Progressive Names New Director, Declares 3Q Dividend

The board of directors of the Mayfield Village, Ohio-based vehicle insurer Progressive Corp. today elected Bradley T. Sheares to fill the current vacancy on the company’s board for the term ending on the date of the annual meeting of shareholders in April 2006.

Sheares, 46, is president of the U.S. Human Health division of Merck & Co., Inc., with sales and marketing responsibility for the company’s portfolio of medicines for the treatment of chronic diseases. In addition, Sheares is responsible for the U.S. sales force that calls on office-based physicians, sales services and medical and scientific affairs.

The board also declared a quarterly dividend of $.025 per common share payable Sept. 30, 2003, to shareholders of record at the close of business on Sept. 12, 2003.