Progressive, the property and car insurance group, has announced the completion of a deal to acquire Protective Insurance Corporation for approximately $338 million.

Under the deal, which was first announced in February 2021, Protective shareholders received $23.30 per share in cash with no interest on their Class A and Class B ordinary shares. The price per share represents a premium of 49.1% and a premium of 63.2% respectively, and Progressive financed the purchase with existing liquid investments.

Following the acquisition, Protective’s offices in Carmel, Indiana will be retained, as will its existing employees.