Merchant West Global Equity Fund on The Progressive Corporation
Thesis
Merchant West added Progressive because it sees a structural cost and data advantage in the company's insurance model. That advantage allows Progressive to underwrite more profitably than peers across the cycle. The fund views the business as durable, cash-generative, attractively priced and capable of compounding over a long runway. P(1) Merchant West Global Equit… SEC
“Progressive Insurance has a structural cost and data advantage that lets it underwrite more profitably than its peers across the cycle”