The February earthquake in Chile sent first-quarter profit tumbling 90 percent at Indianapolis-based insurer Baldwin &
Lyons Inc., the company said Thursday morning.
The property and casualty insurer lost $1.5 million on claims in the first three months of the year due to several catastrophes, but most notably the massive quake that hit Chile on Feb. 27. Wind storms in Australia and in Europe also took tolls.
Offsetting those losses were more than $2 million in after-tax investment gains, leading Baldwin & Lyons to a profit of $545,000, or 4 cents per share.
In the same quarter a year earlier, the company earned $5.4 million, or 37 cents per share.
Revenue for the quarter rose nearly 24 percent, to $59.1 million. That total was boosted by rising sales of Baldwin’s coverage for trucking fleets, private automobiles and new reinsurance products.
Shares of Baldwin’s series B common stock fell nearly 2 percent Thursday morning, to $24.81 apiece.