Baldwin & Lyons Announces Results For Quarter And Nine Months
INDIANAPOLIS, Oct. 28, 2010 (GLOBE NEWSWIRE) -- Baldwin & Lyons, Inc. (Nasdaq:BWINA) (Nasdaq:BWINB) today announced net income for the quarter of $9.2 million, or $.62 per share, compared to net income of $.97 per share for the third quarter of 2009. Operating income, defined as net income before investment gains and losses, of $2.6 million or $.17 per share and compares to $.29 per share for the third quarter of 2009. Net investment gains for the third quarter of 2010 were $6.7 million after tax, or $.45 per share, compared to net investment gains of $10.0 million, or $.68 per share, in the same quarter of 2009.
Operating income for the year to date is $7.9 million, or $.53 per share, compared to $16.5 million, $1.12 per share, for the prior year period. Net investment gains for the year to date were $6.9 million after tax, or $.47 per share, compared to net investment gains of $17.4 million, or $1.18 per share, for the prior year period. For the first nine months of 2010, net income of $14.8 million or $1.00 per share, compares to $33.9 million or $2.30 per share, in the 2009 period. The reduction is attributable to the first and third quarters' catastrophe losses and lower investment gains compared to 2009's extraordinary recovery year.
Premium written by the Company's insurance subsidiaries for the current quarter increased 11% when compared to the prior year and has increased 23% for the nine months. The nine month increase includes higher premium volume from traditional products, including fleet transportation, which increased 18%, as well as the impact of new products, including commercial multi-peri and casualty reinsurance.Net premium earned also increased 17%, to $52.6 million, for the third quarter of 2010 with both existing and new products up significantly. For the nine months, earned premium has increased 21% to $157.3 million. The changes in net premium earned, relative to premium written, reflect the time lag between premium written and earned and, to a lesser degree, changes in reinsurance arrangements.
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