Baldwin & Lyons dinged by investment losses-WEB ONLY

Investment losses overshadowed an increase in premiums written by Indianapolis insurer Baldwin & Lyons Inc. last quarter, dropping its profit to $100,000 despite operating income of $7.8 million.

The company posted investment losses of $7.7 million, which it attributed to global market woes.

Its 1-cent-per-share profit compares to $1.34 posted in the fourth quarter of 2007, when it recorded record profit of $20.4 million. Investment gains contributed $15.9 million to that total.

For the full year, Baldwin & Lyons lost $28.8 million on its investments, resulting in a loss of $5.5 million, or 36 cents per share. It reported profit of $55.1 million, or $3.63 per share, for all of 2007.

In addition to insuring truck fleets, Baldwin & Lyons also offers property reinsurance and private vehicle coverage. All told, premiums written increased 3.8 percent for the quarter and 7 percent for the year, the company said.