Thanks, Pat. Progressive, to growth business that's in changes results the we're and review and business consistent I'll about implementing profitability. the position by then property insurance talk for the this underwritten future
to attract Progressive and acquired leverage to interest by huge a the ASI controlling and customers. channels XXXX, invested market brand retain Progressive's we in described Pat opportunity presented have Robinson in customers. Robinson distribution bundled the Since
Progressive built us as the of Pat These investments billion insurer buying ASI's the States. reaching United this described. the expanded year. have We're and premium in business program size quoting than double direct now Platinum capabilities, XXth have helped written We homeowners last rebranded largest agent $X.X and just Home, the online more in
the While business, its with the over of satisfied we're we not last happy profitability. a consistent We've are the growth seen X property years. with pattern
Our non-weather that much have higher losses underwriting pricing consistent have with weather our losses estimates forecasts expenses the been we than our been in included decisions. but and
countrywide to we've then our overview overall performance to this Texas. market. order address highlight our case problem, provide In at and in insurance relative focusing actions we'll a an to taken how the the look of study, state I'll performance property on diagnose
and in homeowners acquired of When ASI Texas interest Louisiana. the premium XX% controlling a Progressive XXXX, in from company's came Florida,
a in CAT legacy those in represent But reduced other mix map states XX% insurance mix labeled premium. written in XX% that's XXXX XX% than U.S. overall that legacy of to from CAT heavier direct market. have that the much here. still states We the as states homeowners the Growth these has
The Progressive homeowners property of X/X facing represents especially for premium. Florida the almost challenges have market painful been it since our
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on We have hail volatile grouped their of states yellow the based perils. exposure the to in remaining country states center losses. weather significant the The experienced
their the premium. share in total states is business those of consistent mix Our with industry of
volatility East California, market from Progressive wildfire the California but risk mix labeled risk. was our in states the in so Coast of share overall less states are and The high moderate hurricane red the areas in a industry. wildfires their in less the are than XXXX exposed and of risky there to entrant on business inland of away the is volatility new the moderate areas
green. the leaves That volatile less in states
of only homeowners U.S. book of growth much in our of volatile we see, business, to a direct markets. markets more the can total represented stable to build of and work XX% limit written last premium more the you in grow As year, volatile In less premium these stable share order than homeowners states XX% their our premium. lower will
profitable to It be our black insurance the seen in in profitability You've ratio Y-axis. total premium the XX and of the want dot. right top represented in representing combined the growth the this for shows chart growth. We Each X-axis upper with auto insurers by dot past the one quadrant, and the represents industry on growth business.
Over X% the grew U.S. the X years ratio XXX. insurance from XXXX XXXX, rate homeowners a suffered at and annual through combined over market a
certainly over with that happy we're Progressive's but with on earlier, position axis. we're not the satisfied noted period, our we growth profitability As
Progressive's mix state, we our of legacy the than combined level CAT heavier state our would I in If by business the by weighting the premium adjust industry using match industry. states. results of talked about industry's results mix before ratio our
through shows results take for earlier. our to loss years states chart over our Let's last of This homeowners plans described XXXX for direct XXXX before moving groups our one the the on more at less look states. to X volatile ratio shifting the mix
and loss from close on has are mix each industry As page, states. industry adjusted the period group for of ratios has results industry our of overall property been mix exposure high states relatively with weather business results to be of to the driven our our significant our in the industry. the states in difficult to last a worse those the you'd This catastrophic results comparison expect against within than
less we've I should XX% for states. states the volatility. industry note is that homeowners But that labeled XX% Progressive's California California accounts from premium in of premium of total than moderate those
low better states, X wildfires our and states. our in X exaggerates happy I'm this those loss exposure our to that industry XXXX, advantage in the relative than relatively performance say for of ratio was California's XXXX of While to group
roll Progressive's industry volatile experience the to these less see is product of It's have shift regional that build that little encouraging relative improve reinforce book average performance need These see consistently relatively to to we the model close we hope comparisons to in loss profitable. since mix simply point that business we states the in ratio as very We our operating to our is a markets. property improvements. out
I'll taking shift. about to actions accomplish talk the next that we're
including We've a first As states writing Tricia her letter expanded cash force with our useful actual in management, growth in states. and taken lives; other end older We've ensure nonrenewals begun that introduced exposure underwriting that risk limit we with increased introduced areas shrink rates, shareholders, the reduction of nearing to significant for homes mentioned only of have deductibles as business improved we've that a are in initiatives in their restrictions agency our plan of we're the agency with and actions eligibility roofs implementing select we've we've Florida in and unprofitable; business we in to expect to to are value concentrations a cost-sharing we've these to coverage be particularly quarter on or roofs; number in segments catastrophes. profitable; higher markets. targeted such
While shrink these We our changes are important, sufficient. can't they're way to not success.
in continue that So growth also volatile product improvements less states. will in need support we to investing the
X years, deliver we've insurance made and to Over last the to products. investments the build develop best-in-class property significant capability organizational
product end XXXX quarter. the from the the at on right, As in of see in you grown can September our just have second people year's to people XXX this graph XX of teams
significant added a amount expertise. new that We have added area. in product the describe auto-like we've experience and with teams capabilities property team of I'll the to briefly
improve team. quarter second second the underwriting pricing underwriting speed and a the introduced product XXXX, model advance dedicated quarter the a product improvements. the our improvements created market we we our of helped year, an last take revision In selection. organization team year, science In to to focus that a us on we delivery quarter to have and rate team development these new model research them of the XXXX, dedicated of of offerings still first In come. finally, and development introduced analytics to risk out to introduced fourth investments more improve to improve in and that of quarter These And introduced quickly. new and more enhancements we can our so with product we roll segmentation
features property new expectations meet and product, In I of which our eligibility legacy described agencies states. of CAT coverage expanded our to the outside XXXX, preferred X.X added
XX% states which that represent product non-Florida water X are live more us premium. our accurately. in X.X peril allowed of XX the model, since have introduced These versions We price to the product now
model We've move process in this product new research full work IT for now. We'll development is model. the rating with the to by-peril work X.X and completed
state of first to during go is live first scheduled the half The XXXX.
risks allow the competitive us offer can of shoppers of expect accept. further a we to majority for that more We range rates to expand and X.X
improvements need in growth to less volatile will ambitions We achieve states. the these our
the a Now improve business of XX% Worth at in representing compared how too study help the In let's improvements Texas roughly that Dallas-Fort XX% single-family with area, our region can was for business Texas of look the results. XXXX, state. case homes these product us in with our concentrated
northern the had experiences also We deductibles, of with in hailstorms. low wind/hail Texas customers especially half that too many frequent
often to encouraged claims these after by marketing storms aggressive are Our roofers. file customers from
sounds In rates, higher minor to the While price deductibles a and found initially the product address a claim Texas introduction requirements increased to then less with customers free and roof file of for segmentation damage. higher introduced with order product models. we manager for X.X improved our new appealing, that deductible these likely problems, customers, X.X are
We a have Texas seen significant result. shifts our book of business in as
with The These customers resulted homes nearing Texas. fewer that with our up Dallas-Fort Worth wind/hail their customers improved performance roofs of is the changes more XX% relative in we're the are area's mix is and bundled that now competitors average in state, life. our attracting and have deductible line share in end of useful in to
XX ratio worse combined In XXXX, than XXXX and was the our Texas points industry.
mix to than the shifted ratio able in state. industry started in shifts and without shrinking XXXX the was business, total XXXX to in we've overall our the the combined better we improvement of these XX were see As accomplish points We Texas. business
plan over less wanted of time to volatile events. now achieve homeowners growth a important mix volatile to now We expect it's to growth are to profit Texas and of why we shift in our hurricane due Texas limit target property margins for in hail time. big that well smaller our part to our is but as states. note premium decided exposure to to positioned have overall over represent an naturally year, we total our Texas average the That's share but or profitable state's results to
I'll close about. that you topics X with have of asked many
that doesn't is the that shows experience. premiums changes table ultimate in our explain table renewing our Property this filed The the our product. last changes our on fully core customers the in over left rate homeowners X.X first The on on years the inflation page But effect business. of
insure total When the estimate sell a loss. Let more we that cost insurance policy, We the the a little homeowners insist in we replace to me new explain that detail. of in event a agent the adequate home cost process ensure up, this that coverage. for adequate customer. gone renewal replacement the If cost to update has amount every the We maintain event. property we coverage increase at limit replacement estimated coverage automatically for at to least the the
increases increase coverage right the by policy chart year-over-year shows in Until average these X% limits the each renewal by adjustments of year the coverage from renewal. to The limits blue cost to you'll half line on these And second X% inflation-driven change last during traditional jumped double-digit or coverage the quarter. average the recently, see at limits. in that in X% X% increases typically
the line paid orange premium customers who renewed by renewal increase us The with shows average in each quarter.
So a that coverage. then function us in only of our at we've increases but time. product some segments the or lower as limit orange rate ensure not changed over is also coverage might a resulted rate line any to that customers change, of And renewing changes our with higher filed have adequate from mix
would severity. we in us for our customers, While appropriate claims this increases rate for compensate appropriate to to stable keep to prefer levels maintain certainly automatic to more adjustment prices coverage helps maintain
of Progressive's unusually in a long-term results trading our a and markets. to And results. plans. strive reinsurance well relationships program. business large catastrophic is we on provide We've in with event finally, informed unusually to event our and about of both our capital to traditional providers, update against severe and purchaser protect and keep Progressive them using protecting developed brief ILS reinsurance We volatile I'll property the reinsurance reinsurance use addition consistent coverage an
that limit for up loss catastrophe billion a reinsurance with a in million single from of $X.X above the single to event available a currently Florida retain first amount hurricane. We coverage $XXX
million available million. aggregate $XXX in from have excess in catastrophe XXXX also for We losses $XXX of coverage events
to expect remain reinsurance Consistent this the coverage the place and While history, our of June fully at growth and were will with X to we the renewal to of January consistent X events. retention limit coverage we a purchaser business, event total per to fit able coverage. evolve our continue both desired
summarize we before take questions. your me let So briefly
for is growth insurance customers. for huge described Progressive Pat Progressive. a auto a and represents segment bundled earlier, retain As competitive And required product and to attract opportunity this property home
property our limitations independent channel, Through in direct investing growth to multi-carrier and are the support agency market-leading channel. agency have our driving and our competitors. Robinson in eligibility In the coverage improved business property results success. volume, underwriting increases, the continued to quote underwritten to relative profitability improve rate restrictions, we We're
will design volatile will risk exposure support of less other capital extreme reduce states, the results, to continue Florida events. states to a in in the protect volatile Best-in-class we while our growth and in reinsurance property, exposed overall our product growth and volatility limits will our reduction Progressive's to use from catastrophe
again morning. Thanks this us live session. our question-and-answer joining for now begin We'll
