Progressive Q2 2010 Earnings Call Transcript

Progressive (PGR)

Q2 2010 Earnings Call

August 06, 2010 10:00 am ET

Executives

Brian Domeck - Chief Financial Officer and Vice President

Glenn Renwick - Chief Executive Officer, President, Director and Member of Executive Committee

Clark Khayat - Head of Corporate Development

Bill Cody - Chief Investment Officer

Analysts

Vinay Misquith - Crédit Suisse AG

J. Paul Newsome - Sandler O'Neill

Michael Nannizzi - Oppenheimer & Co. Inc.

Ian Gutterman - Adage Capital

Matthew Heimermann - JP Morgan Chase & Co

Meyer Shields - Stifel, Nicolaus & Co., Inc.

Joshua Shanker - Deutsche Bank AG

Presentation

Operator

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Welcome to the Progressive Corporation's Investor Relations Conference Call. [Operator Instructions] The company will not make detailed comments in addition to those provided in this quarterly report on Form 10-Q, Shareholders' Report and Letter to Shareholders, which have been posted to the company's website, and will use this conference to respond to questions. Acting as moderator for the call will be Clark Khayat. At this time, I will turn the call over to Mr. Khayat.

Clark Khayat

Thank you, and good morning. Welcome to Progressive Second Quarter Conference Call. Participating on today's call are Glenn Renwick, CEO; and Brian Domeck, CFO. Also on the line is Bill Cody, our Chief Investment Officer. The call is scheduled to last about an hour.

Statements in this conference call that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein.

These risks and uncertainties include, without limitation, uncertainties related to estimates, assumptions and projections generally; inflation and changes in interest rates and security prices; the financial condition of, and other issues relating to the strength of, and liquidity available to, issuers of securities held in our investment portfolios and other companies with which we have ongoing business relationships, including counterparties to certain financial transactions; the accuracy and adequacy of our pricing and loss reserving methodologies; the competitiveness of our pricing and the effectiveness of our initiatives to retain more customers; initiatives by competitors and the effectiveness of our response; our ability to obtain regulatory approval for requested rate changes and the timing thereof; the effectiveness of our brand strategy and advertising campaigns relative to those of competitors; legislative and regulatory developments, including but not limited to, healthcare reform and tax law changes; disputes relating to intellectual property rights; the outcome of litigation pending or that may be filed against us; weather conditions; changes in driving patterns and loss trends; acts of war and terrorist activities; our ability to maintain the uninterrupted operation of our facilities, systems and business functions; court decisions and trends in litigation and healthcare and auto repair costs; and other matters described from time to time by us in other releases and publications.