Peter B. Lewis
Peter B. Lewis | |
---|---|
Born | Peter Benjamin Lewis November 11, 1933 Coconut Grove, Florida, U.S. |
Nationality | American |
Alma mater | Princeton University (A.B.) |
Occupation | Businessman |
Known for | CEO of Progressive Insurance Company |
Spouse(s) | Toby Devan (1955-1981; divorced) Janet Rosel (2013) |
Children | with Devan: --Ivy Lewis --Jonathan Lewis --Adam Joseph Lewis |
Parent(s) | Joseph Lewis Helen Lewis |
Peter Benjamin Lewis (November 11, 1933 – November 23, 2013) was an American businessman who was the chairman of Progressive Insurance Company.
Early life and education
Lewis was raised in a
Career
After college, Lewis joined Progressive Insurance as an underwriting trainee. In 1965, he and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of Progressive.[3][4] Lewis became chief executive officer of a company which had 40 employees at that time.[3] He subsequently grew the business and, by the 1960s, Progressive had over 100 employees and $6 million in annual revenue. Lewis focused on insuring high-risk drivers — where premiums were greater — using an innovative pricing system and consumer-friendly service offering competitor quote matching and instant claims service. He also brought in a slew of young, enthusiastic workers and devolved decision-making downward, fostering a relaxed yet disciplined and creative corporate culture.[3]
As of 2010, Progressive had grown to 27,250 employees, with sales of $15.0 billion and had become the third-largest auto insurance company in the United States.[7] In 2000, Lewis retired as CEO of Progressive, though he remained as chairman of the board.
Philanthropy and political contributions
Lewis frequently donated money to charities and liberal political groups. He was a patron of the arts, even going so far as to display Andy Warhol's 10-part series of China's Chairman Mao Zedong in 1974 at Progressive's office in Mayfield Village. Lewis's personal and corporate contemporary art collection is well known — the corporate collection is displayed at Progressive Insurance offices.
In September 2012 Lewis signed the
Lewis made donations to:- Princeton University (A Frank Gehry designed science library, $60 million; the Lewis-Sigler Institute for Integrative Genomics, $55 million; Lewis Center for the Arts, $101 million. Total $233 million to date.)
- Case Western Reserve University (The Weatherhead School of Management Peter B. Lewis Building, another Frank Gehry design, $36.9 million, out of $61.7 total building cost)
- Marijuana Policy Project (Donated $3,000,000 to MPP in 2007.)
- The Guggenheim Museum ($50 million)
- MoveOn.org (with George Sorosmatching his $10 and $2.5 million, respectively)
- American Civil Liberties Union$15 million
- The Democratic Party
- Multidisciplinary Association for Psychedelic Studies-sponsored MDMA/PTSD Research in the US, Switzerland and Israel $750,000 [www.maps.org]
- Menorah Park (Peter B. Lewis Aquatic & Therapy Center)
- Traction
- Support of California's Proposition 19 also known as the Regulate, Control & Tax Cannabis Act (Donationof $159,005 on 10/15/2010)
- Support for Washington Initiative 502with contributions totaling $2,038,700
- Oberlin College (The Peter B. Lewis Gateway Center, a hotel and conference center that will be the cornerstone of Oberlin's Green Arts District; $5 million gift out of a total cost of $32 million.)[10]
Lewis was a
Lewis was an advocate of taxing and regulating the use and sale of
Personal life
In 1955, Lewis married Toby Devan.[3] They amicably divorced in 1981. They had three children:[14] Ivy, Jonathan and Adam Joseph.[3] He had homes in Miami, Cleveland, New York City, and Aspen, Colorado; he also traveled around the world on his motor yacht, Lone Ranger.[14] Since 1985, his ex-wife Toby, who had worked at the Cleveland Center for Contemporary Art, took over the expansive Progressive art collection.[3]
In September 2013, he married his long-time companion, Janet Rosel of Cleveland.[15]
Lewis died of a heart attack at his home in
References
- ^ Capital Research Center: Peter B. Lewis: "“Aviator” of the Left?" by John Gizzi Archived 2012-01-31 at the Wayback Machine retrieved July 23, 2012
- ^ a b Cleveland Plain Dealer: "Dan Gilbert, Peter B. Lewis join 'Giving Pledge' to donate some of fortunes" By Michael K. McIntyre September 24, 2012
- ^ a b c d e f g h i American Policy Roundtable: "Peter B. Lewis: This lone ranger has nothing to hide from the Plain Dealer" by Steven Litt Archived 2015-09-23 at the Wayback Machine September 29, 2002
- ^ a b c d Crains Cleveland: "Peter Lewis -Chairman, Progressive Corp" By ARIELLE KASS May 24, 2010
- ^ Progressive Insurance: Our History retrieved March 23, 2013
- ^ Lewis, Peter Benjamin (1955). "The Financially Irresponsible Motorist -a Problem in Practical Politics".
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(help) - ^ "Peter B. Lewis Building at Weatherhead School of Management". Case Western Reserve University. Retrieved 2013-11-24.
- ^ Cleveland Jewish News: "Bronfman, other Jewish philanthropists, sign Giving Pledge" September 20, 2012
- ^ Loomis, Carol J. "A pot-loving billionaire joins the Giving Pledge". Fortune Magazine. Archived from the original on 28 October 2012. Retrieved 25 October 2012.
- ^ "Oberlin Names New Hotel and Conference Center in Honor of Peter B. Lewis". Oberlin College News Center. Archived from the original on 21 June 2014. Retrieved 13 June 2014.
- ^ Litt, Steven (September 29, 2002). "Peter B. Lewis: This lone ranger has nothing to hide". Cleveland Plain Dealer. Archived from the original on 23 September 2015. Retrieved 12 February 2018.
- ^ Litt, Steven (July 10, 2012). "Peter B. Lewis donates $5 million to the Cleveland Institute of Art, his biggest hometown donation in a decade". Cleveland Plain Dealer (Cleveland.com). Retrieved 12 February 2018.
- ^ "Eccentric billionaire has high profile at home" by Josie Clarke, The New Zealand Herald, August 31, 2000
- ^ a b Cleveland Clinic: Peter B. Lewis retrieved March 23, 2013
- ^ Cleveland Plain Dealer: "Peter Lewis is praised at his funeral for his drive, creativity and generosity" By Steven Litt November 26, 2013
- ^ Cleveland Plain Dealer: "Insurance executive Peter B. Lewis dies at age 80", by Steven Litt November 23, 2013
- ^ Litt, Peter (November 26, 2013). "Peter Lewis is praised at his funeral for his drive, creativity and generosity". The Plain Dealer. Retrieved March 20, 2016; "Peter B. Lewis dead at 80". Associated Press. November 23, 2013. Retrieved March 20, 2016.
- ^ Forbes: The World's Billionaires: Peter Lewis September 2013
- ^ Fitzsimmons, Emma G. (November 24, 2013). "Peter B. Lewis, Philanthropist Who Led Progressive Auto Insurance, Dies at 80". The New York Times.
External links
- "FPO chief explains tragic ending" by Daniel Chang and Gail Meadows, The Miami Herald, May 25, 2003
- "Who owns Cleveland?" by Thomas Kelly, The Cleveland Free Times, March 10, 2004