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Heavy Ida losses to trigger Progressive’s reinsurance recoveries

September 17, 2021

The Progressive Corporation has confirmed the triggering of its excess-of-loss reinsurance cover as a result of losses incurred by hurricane Ida.

The insurer notes Ida has so-far driven reported and IBNR losses of $510 million across the US Gulf Coast and Northeast.

progressive-corporation-logoIda made landfall as a 150 mph Category 4 storm near Port Fourchon, Louisiana on August 29 before causing extensive wind, storm surge and inland flood damage across the Southeast.

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