Progressive Losses Stack Up

Progressive Corp.’s first-quarter report shows $47 million in losses, mostly due to payments on claims from U.S. storm damage last year.

The Ohio-based insurer reported a net loss of $46.6 million, down from a profit of $105 million the previous year.

Progressive saw an operating loss of $36.6 million in 1999, down from a profit of $104 million the year before. And that excludes $15.4 million in realized security sales losses.

The figures fell well below analysts’ average forecast of 15 cents per share operating profit. Analysts lowered their estimates in March after Progressive warned that anticipated claims from U.S. storms would reduce profits.