Every insurance company has to maintain a delicate balance between earning on capital as much as possible, and not take excessive risks in the pursuit of those earnings. As a high-quality, well-run insurance company, Progressive (NYSE:PGR) has a long history of making good decisions. Those decisions are starting to compromise growth, however, and it's becoming more difficult to make a value case for Progressive in the insurance sector.
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http://www.investopedia.com/stock-analysis/041113/progressive-improving-quality-expense-growth-pgr-all.aspx
Investopedia: Progressive Improving Quality At The Expense Of Growth
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