The Indianapolis-based transportation insurer said the decreases in second-quarter revenue were part of a strategic shift to reduce some lines of insurance.
Carmel-based Baldwin & Lyons Inc. on Thursday reported a smaller profit in the third quarter despite writing a near-record number of premiums during the period.
Of the insurer’s $9.3 million in profit in the second quarter, only $4.1 million was attributed to its core operations.
Profit shot up for some, while others fought setbacks.
Premiums written by the firm’s insurance subsidiaries hit $96.6 million, an increase of nearly 19 percent over the third quarter a year ago and 4 percent over the second quarter.
The Indianapolis-based transportation industry insurer attributed the lower earnings to smaller investment gains. Excluding investments, quarterly profit increased due to fewer storm losses.
Indianapolis-based Baldwin & Lyons Inc. continues to improve on its 2011 results, recording after-tax profit of $11.7 million, or 78 cents a share, for the third quarter.
Sales of professional liability products are still a small part of total revenue but could reach $50 million by the end of 2013.
Indianapolis-based Baldwin & Lyons Inc. on Thursday reported a profitable second quarter, a year after a series of major natural catastrophes caused a big loss for the transportation industry insurer.