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The former executive is looking for $40mn to $80mn of new capital, sources suggested. -
Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Rate actions during the quarter was better than expected, said CEO Joseph Lacher.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The announcement comes only weeks after the company announced it is expanding its product offerings into Maine, as a part of its national expansion strategy in 2022.
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For domestic automobile, renewal premium change was 6.3%, up a full three points from the first quarter of 2022 and the carrier expects the increases to continue.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The two products offer coverage for high-value residentials in a state where frequency of wildfire is highest in the US.
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For the quarter, Progressive posted a combined ratio of 95.6%, a slight improvement from 96.5% in Q2 2021.
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The cost of a new car gained 6% last month.
