Baldwin & Lyons Inc. on Thursday reported third-quarter profit of $4 million, or 27 cents per share, compared with $7.8 million, or 52 cents per share, in the same quarter of 2015.
The Carmel-based property and casualty insurance underwriter posted revenue of $83.7 million in the period, up from $67.5 million a year ago.
Company officials attributed the decline in profit to about $10.1 million it spent on reserve-strengthening items during the latest quarter.
Gross premiums written by the company’s insurance subsidiaries for the latest quarter was a record $101.9 million, 6.2 percent higher than the $96 million written during the third quarter of 2015.
The company reported net investment income of $3.5 million in the quarter, up 17 percent compared to the third quarter of 2015.
Baldwin & Lyons shares fell 3.7 percent Thursday, to $23.45 each.