Progressive had a great quarter, but it’s not Jim Cramer’s top insurance stock

Progressive Corp $Progressive(PGR.US)$ reported solid quarterly results on Tuesday, sending shares of the company up 8.43% after the opening bell. Others insurers were also up, including MetLife $MetLife(MET.US)$ and UnitedHealth Group $UnitedHealth(UNH.US)$ .

CNBC’s Jim Cramer says that although Progressive had an “incredible quarter,” he prefers Chubb $Chubb Ltd(CB.US)$ as a insurance pick. In the past, Cramer said the insurance company is a beneficiary of higher interest rates, which is noteworthy since that the Federal Reserve has delivered 11 hikes since March 2022. Indeed, the company reported an earnings beat last month thanks to higher returns from investments.