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To: steve harmon - analyst who wrote (2605)	8/30/1999 5:18:00 PM
From: Mark S.	Respond to of 4337

5. Progressive, Other Car Insurers Fall on Profit Worry Mayfield Village, Ohio: Progressive Corp. dropped 14 percent, pulling down other car insurers, after it warned third-quarter profit would slump more than expected because it raised spending and cut prices to meet competition. The No. 4 U.S. personal auto insurer slid 16 3/4 to 102 1/4, a 10-month low and the biggest percentage drop in the Standard & Poor's 500 index. Allstate Corp., the largest publicly traded home and car insurer, fell 1 13/16, or 5 percent, to 33 11/16. Safeco Corp., a Seattle insurer, lost 1 9/16 to 34 5/8. Progressive said late Friday profit would be less than the average $1.46-a-share forecast for the third quarter, when it spent on expanding sales through new channels like the Internet. Auto insurers are looking for ways to boost profits after premium growth fell to 2.8 percent last year from 5 percent in 1997. An ''aggressive price war'' among auto insurers is taking a toll on profits, Keefe, Bruyette & Woods Inc. analyst Kenneth S. Zuckerberg said. ''This is meaningful, bad news,'' signaling similar woes for rivals. This was copied from the Bloomberg News Letter. Any response?