Baldwin & Lyons swings to a fourth-quarter profit

Baldwin & Lyons Inc. swung to a profit in its fourth quarter.

The Indianapolis-based trucking fleet insurer
on Thursday morning reported quarterly earnings of $10.9 million, or 74 cents per share, compared with a year-ago loss of
$2.1 million, or 14 cents per share.

Revenue surged 61 percent, to $60.8 million, in the period, thanks to investment
gains. Baldwin & Lyons had investment gains of $4.1 million in the quarter, compared to $15.2 million in investment losses
in the fourth quarter of 2008.

Operating income, which excludes investment
gains and losses, rose 5.8 percent, to $8.2 million. On a per-share basis, operating income was 56 cents,
up from 52 cents in the year-ago period.

For all of fiscal 2009, Baldwin & Lyons pulled in revenue
of $232.6, up 48 percent from 2008. Full-year profit totaled $44.8 million, or $3.04 per share, compared with a 2008 loss
of $7.7 million, or 51 cents per share.

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