Reinsurance News
The Progressive Corporation
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
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