![rop_Protective_111618_bp450.jpg](https://www.ibj.com/wp-content/uploads/2019/01/rop_Protective_111618_bp450-300x200.jpg)
Carmel-based Protective Insurance to be acquired by Progressive
Insurance giant Progressive is purchasing Protective in a stock deal worth $338 million. Protective, known as Baldwin & Lyons Insurance until 2018, is the Indianapolis-area’s 12th largest public company in terms of annual revenue.