Baldwin & Lyons sees quarterly growth in premiums, profit

Baldwin & Lyons Inc. saw growth in both its profit and premiums during the fourth quarter, the Carmel-based insurer said Thursday.

The company, which specializes in insurance for the transportation industry, reported a quarterly profit of $16.5 million, or $1.10 per share, up from $4.9 million, or 32 cents per share, during the same period a year earlier.

Earnings for the quarter included an estimated tax benefit of $9.6 million due to the effects of federal tax reform, the company said.

Fourth-quarter revenue totaled $108.4 million, up from $80.6 million during the year-ago period. 

Gross premiums written for the quarter totaled $144.2 million, up 38 percent from a year ago. Net premiums earned for the quarter totaled $97.1 million, up 40 percent.

For the full year, Baldwin turned a profit of $18.3 million, or $1.21 per share, down from $28.9 million, or $1.92 per share, in 2016.

Gross premiums written in 2017 totaled $504.7 million, an increase of 25 percent from 2016. Net premiums earned in 2017 totaled $328.1 million, up 19 percent from the previous year.

The company said it saw growth in both its commercial automobile and workers’ compensation products for both the full quarter and the full year. 

Shares of the company were trading at $23.15 Thursday morning, up 60 cents from Wednesday’s closing price.The stock has traded between $21.20 and $25.40 per share over the past year.