Indianapolis-based Baldwin & Lyons Inc. on Thursday reported a 33-percent drop in profit in the third quarter despite writing a record number of premiums during the period.
The transportation industry insurer earned $7.8 million, or 52 cents per share, in the latest period, down from $11.7 million, or 78 cents per share, in the third quarter of 2012.
Premiums written by the firm’s insurance subsidiaries hit $96.6 million, an increase of nearly 19 percent over the third quarter a year ago and 4 percent over the second quarter.
The decline in profit was attributable to smaller investment gains. Baldwin & Lyons realized investment gains of $900,000 during the third quarter, compared with $5.7 million in the year-ago period.
Baldwin & Lyons’ Class B shares rose 40 cents Thursday morning, to $27.40 each. It’s Class A shares fell 47 cents, to $26.16 each.