InsWeb Stock Plunges After State Farm Withdrawal
Shares of InsWeb Corp., New York, fell 56 percent yesterday after State Farm, the nation's number one property-casualty insurer, withdrew from the online service.Shares of InsWeb, which operates a site where consumers can compare insurance quotes, were down 3 1/4 by mid-afternoon.
The company makes its money by charging insurers linked to its Web site a fee for each policy sold through InsWeb.
State Farm, which will officially withdraw from the site May 1, accounted for 30 percent of the company's revenue.
