Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August.
$70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold.
An additional $10 million was recovered because the Property losses and ALAE incurred from hurricane Laura exceeded the $80 million single storm retention threshold.
The company saw the combined ratio of its property business pushed up to 147.1 off of a net catastrophe loss ratio of 52.7.
Year-to-date, Progressive’s property business’ combined ratio is 11.5.7, with a 30.8 net catastrophe loss ratio.
Progressive says nearly 70% of the gross cat losses during August were due to hurricanes Isaias and Laura, with the remainder primarily due to tornadoes and wind throughout the Midwest.