Progressive July Income Up 15%

The Progressive Corp. follows a 75 percent drop in net income for June with a rise in profit for the month of July, compared to last year.

The Ohio-based insurer says catastrophe losses played a large role in offsetting a 10 percent increase in net premiums written in July. A round of storms in late June and early July caused up to an estimated $440 million in insured losses for the industry in Ohio.