(Bloomberg) -- Progressive Corp., the fourth-largest U.S. auto insurer, said second-quarter profit rose 24% after an acquisition that pushed the company into homeowners coverage. The shares gained in New York trading.
Net income climbed to $363.3 million, or 62 cents a share, from $293.4 million, or 49 cents, a year earlier, the Mayfield Village, Ohio-based company said Friday in a statement.
Chief Executive Officer Glenn Renwick expanded into housing insurance with the purchase this year of ARX Holding Corp. The deal was designed to diversify risks and help compete with companies like Allstate Corp. that bundle different policies together.
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