover gravity. Charlie and I have always said we like businesses we can explain to a reasonably intelligent teenager in five minutes. Progressive takes about three. Progressive collects premiums to insure automobiles (and, increasingly, homes, motorcycles, RVs, boats, and small commercial fleets), invests the float between premium collection and claim payment, and — here is the rare part — consistently makes money on the insurance itself, not just the float.
Recent filings analysed: 10-Q (2026-08-03), 8-K (2026-07-15), 8-K (2026-06-17), 8-K (2026-05-20).
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