The Progressive Corporation promoted a veteran executive to serve as its new chief investment officer.

Jonathan Bauer takes on his new role with the insurer on Jan. 3, 2020.

Bauer replaces William Cody, who served nearly 17 years as Progressive’s chief investment officer, and more than 23 years with the company overall. Progressive previously announced his retirement. Bauer joined Progressive Capital Management in 2006 and over the years has managed across a broad swath of Progressive’s investment categories. Prior to Progressive, he spent 5 years with Bank of America in various fixed-income roles in Chicago and London.

Progressive President and CEO Tricia Griffith credited Cody with leading his team “to impressive investment results” that enabled the insurer to grow.

Regarding Bauer, Griffith said “his experience and insight about Progressive will continue to be valuable assets to us.”

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. Home insurance is underwritten by select carriers, including Progressive’s majority owned subsidiaries, American Strategic Insurance Corp. and its affiliates (ASI).

Source: Progressive