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Investments throw Baldwin & Lyons for loss

November 3, 2008
Baldwin & Lyons Inc. swung to a loss in the third quarter, the insurer of truck fleets announced today. The Indianapolis company lost $7.3 million compared with a $11.7 million profit of a year earlier.

Much of the difference was driven by $16 million in losses on stocks and other investments. Baldwin & Lyons earned $6.4 million on investments in the same period last year.

Income also was hurt in the most recent quarter by previously announced hurricane losses of $4.4 million.

Revenue of $49 million fell nearly 4 percent.

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