Investing.com - Progressive Corporation's (NYSE:PGR) shares moved higher on Tuesday after the company announced August losses that fell well below expectations.
Progressive’s catastrophe losses surged in August to $254 million, up significantly from last August when they were $75 million, but the operating loss per share of $0.02 for the month was much better than the $0.30 expected.
Progressive was bracing for massive losses in August due to Hurricane Harvey’s destruction in the Gulf States where it made landfall. Harvey was the first major hurricane to make landfall in Texas since 2008.
Progressive’s shares closed Tuesday’s session up 2.9%.