An investment group led by finance-industry veterans V.J. Dowling and David Delaney owns 7% of Protective’s voting stock and had proposed buying the remainder for more than $44 million.
Industry-wide challenges led Carmel-based Protective Insurance Corp. to a $34.1 million annual loss last year, its biggest in decades.
The Carmel-based company, which focuses on the transportation industry, also cut its dividend from 28 cents per share to 10 cents per share.
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.
In addition to dropping the name it has used for the past 52 years, the Carmel-based public company is changing its ticker symbols on the NASDAQ market.
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.
Carmel-based insurer Baldwin & Lyons Inc. saw a big increase in revenue and premiums written in the first quarter, but a jump in accident losses almost wiped out earnings.
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.
The Carmel-based company, which specializes in insurance for the transportation industry, reported an estimated tax benefit of $9.6 million in the fourth quarter due to the effects of federal tax reform.
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 Carmel-based trucking insurer says its chief accounting officer is no longer with the company after spending little more than a year in the position.
The Carmel-based insurer said it experienced some “infrequent, but severe” loss events during the quarter.
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 & Lyon’s said gross premiums written during the fourth quarter totaled a record $104.9 million, 7.2 percent higher than the fourth quarter of 2015.
The Carmel-based property and casualty insurance underwriter reported higher revenue but less profit in the latest period.
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.