Reinsurance News
The Progressive Corporation
Progressive fortifies cat reinsurance program in Q2’25
5th August 2025
US insurer Progressive has announced the successful renewal of its catastrophe reinsurance arrangements in the second quarter of 2025, reinforcing its protection against significant weather events. The renewed programs, which address the company’s risk tolerance, include new reinsurance contracts under the company’s per occurrence excess of loss program for its personal ... Read the full article
Progressive reports $43m in California wildfire losses for January
20th February 2025
The Progressive Corporation, a property and auto-focused insurance group, has released its results for January 2025, revealing it incurred about $43 million in catastrophe losses due to the California wildfires. The company stated that 72% of these losses came from its personal property products, with the segment recording a net catastrophe ... Read the full article
Progressive reports $207m in October vehicle losses from Helene and Milton
15th November 2024
Progressive, the property and auto-focused insurance group, reported $206.5 million in incurred vehicle losses, including boats and recreational vehicles, on a companywide basis related to Hurricane Milton and unfavourable development from Hurricane Helene for October 2024. Progressive explained that, given Helene and Milton struck just two weeks apart and damaged many ... Read the full article
Helene and Milton losses below $200m retention of Progressive’s occurrence XoL reinsurance
15th October 2024
Progressive, the property and auto-focused insurance group, has revealed that incurred property losses and allocated loss adjustment expenses (ALAE) related to hurricanes Helene and Milton did not exceed the $200 million retention under its occurrence excess of loss (XoL) reinsurance program, but it's currently unclear as to how the storms ... Read the full article
Progressive’s Property business recognises favorable development of $110m in August
13th September 2024
Property and auto-focused insurance group Progressive's property business recognised favourable development of around $110 million in the month of August, with just over 60% relating to the May storms. If you recall, in June, the US primary insurer announced net catastrophe losses of $722.1 million for the month of May, ... Read the full article
Progressive reverses $95m May reinsurance recoverable
17th July 2024
US primary insurer Progressive has reversed the previously announced reinsurance recoverable of $95 million under its per occurrence reinsurance contracts, as the firm "remains close" to reaching the annual retention thresholds under its 2024 catastrophe aggregate excess of loss contracts. For May, Progressive reported net catastrophe losses of $722.1 million, ... Read the full article
Allstate’s Q2 cat losses could hit $2.65bn, as per BMO analysts
19th June 2024
Analysts at BMO Capital Markets have estimated that insurer Allstate Corporation will see Q2 2024 catastrophe losses of around $2.65 billion, of which $2.15 billion is made up from May to June. If you recall, the US primary insurer disclosed in May that its estimated catastrophe losses for April amounted ... Read the full article
Progressive records reinsurance recoverable in property business as May cat losses hit $722m
14th June 2024
Property and auto-focused insurance group, Progressive, has reported significant, net catastrophe losses of $722.1 million for the month of May, leading the firm to record a reinsurance recoverable of $95.1 million in its property segment under its per occurrence reinsurance arrangements. The more than $722 million of net catastrophe losses for ... Read the full article
Progressive’s property line CoR hits 116.7% in April on severe weather losses
16th May 2024
The Progressive Corporation has released its results for April, revealing a property line combined ratio of 116.7%, driven by weather losses throughout the month. The insurer's Property segment combined ratio for April is comprised of an expense ratio of 29.1% and a loss ratio of 87.6%. The division's net catastrophe loss ratio ... Read the full article
Progressive renews agg XoL reinsurance with lower retentions, upsizes shared hurricane limit
4th March 2024
Property and auto-focused insurance group, Progressive, renewed its aggregate excess of loss (XoL) reinsurance program for its property business at the January renewals with a lower retention for both layers, and has also renewed and upsized its hurricane coverage for the 2024 wind season. The new aggregate XoL reinsurance arrangement entered ... Read the full article
Progressive sees Q4 net income soar as combined ratio falls to 88.7%
25th January 2024
The Progressive Corporation has reported a Q4 2023 net income of $1.99 billion, up a massive 141% compared with the same period of 2022. The firm also disclosed that its combined ratio smoothed out in the quarter, dropping down to 88.7% compared to the 93.9% reported in Q4 of 2022. Elsewhere, Progressive's ... Read the full article
Progressive adds $21m to reinsurance recoverable in September
13th October 2023
Property and auto-focused insurance group, Progressive, has revealed that during September it recorded a reinsurance recoverable of roughly $21 million under its 2023 catastrophe aggregate excess of loss reinsurance program. This brings the year-to-date recoverable to nearly $23 million under the program, the company said. The cat losses and associated allocated loss ... Read the full article
Progressive reports increased cat losses in Q2’23, exceeds reinsurance retention thresholds
2nd August 2023
Property and auto-focused insurance group, Progressive, has revealed a significant rise in catastrophe losses for the second quarter of 2023, driven by a surge in severe weather events across the US. The company reported a total net catastrophe loss of $1.024 billion for Q2 2023, marking a substantial increase from the ... Read the full article
Progressive posts a combined ratio of 91.4% for its property business in May’23
14th June 2023
Property and auto-focused insurance group, The Progressive Corporation, has reported a combined ratio of 91.4% for its property business in its May 2023 results, which includes 66.1% in Loss/LAE ratio and 25.3% in Expense ratio. The net catastrophe loss ratio was high at 44.0% for the property business. The main reason for ... Read the full article
Progressive announces updated Hurricane Ian property loss of $1bn
21st December 2022
The Progressive Corporation has released an update of its incurred property losses from Hurricane Ian, stating that prior to giving effect to reinsurance, its loss and allocated loss adjustment expenses (ALAE) are estimated to be $1 billion. According to the firm, this reflects a favourable development of $400 million from ... Read the full article
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