Baldwin & Lyons sees lower profit despite premium growth

Carmel-based insurer Baldwin & Lyons Inc. wrote a record amount of premiums in its latest quarter, but overall profit dropped compared to the previous year.

Baldwin & Lyons, which specializes in insurance for the transportation industry, on Wednesday reported profit of $6.8 million, or 45 cents per share, in the first quarter, compared with $14.1 million, or 94 cents per share, for the prior year’s first quarter.

Revenue rose to $84.9 million, up from $80.7 million in the year-ago period.

Gross premiums in the quarter was a record $110.0 million, an increase of14.4 percent.

The insurer said the increase was driven by the continued strong performance of its commercial automobile and workers’ compensation products.

Net premiums earned totaled $74 million in the quarter, up 10.6 percent.

The company said higher bond yields led to a 7.3 percent increase in investment income, to $3.7 million, in the quarter.

Baldwin & Lyons shares were up 5 cents Thursday morning, to $24.35 each.

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