Pros
It is a very new company (split from Safeco in 2005), so the focus (at least for the C-level executives) is fairly entrepreneureal. The CEO has expressed numerous times that he's interested in changing how we do business and looking outside of the box for ways to take our company forward. As of late 2008 we are launching into some areas (such as social media) that are new to us and this makes it a very exciting time to work here. At the same time, the company is privately owned by Birkshire Hathaway (among others), thus the company is very secure financially.
Cons
While the most senior executives at the company may be focused on changing how we do business, this mindset is not shared by all executives. Employees in general are frustrated with the compensation and the handling of promotions. Additionally, there are some serious communications issues within management.