Carmel-based insurer Baldwin & Lyons Inc. bounced back from its first money-losing quarter in almost six years by recording growth in both profit and premiums during the third quarter, the company said this week.
The company, which specializes in insurance for the transportation industry, turned a profit of $7.4 million, or 49 cents per share, in the third quarter, up from $4 million, or 27 cents per share, in the same period of 2016.
The company was coming off a second quarter in which it lost $12.3 million, or 82 cents per share—its first quarterly loss since the third quarter of 2011. The insurer said it experienced “infrequent, but severe loss events” that led to the poor quarter.
Revenue for the third quarter was $100.5 million, up from $83.7 million in the year-ago period.
Gross premiums written for the quarter totaled $131.5 million, up 29 percent from a year ago. Net premiums earned for the quarter totaled $89.1 million, up 25.1 percent from a year ago.
Year to date, Baldwin & Lyons has realized a profit of $1.8 million, or 12 cents per share, down from $24.1 million, or $1.60 per share, during the same nine months of 2016. The company said several factors caused profit to shrink during the first three quarters, including “infrequent but severe” transportation losses in the first half of 2017.
Shares of the company were trading at $22.85 Friday morning, down 40 cents from Thursday’s closing price. The stock is down about 9 percent since the beginning of the year.