Mayfield Village, Ohio-based vehicle insurer Progressive Corp. reported that for May 2003, the company produced a GAAP combined ratio of 88.3. Net premiums written increased 29 percent to $910.9 million for the month, compared to $706.0 million last year. Net premiums earned for the month increased 30 percent to $853.9 million, compared to $659.3 million last year.
Progressive’s personal lines business units write insurance for private passenger automobiles and recreation vehicles. Progressive’s commercial auto business unit writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned by small businesses.
The company’s other businesses primarily include writing lenders’ collateral protection and directors’ and officers’ liability insurance. See “Supplemental Information” at for May’s results.
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