Baldwin & Lyons profits rise on fewer storm losses

Indianapolis-based Baldwin & Lyons Inc. continues to improve on its 2011 results, recording after-tax profit of $11.7 million, or 78 cents a share, for the third quarter.

The transportation industry insurer lost $13 million, or 87 cents per share, in the same period a year earlier. Last year’s results were hammered by a series of storms.

Excluding investment gains and losses, after-tax operating income was $6 million, or 40 cents a share, versus an operating loss of $1.6 million, or 11 cents, last year.

Premiums written and assumed in the latest quarter rose 1 percent to a record $81.2 million. 

The company's biggest gains came in its fleet transportation and professional liability segments, but those were offset by a decrease in volume in private passenger auto and commercial multi-peril products.

Baldwin & Lyons is best known for insuring truck and public transportation fleets, but the insurer has been diversifying its product offerings.

The company’s units include Protective Insurance Co., which offers liability insurance for medical professionals, Sagamore Insurance Co. and B&L Insurance Ltd.

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