INDIANAPOLIS, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Baldwin & Lyons, Inc. (Nasdaq:BWINA) (Nasdaq:BWINB) today announced after tax operating income, defined as net gain before investment gains and losses, of $4.5 million, or $.30 per share, for the fourth quarter of 2012. This compares to after tax operating income of $3.5 million, or $.24 per share, during the fourth quarter of 2011, which was negatively impacted by the ongoing series of weather related events which occurred throughout the year. Net investment gains for the fourth quarter of 2012, which include both realized and unrealized gains in the Company's limited partnership investments, were $0.2 million after tax, or $.01 per share, compared to $2.0 million, or $.13 per share, in the same quarter of 2011. In total, after tax net income for the quarter of $4.7 million, or $.31 per share, compares to $5.5 million, or $.37 per share, for the prior year fourth quarter.
For the full year, after tax operating income totaled $26.1 million, or $1.75 per share, compared to an after tax operating loss of $16.6 million, $1.12 per share, during the same period last year. After tax operating losses during 2011 included approximately $43 million of catastrophe losses resulting from an unprecedented number of significant global events. Net investment gains for the year to date were $5.9 million after tax, or $.40 per share, compared to investment losses of $11.6 million after tax, or $.78 per share, in the 2011 period. In total, after tax net income for 2012 was $31.9 million, or $2.15 per share, compared to an after tax net loss of $28.2 million, or $1.90 per share, for the prior year period.
Premiums written and assumed by the Company's insurance subsidiaries for the current quarter totaled a record $91.1 million, an increase of 6% when compared to the prior year fourth quarter. The property and casualty insurance segment produced an overall 10% increase as premium volume from fleet transportation products increased 19% and professional liability premium increased nearly 50%. These gains were partially offset by decreased volume in private passenger automobile, resulting from rate increases, and the Company's planned phased withdrawal from its Florida commercial multi-peril risk book of business. The reinsurance segment experienced a 10% decline in premium written, compared to the 2011 fourth quarter, as the result of strategic reductions in property reinsurance exposures, partially offset by a 9% increase in casualty reinsurance volume.
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