the progressive corporation 2006 annual report
financial review
Consolidated Statements of Income | Consolidated Balance Sheets | Consolidated Statements of Changes in Shareholders' Equity | Consolidated Statements of Cash Flows | Notes to Consolidated Financial Statements
The Progressive Corporation and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2006, 2005 and 2004
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14) Related Party Transactions
In October 2004, we purchased 1.1 million of our Common Shares, $1.00 par value, from Peter B. Lewis, Progressive’s Chairman of the Board, or through an entity owned and controlled, directly or indirectly, by Mr. Lewis, at a purchase price of $88.00 per share, on a pre-split basis. This transaction was part of our “Dutch auction” tender offer and the price per share was the same price paid to all shareholders who elected to participate in the tender offer. We did not make any repurchases from Mr. Lewis in 2005 or 2006.
