NU Online News Service, June 16, 11:00 a.m. EDT
Catastrophe losses of $26.6 million during May contributed to a 19 percent drop in net income for auto insurer Progressive Corp.
Net income was $44.2 million in May 2010 compared to $54.6 million during the month a year ago. The catastrophe losses were due to storms in Oklahoma, Nebraska, Wyoming and Texas, Progressive said.
Last year in May, the Mayfield Village, Ohio-based insurer reported $4.4 million in catastrophe losses.
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