Progressive Group of Insurance Companies said net income in October was down 42 percent and it is laying off 341 employees on Nov. 30 as part of a reorganization plan.
The Mayfield Village, Ohio-based auto insurer said it will cut 263 people in its information technology division and 78 people in its personal lines group.
The cuts amount to 7 percent of the IT staff and one percent of the personal lines group nationally. This amounts to about one percent of the company's total workforce of more than 20,000. Most of the people affected are based in Cleveland, the company said.
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