American Strategic Insurance
American Strategic Insurance was formed in 1997 and led by CEO and President, John Auer. Its initial offering was Florida homeowners insurance. The company has experienced rapid growth and is now expected to offer coverage nationwide by 2017, establishing its place in the top 15 homeowners insurance providers in the United States. ASI is headquartered in St. Petersburg, Florida. These expansion goals are largely attributed to its acquisition by Progressive in April 2015. While this transaction allowed Progressive to have a controlling interest of 67%, Progressive has owned as much as 5% since 2012. Progressive paid $875 million for the acquisition. The strategic partnership between the two companies is meant to allow them to compete in the coveted insurance 'bundling' market. Despite the acquisition, ASI still operates as an independent company, with CEO John Auer as its head.