Baldwin & Lyons Inc. on Thursday morning reported decreases in second-quarter profit and revenue.
The Indianapolis-based transportation insurer earned $5.7 million, or 38 cents per share, in the quarter, compared with $9.3 million, or 62 cents per share, in the same quarter of 2014.
Adjusted earnings of 43 cents per share missed the analyst expectations by 2 cents.
The company posted revenue of $68.7 million in the period, down from $74.8 million.
Premiums written by the company’s insurance subsidiaries for the second quarter were $92.8 million, down 2.4 percent from a year ago.
Baldwin & Lyons said the decrease “was driven by the continuing, planned reductions in the company’s reinsurance, personal auto and professional liability exposures.”
Baldwin & Lyons’ Class B shares slipped 12 cents Thursday morning, to $23.22 each. Its Class A shares were unchanged at $23.72.
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