NU Online News Service, Aug. 17, 10:55 a.m. EDT
Progressive Corp. says its July net income dropped 55 percent over the same period last year on $23 million in catastrophe losses—the bulk of which occurred in five states.
Net income for the month dropped $62 million to $51 million for the month; however, net premiums earned in July rose 5 percent, or $62 million, to nearly $1.44 billion.
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