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Baldwin & Lyons posts 21-percent boost in profit

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Indianapolis-based Baldwin & Lyons Inc. on Thursday reported healthy jumps in second-quarter profit and revenue, spurred by record premiums from the company’s insurance subsidiaries.

The insurer of trucking and auto fleets recorded profit of $4.9 million, or 33 cents per share—a 21-percent jump from $4.05 million, or 27 cents per share, in the second quarter of 2012.

Profit was boosted by investment gains of $467,000. In the same quarter last year, investment losses of $3.5 million dragged down the bottom line.

Revenue jumped 13 percent to $66 million.

The company said premiums written by its insurance subsidiaries hit a record $92.8 million, an increase of 18 percent.

Baldwin & Lyons shares slipped nearly 2 percent in early trading Thursday, to $26.24.
 

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