Progressive Corp. shares fall as hurricane losses weigh down earnings - cleveland.com

Progressive reported its September and third-quarter financial results in an unaudited, bare-bones report showing the company lost $130 million, or 23 cents a share, in September.

The earnings loss primarily came from $167.6 million of catastrophic losses from Hurricane Ida in its auto businesses in New Jersey, New York and Pennsylvania, the insurer said in its financial statement.

Progressive, which lost $6.6 million, or 2 cents a share, in August, said Thursday it earned $118.5 million, or 19 cents a share, during the third quarter, down 92% from the same 2020 quarter.

Read the full story on cleveland.com’s sister site, Cleveland Business Journal.

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Progressive Corp. shares fall as hurricane losses weigh down earnings - cleveland.com
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