A high-level financial executive at Carmel-based Baldwin & Lyons Inc. has been terminated after little more than a year in his most recent position, the trucking insurer told government regulators on Wednesday.
In a public filing with the U.S. Securities and Exchange Commission, Baldwin & Lyons disclosed that Michael Edwards’ employment at the company was terminated on Friday. Edwards had been serving as treasurer, chief accounting officer and principal accounting officer.
The filing does not give a reason for the action other than to say that “the termination of Mr. Edwards' employment was not related to any disagreement between the company and Mr. Edwards relating to the company's financial reporting, operations, policies or practices.”
In connection with Edwards’ termination, the company also said that on Monday it had appointed Chief Financial Officer William Vens as principal accounting officer. Vens has served as CFO since August 2016 and would not receive additional compensation for assuming the additional duties, the firm reported.
Baldwin & Lyons did not immediately respond to an IBJ request for more information, and IBJ was unable to locate Edwards on Wednesday morning to seek comment.
Edwards had been with Baldwin & Lyons since 2007. In May 2016, he was appointed vice president, treasurer, chief accounting officer and principal accounting officer during a larger management shakeup at Baldwin & Lyons.
That month, the company’s CEO, its chief financial officer and its deputy chairman/former CEO all retired following clashes with Steve Shapiro, executive chairman of the board. Edwards was one of a handful of Baldwin & Lyons employees who assumed new responsibilities. He was 47 at the time.
Last week, Baldwin & Lyons Inc. reported a second-quarter loss of $12.3 million—the company's first quarterly loss in almost six years.
The company, which specializes in insurance for the trucking industry, said it experienced “infrequent, but severe loss events,” which reduced its profit for the quarter even as its gross premiums increased.