Baldwin & Lyons Inc. on Thursday morning reported a record third-quarter profit, thanks to big investment gains and
an increase in premiums.
The Indianapolis-based trucking fleet and auto insurer earned $14.3 million, or 97 cents per share—a significant turnaround from last year’s third quarter, when the company lost $7.3 million, or 48 cents per share.
Revenue soared to $65.5 million, almost double the $33 million the company brought in during the year-ago period.
Baldwin & Lyons posted quarterly investment gains of $15.4 million, compared to investment losses of nearly $16 million a year ago.
Premiums written by the company's insurance subsidiaries during the third quarter increased 17 percent overall compared to the prior year. The company credited new products and higher premiums on its private automobile insurance for the gain.
Shares of Baldwin stock have steadily risen since March, and are now up 25 percent on the year. They closed Wednesday at $22.78 apiece.