MAYFIELD, Ohio – Progressive Corp.’s profits doubled in the third quarter from the year-ago period despite booking catastrophic losses in the Southeast from Hurricane Helene.
The auto and property insurer in Mayfield, Ohio, expects to incur catastrophic losses from both recent hurricanes Helene and Milton.
Progressive (NYSE: PGR) said Tuesday in a regulatory filing that it incurred $563 million of losses from Hurricane Helene, which came ashore on the Gulf Coast of Florida Sept. 27 and then caused catastrophic tornadoes and flooding through parts of Georgia, North Carolina and Tennessee.
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