Reinsurance News

The Progressive Corporation

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

Progressive Corporation becomes largest US motor insurer: GlobalData

30th November 2022

According to GlobalData, Progressive Corporation has overtaken State Farm to become the largest motor insurer in the US. The company’s growth was largely attributed to its expanding for-hire transportation business, says GlobalData, alongside higher advertising campaigns and its affiliation with a larger number of insurance agencies. As shown in the chart below, ... Read the full article

Progressive to retain only 14% of $1.4bn Ian property loss

13th October 2022

Property and auto-focused insurance group, The Progressive Corporation, has reported that it incurred $1.4 billion of property losses from Hurricane Ian, of which it is set to retain $200 million. This means that $1.2 billion, or 86%, of the company's gross loss will be absorbed by its reinsurance program. Progressive also reported ... Read the full article

Progressive H1 2022 results impacted by investment losses

18th July 2022

Property and auto-focused insurance group, The Progressive Corporation, has seen a significant dent in its H1 2022 results due to investments losses and the writedown of ARX Holdings impacting the property segment. Progressive’s total net unrealized losses on fixed-maturity securities year-to-date was $2,249.7 million, compared to the $448.5 million reported in ... Read the full article

Progressive reports elevated cat loss on thunderstorms, hail & tornadoes

14th April 2022

Property and auto-focused insurance group Progressive has suffered a relatively heavy catastrophe loss toll in March, as the impacts of US severe convective storms and tornadoes affected the company. The impact of the severe weather across the United States in March has driven Progressive to miss analysts loss ratio targets, with ... Read the full article

Heavy Ida losses to trigger Progressive’s reinsurance recoveries

17th September 2021

The Progressive Corporation has confirmed the triggering of its excess-of-loss reinsurance cover as a result of losses incurred by hurricane Ida. The insurer notes Ida has so-far driven reported and IBNR losses of $510 million across the US Gulf Coast and Northeast. Ida made landfall as a 150 mph Category 4 ... Read the full article

Progressive completes takeover of Protective Insurance

2nd June 2021

Property and auto-focused insurance group Progressive has announced the completion of its acquisition of Protective Insurance Corporation for approximately $338 million. First announced in February 2021, the transaction saw Protective shareholders receive $23.30 per share in cash, without interest, for their Class A and Class B common shares. The per share ... Read the full article

Progressive in $40mn reinsurance recovery for US winter storms

17th March 2021

The Progressive Corporation, a provider of personal and commercial insurance throughout the U.S., recorded a $40 million reinsurance recoverable in February owing to damages caused by the severe winter weather across southern parts of the country. During the month, Progressive recorded catastrophe losses of $87 million, resulting in a net catastrophe ... Read the full article

Progressive recovers $80mn from reinsurance in August

18th September 2020

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 ... Read the full article

State Farm & Berkshire maintain status as top US P&C insurers

24th October 2019

State Farm and Berkshire Hathaway Specialty Insurance maintained their spots as the largest and second-largest U.S. Property and Casualty (P&C) writers in 2018, respectively, while Chubb INA Group entered the top ten. This is according to the Reinsurance News directory of the Top 100 U.S. P&C ... Read the full article

Progressive anticipating $120mn hit from Hurricane Michael

16th October 2018

Insurance group The Progressive Corporation has said that it currently expects to incur losses of approximately $120 million from Hurricane Michael, which hit Florida last week as a Category 4 hurricane. This estimate consists of $60 million in losses for Progressive’s vehicle business and $60 million for its property business, ... Read the full article