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Letter to the Editor
Monday June 18
Progressive Releases May Underwriting Results
MAYFIELD VILLAGE, Ohio -- The Progressive Corporation has reported that for May 2001, the Company produced a GAAP combined ratio (CR) of 97.5. Net premiums written for the month increased 11 percent to $557.0 million, compared to $502.4 million last year. Net premiums earned were $541.7 million for the month.
Year-to-date, the CR was 96.6. Net premiums written increased 6 percent to $2,980.2 million, compared to $2,802.1 million last year. Net premiums earned were $2,881.3 million.
Progressive's Personal Lines business units write insurance, either by an agent or directly by the Company, for private passenger automobiles and recreation vehicles. In addition to its Personal Lines business, the Company's other lines of business include writing insurance for small fleets of commercial vehicles, lenders' collateral protection, and directors' and officers' liability, and providing related services.
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