Progressive stock sees historic fall following further June reserve development
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Progressive stock sees historic fall following further June reserve development

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Progressive’s stock price plummeted over 13% on Thursday from Wednesday’s close following the announcement of monthly results that included another substantial reserve development.

The carrier’s stock price ended the day at $114.78 per share, compared to yesterday’s close of $132.11. This marked the largest daily drop Progressive has experienced in 15 years, since August 2008.

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