Mayfield Village, Ohio-based Progressive said its second-quarter net income was driven down 24 percent by weather-related catastrophe losses.
In both June and second-quarter 2008, the company's combined ratio increased roughly two points from weather-related catastrophe losses–almost three times greater than the same periods last year, the company announced today.
Net income for the quarter dropped to $215.5 million from $283.7 million for the period last year.
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