What The Progressive Corporation told the SEC could break it.

Progressive depends on performance by counterparties including Commercial Lines indemnification/self-insured-retention obligors, reinsurers, state reinsurance facilities/associations and federal programs such as the Michigan Catastrophic Claims Association and the National Flood Insurance Program; default by these parties could adversely affect it.

“the performance of state reinsurance facilities/associations), and reimbursement obligations under various state or federal programs, such as the Michigan Catastrophic Claims Association or the National Flood Insurance Program. If one or more of these parties were to default in the performance of, or otherwise become unwilling or unable to satisfy, their obligation”

Progressive's financial condition and results depend on its ability to underwrite and set rates accurately across a full spectrum of risks; rates must be adequate to generate premiums covering losses, loss-adjustment expenses and underwriting expenses while earning a profit.

“Our financial condition, cash flows, and results of operations depend on our ability to underwrite and set rates accurately for a full spectrum of risks. A primary role of the pricing function is to ensure that rates are adequate to generate sufficient premiums to pay losses, loss adjustment expenses, and underwriting expenses, and to earn a profit.”

Progressive's business requires developing and maintaining large, complex technology systems and relying on third-party systems and applications to run operations and store a significant volume of data, including customer and employee personal information and its IP and trade secrets.

“Our business requires that we develop and maintain large and complex technology systems, and that we rely on third-party systems and applications, to run our operations and to store the significant volume of data and information that we acquire, including the personal information of our customers and employees”

Progressive's access to capital markets, ability to obtain/renew financing, derivative-collateral obligations and operations depend on favorable evaluations and ratings by S&P, Moody's, Fitch and A.M. Best; downgrades could adversely affect it.

“Our access to capital markets, ability to obtain or renew financing arrangements, obligations to post collateral under certain derivative contracts, and business operations are dependent on favorable evaluations and ratings by credit and other rating agencies.”