Ohio-based Progressive Corporation reported that it has received final approval from the trial court of the settlement process resolving its several alternative commission program lawsuits, and has accordingly confirmed earlier statements of its October results.
The deadline for submission of claims by mail was November 14, 2002 said the bulletin, and Progressive expects to conclude a final settlement of the matter and assess the total payout amounts by the end of this month.
It indicated that, “based on claims submitted and processed to date, the Company increased its estimate of total exposure to $54.8 million, by reserving an additional $19.3 million. The increase is reflected in the October results.”
The bulletin stated that “for October 2002, the Company produced a GAAP combined ratio of 91.4. Net premiums written increased 32% to $967.7 million for the month, compared to $731.3 million last year. Net premiums earned for the month increased 29% to $935.0 million, compared to $724.7 million last year.”
Topics Lawsuits
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