ACE Limited and Progressive Corporation announced quarterly dividend payments of 23 cents and 3 cents, respectively.
Hamilton, Bermuda-based ACE said it would pay a quarterly dividend of 23 cents per ordinary share, payable on Oct. 14 to shareholders of record as of Sept. 30.
Mayfield Village, Ohio-based Progressive said it would pay a quarterly dividend of 3 cents a share on Common stock, payable Sept. 30 to shareholders of record as of Sept. 9.
Last week, Progressive reported, for the month of July, net written premiums of $1.4 billion compared to $1.3 billion in 2004, and net income of $143.9 million compared to $168.1 million last year. It also reported a combined ratio of 86.9 percent compared to 82.6 percent for the same period in 2004.
ACE also said it would pay a dividend of $4.875 per Series C 7.8 percent Cumulative Redeemable Preferred Share, payable on Sept. 1 to shareholders of record at the close of business on Aug. 31. This translates to 48.75 cents per Depositary Share, ACE said.
ACE reported second-quarter net income for 2005 of $467 million, or $1.58 per share, compared to net income of $423 million, or $1.44 per share, for the same quarter last year.
Through six months, net income grew 3 percent to $904 million, or $3.06 per share, compared to $877 million, or $3.00 per share, for the first six months of 2004.
ACE said its overall property-casualty combined ratio was 90.4 in the quarter, compared to 89.1 for second-quarter 2004.
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