PROGRESSIVE REPORTS PROFIT

Progressive Corporation reported profit for the first quarter of 2001, reversing a year-ago loss for the Ohio-based company as it nudged insurance premiums up and held down the cost of claims. Progressive’s operating profits, excluding one-time items, rose to $88.3 million (or $1.18 per share). This is an improvement from a loss of $36.6 million for the same period a year ago. The company attributes last year’s heavy quarterly loss to a combination of storm damage and setting aside large reserves for old claims at a time of falling premium rates.