Auto insurer Progressive reported a loss in income of $684 million for the third quarter fueled by losses from catastrophes and investments.
The Mayfield Village, Ohio-based company said it had net realized losses of $1.04 billion on investments that included $1.1 billion securities write down. The losses included $548 million on preferred stock in Fannie Mae and Freddie Mac, Washington Mutual and Lehman Brothers.
Progressive reported it incurred an estimated $54.2 million of losses and loss adjusted expense from Hurricane Ike and $8.1 million related to Hurricane Gustav.
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