Progressive’s commercial lines president agrees to one-year delay to retirement
Progressive’s commercial lines group president, John Barbagallo, has agreed to delay his retirement until January next year, according to a filing with the Securities and Exchange Commission.
He was due to retire at the end of this month, after Karen Bailo was appointed to succeed him. However, he will now postpone his retirement for a year and support various “strategy group efforts” on a part-time basis.
He will receive an annual base salary of $350,000 but not be eligible for restricted stock unit awards during 2021.
Barbagallo has worked at Progressive since 1983. He oversees profit and loss, product development and deployment, agency and direct channel marketing, business development, call center operations and IT platform strategy for the $5bn-plus commercial lines business, according to its website.
He was also on the board of governors for the American Property Casualty Insurance Association between 2007 and 2019, according to his LinkedIn profile.
Progressive’s commercial lines business encompasses commercial auto insurance and business insurance.
In 2019 Progressive was the largest writer of commercial auto, with $5.6bn direct written premiums, equivalent to a 12.3% market share.
It has also introduced a new usage-based insurance offering, Snapshot ProView, to support growth in the sector.