Progressive Corporation reported profit for the first quarter of 2001, reversing a year-ago loss for the Ohio-based company as it nudged insurance premiums up and held down the cost of claims. Progressive’s operating profits, excluding one-time items, rose to $88.3 million (or $1.18 per share). This is an improvement from a loss of $36.6 million for the same period a year ago. The company attributes last year’s heavy quarterly loss to a combination of storm damage and setting aside large reserves for old claims at a time of falling premium rates.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
Navigators Can’t Parse ‘Additional Insured’ Policy Wording in Georgia Explosion Case 
Illinois USPS Employee Indicted for Alleged Workers’ Comp Fraud 
Opportunity for Private Flood Insurers With Threat of Another NFIP Lapse From This Issue
