Carmel-based Baldwin & Lyons Inc. on Thursday reported a smaller profit in the third quarter despite writing a near-record number of premiums during the period.
The transportation industry insurer earned $5.8 million, or 39 cents per share, compared with $7.8 million, or 52 cents per share, in the third quarter of 2013.
Premiums written by the firm’s insurance subsidiaries hit $94.6 million, just 2 percent less than the record third quarter of 2013.
The decline in profit was attributable to investment losses. Baldwin & Lyons’ after-tax investment losses were $2.6 million in the third quarter, compared to gains of $8.4 million in 2013.
Baldwin & Lyons’ Class B shares fell 3.1 percent Thursday morning, to $25.97 each. Its Class A shares fell 2.9 percent, to $23.90 each.