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Letter to the Editor
Friday December 13
Progressive Distributes November Underwriting Results
The Progressive Corporation has reported that for November 2002, the company produced a GAAP combined ratio of 96.3. Net premiums written increased 30 percent to $711.2 million for the month, compared to $546.8 million last year. Net premiums earned for the month increased 29 percent to $762.4 million, compared to $588.8 million last year.During November, Progressive established a $10 million reserve representing its best estimate of total exposure for its lawsuit relating to the classification of the Company's California claims employees as exempt workers for purpose of state wage and hour laws, which is reflected in the loss/LAE ratio, and accrued an additional $3.1 million to reflect the final claims made in the settlement of its several alternative commission program lawsuits, which is reflected in the Agent Personal Lines expense ratio. In addition, the company reserved $7.8 million for its estimated exposure to guaranty fund assessments related to the Aries Insurance Company insolvency in Florida.
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