Carmel-based insurer Baldwin & Lyons changes its name

Carmel-based Baldwin & Lyons Inc. has dropped the moniker it has used for the last 52 years and changed its name to Protective Insurance Co., the company announced Wednesday.

The insurance holding company said it has retired its BWINA and BWINB ticker symbols and will immediately begin trading under new NASDAQ ticker symbols PTVCA and PTVCB.

Last year, Baldwin & Lyons rebranded its underwriting subsidiaries Protective Insurance Co., Sagamore Insurance Co., and Protective Specialty Insurance Co. with the Protective name.

The company “decided to move forward with its own name change to better align its operational and market identities to reflect its position as a market leader in its chosen niches within the transportation and workers’ compensation insurance industry,” company officials said in a written statement.

Baldwin & Lyons’ roots trace to 1930, when Harry Baldwin founded an insurance brokerage, H.C. Baldwin Agency, in Indianapolis. Voris Lyons joined the business in 1944 in directed the company’s move into the coverage of trucking fleets.

The company formed its Protective Insurance Co. subsidiary in 1954 for its rapidly growing commercial motor carrier business. The parent company changed its name to Baldwin & Lyons in 1966 and went public in 1969 with an initial public offering of 200,000 shares.

The company reported $371.2 million in revenue in 2017 and has 445 Indiana employees.

“Harry Baldwin and Voris Lyons will forever be an instrumental part of our Corporation’s legacy and a key component in our storied history,” said CEO Randy Birchfield in written comments. “However, as we move forward, it is important for our name to reflect our future.”

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