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Letter to the Editor
Friday November 15
Progressive Distributes October Underwriting Results
The Progressive Corporation as reported that for October 2002, the company produced a GAAP combined ratio of 91.4. Net premiums written increased 32 percent to $967.7 million for the month, compared to $731.3 million last year. Net premiums earned for the month increased 29 percent to $935.0 million, compared to $724.7 million last year.On November 14, 2002, Progressive received final approval from the trial court of the settlement process resolving its several alternative commission program lawsuits. The deadline for submission of claims by mail was November 14, 2002. The company anticipates that a final settlement payout amount will be determinable by the end of November.
Based on claims submitted and processed to date, Progressive increased its estimate of total exposure to $54.8 million, by reserving an additional $19.3 million. The increase is reflected in the October results.
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