US insurance giant Progressive released financials for August that revealed a total of $80mn in reinsurance recoverables for August cat losses including hurricanes Isaias and Laura.
The carrier reported a 147.1 percent combined ratio in its property business that included a 52.7 percent net catastrophe loss ratio.
The net catastrophe loss ratio included the impact of events during the month after reinsurance.
Progressive said that nearly 70 percent of the gross cat losses during August related to hurricanes Isaias and Laura, with the rest from tornadoes and wind throughout the Midwest.
It said that during the month it recorded a reinsurance recoverable of $70mn under its cat aggregate excess of loss reinsurance programme because its 2020 cat losses and associated loss adjustment expenses (ALAE) in property had exceeded the $375mn annual retention threshold under the agreement.
“Additionally, we recorded a $10mn reinsurance recoverable under our catastrophe reinsurance program because the property losses and ALAE incurred from Hurricane Laura exceeded the $80mn single storm retention threshold under this programme,” the insurer added.