Shares of State Street Corp (NYSE:STT) ended Friday session in red amid volatile trading. The shares closed down -1.08 points or –1.53% at $69.29 with 6.73 million shares getting traded. Post opening the session at $69.72, the shares hit an intraday low of $68.97 and an intraday high of $69.88 and the price vacillated in this range throughout the day. The company has a market cap of $26.46 billion and the numbers of outstanding shares have been calculated to be 390.02 million shares.
On September 16, 2016 State Street Global Advisors (SSGA), the asset management business of State Street Corporation (STT), announced that on Monday, September 19, 2016, the benchmark index for the Financial Select Sector SPDR® Fund (XLF) will be rebalanced, effective before the opening of business. The list of securities applicable to all creation and redemption orders placed on Friday, September 16, 2016, will be based on pre-rebalance Fund holdings instead of index holdings (the normal basket). The list of securities applicable to all creation and redemption orders placed on Monday, September 19, 2016, and thereafter, will be based on post-rebalance index holdings.
Shares of Progressive Corp (NYSE:PGR) ended Friday session in green amid volatile trading. The shares closed up +0.04 points or 0.13% at $31.13 with 6.61 million shares getting traded. Post opening the session at $31.06, the shares hit an intraday low of $30.92 and an intraday high of $31.44 and the price vacillated in this range throughout the day. The company has a market cap of $17.86 billion and the numbers of outstanding shares have been calculated to be 581.92 million shares.
On September 7, 2016 The Generali Group and The Progressive Group of Insurance Companies, among the world leaders in car insurance telematics, entered into an R&D collaboration to improve their individual data analytics capabilities and foster product offering.
Thanks to this agreement the two groups will share knowledge in telematics to benefit from synergies of scope, scale and expertise. Leveraging their experience as the leaders in the markets in which they operate, Generali and Progressive will further innovate their behavioral profiling systems to explore a new generation of customized car telematics solutions which will reward safer drivers, helping them to improve their driving through personalized customer feedback.
Valter Trevisani, Chief Insurance Officer of Generali, said: “The collaboration with Progressive allows Generali to accelerate the execution of the strategy in regards to Connected Insurance and advanced analytics. Joining forces with a leading player like Progressive will enable a further step in sophistication of our product offering and data analytics capabilities, to support an additional improvement of our technical performance.”
Pat Callahan, Personal Lines President of Progressive Insurance, said: “Progressive pioneered telematics usage in the US auto insurance marketplace, and we’re constantly striving for customer-centric improvements to those capabilities. Consumers continue to opt into our voluntary Snapshot program with increasing frequency and we know that key driving behaviors – like actual miles driven, braking, and time of day of driving – can carry more than twice the predictive power of traditional insurance rating variables, like a driver’s demographic profile, and the year, make and model of the insured vehicle. Collaborating internationally with Generali allows us to further expand and deepen our customer insights in order to help safer drivers save even more money through our Snapshot program.”