Progressive's chief executive said the insurer does not need to raise cash, but it has developed several plans to do so in a crisis, and keeping a profitability level at a 96 point combined ratio is key to avoiding problems with capital.

In response to a question on the need for capital asked during an analyst's conference call today, Glenn M. Renwick, president and chief executive officer for the Mayfield Village, Ohio-based insurer, said the company is currently comfortable with its capital position.

However, because of the current turbulence in the economy, he said the company has developed plans to raise capital.

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