Baldwin & Lyons sees rising profit, revenue on premium growth

Indianapolis-based Baldwin & Lyons Inc. on Thursday reported improved profit and revenue in its most recent quarter as the insurer wrote a record amount of premiums.

The firm reported profit in the fourth quarter ended Dec. 31 of $4.9 million, or 32 cents per share, compared with $3.5 million, or 24 cents per share, in the same period of 2015.

Revenue rose to $80.6 million in the quarter, up from $69.7 million in the year-ago period.

Baldwin & Lyon’s said gross premiums written during the fourth quarter totaled a record $104.9 million, 7.2 percent higher than the fourth quarter of 2015.

Baldwin & Lyon’s specializes in insurance for the transportation industry.

For the year, the company reported profit of $28.9 million, or $1.92 per share. Revenue was $319 million.

Gross premiums written for the year totaled a record $403.0 million, up 5.1 percent from 2015.

Company shares slipped 20 cents Thursday morning, to $23.55 each, and are down about 6 percent this year.

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