Protective Insurance Corp. soon will disappear from Indiana’s public company rolls, and part of the reason is Steve Shapiro, a guy you probably have never heard of.
DMC Insurance, founded by three former executives from local insurer Baldwin & Lyons, has acquired a prominent office building along Interstate 69 in Fishers and plans to ramp up employment.
Trucking insurer Protective Insurance Corp., long known as Baldwin & Lyons, has skidded into red ink and now is pursuing “potential strategic partnerships or transactions.“
Steven Shapiro—who was blamed for a major squabble that sent three top executives fleeing from Carmel-based Baldwin & Lyons Inc. two years ago—has now himself left the insurance company.
The Carmel-based transportation insurer did not say why the executive left the company. The news comes less than two years after another big shakeup that saw three executive departures.
Three top executives of Baldwin & Lyons Inc.—who spent a combined 124 years with the Carmel-based trucking insurer—have suddenly "retired" after clashing for months with the board's executive chairman.
Musical-theater buffs in Indianapolis know that an occasional trip to Chicago is a must. Savvy ticket buyers willing to schlep up Interstate 65 have gotten advance looks at such longrunning Broadway hits as “Mamma Mia!,” “Aida,” “Monty Python’s Spamalot” and “The Producers” before they opened in New York (and years before their tours arrived here). Right now, though, the big musical draws in Chicago-“Wicked” and “Jersey Boys”-aren’t pre- but, rather, post-Broadway. And more than just stopping in the Windy City…
But that axiom doesn’t seem to apply to Baldwin & Lyons Inc. The quiet trucking-fleet insurer headquartered in Indianapolis happily let its revenue slide last year 7 percent, ending a four-year run of rapid growth. Why? Because new competitors have aggressively entered Baldwin’s traditional trucking market with lower prices. The industry’s margins have been slashed by half or more. Most businesses would call that trend a threat. But not Baldwin. President Joe DeVito disdainfully calls these new competitors “naive capital,”…
