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Baldwin & Lyons ends tough year with quarterly profit

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Indianapolis-based Baldwin & Lyons Inc. turned a profit in the fourth quarter, but it wasn’t enough to erase a dismal 2011 plagued by catastrophic losses.

The auto and trucking fleet insurer said Thursday morning that it earned $5.5 million, or 37 cents per share, in the quarter, down from $10.3 million, or 69 cents per share, in the same period of 2010.

Baldwin & Lyons lost $28.2 million in 2011 after earning $25 million the previous year. It suffered losses in the first three quarters of 2011.

Quarterly revenue rose from $67.7 million to $71.4 million in the latest quarter, but annual revenue fell from from $249.5 million in 20101 to $243.6 million in 2011.    

Baldwin & Lyons said profit in the fourth quarter was dragged down by $5 million in after-tax losses sustained in connection with flooding in Thailand that began in October and continued through the rest of the year.

Quarterly investment gains also dropped, from $3.8 million to $2 million.

During the year, the insurer paid for significant damage its policyholders sustained from Hurricane Irene, which ravaged the East Coast in August, and other storms in the United States, as well as continuing claims from the March earthquake in Japan.

For 2011, major catastrophes resulted in about $43 million in after-tax losses compared to about $17 million during 2010, the company said.

The insurer did see a rise in business, with written premiums increasing 12 percent in the quarter and 13 percent for the year.

Baldwin & Lyon’s common stock closed Wednesday at $23 per share, its highest closing price since Nov. 15.   

 

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  1. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

  3. Illegal aliens. Not undocumented workers (too young anyway). I note that this article never uses the word illegal and calls them immigrants. Being married to a naturalized citizen, these people are criminals and need to be deported as soon as humanly possible. The border needs to be closed NOW.

  4. Send them back NOW.

  5. deport now

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