Baldwin & Lyons bounces back with profit-WEB ONLY

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Baldwin & Lyons Inc. swung to a profit and met analysts’ expectations in the first quarter, the trucking fleet insurer reported today.

Indianapolis-based Baldwin earned $5.4 million, or 37 cents per share, as investment losses eased from a year earlier. In the first quarter of 2008, Baldwin lost $4.6 million, or 30 cents per share.

Net investment losses totaled $1.2 million, or 5 cents per share, down from $13.6 million, or 58 cents per share, in the same quarter last year.

Story Continues Below

Excluding those losses, Baldwin earned 42 cents per share, in line with forecasts of Wall Street analysts, according to a survey by Thomson Financial.

Premiums written by Baldwin’s insurance companies rose 6 percent compared to the first quarter of 2008. But trucking fleets increasingly opted for reinsurance products, which produce lower premium income. Net premiums earned fell 2 percent in the quarter, to $44.2 million.

The company repurchased 53,000 shares of Class B common stock at an average price of $16.48 per share during the quarter, reducing total shares outstanding to 14.7 million.

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In