Baldwin & Lyons, Inc. Presents at the 7th Annual NYSSA Insurance Conference.Business Editors INDIANAPOLIS--(BUSINESS WIRE)--Jan. 28, 2003 The following is a summary of a presentation today (Tuesday) at the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Society of Security Analysts by Gary W. Miller, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Baldwin & Lyons, Inc. Baldwin & Lyons, Inc (Nasdaq:BWINB), today addressed the NYSSA Nyssa (nĭs`ə), name of several ancient cities devoted to the worship of Dionysus. The best known of them is a town of Cappadocia, Asia Minor, near the Halys (now the Kizil Irmak) River. It was the residence of St. Gregory of Nyssa. Insurance conference. In speaking to the industry participants, Gary W. Miller, chairman and CEO of Baldwin & Lyons, Inc., discussed the company strategy and the current state of the property-casualty market, in addition to giving an update on the company's recently released earnings results. Baldwin & Lyons (B&L) is a property-casualty insurer that covers a variety of specialty liability niches for the trucking industry, as well as writing nonstandard non·stan·dard adj. 1. Varying from or not adhering to the standard: nonstandard lengths of board. 2. automobile insurance, workers compensation insurance for small businesses and assumed reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . Rated A+ by A.M. Best and based in Indianapolis, IN, the company has been in operation since 1930. B&L's subsidiary, Protective Insurance Company, represents approximately 60 percent of gross direct premiums, while the remaining 40 percent is written through a wide network of independent agents under its Sagamore sag·a·more n. A subordinate chief among the Algonquians of North America. [Eastern Abenaki s  Insurance Company.
Total assets at December 31, 2002, stood at $644 million and
shareholders' equity Shareholders' EquityA firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. at $285 million. Over the past 10 years, book value per share has grown at a compound rate exceeding 7 percent per year. In 2002, each of the company's business segments contributed to record operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before of $1.96 per share. Following four consecutive record quarters in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , management anticipates continued growth in 2003 based on these factors: -- Positive trends in commercial insurance rates driven by cost increases for reinsurance protection, as companies are adjusting for prior-period losses and low investment yields. -- Further gains in B&L's Fleet Trucking Group, the biggest contributor to pre-tax income. This operation continues to produce strong returns driven by premium growth and a combined ratio under 90 percent. -- Improvements in the Nonstandard Auto Insurance segment resulting from pricing adjustments and improved underwriting efforts since FY 2000. -- Seasoned senior management team has industry expertise on average of 30 years. B&L's senior managers follow a disciplined approach for profitably in cultivating new business, backed by unequaled risk selection, underwriting and claims experience in the trucking sector. Management growth objectives include expansion into new geographic areas, driving further cost reductions, and enhancing service levels through the use of technology including extensive internet interface with agents and trucking company insureds. -- Conservative capital structure including $446 million in high quality invested assets and less than $8 million in debt. The company has a net ratio of loss reserves to capital and surplus of 51%, providing significant capital for business expansion. Commenting on the company's recent operating performance, Miller stated, "2002 was most favorable for the Company's products with large volume increases and excellent loss ratios resulting in record operating earnings. Our combined ratios are among the industry's best. With expected further volume increases and continuation of underwriting profitability, we are optimistic for 2003." About the Company Baldwin & Lyons, Inc., based in Indianapolis, Indiana, is a specialty property-casualty insurer with a leading position in providing coverage for large, medium sized and small trucking fleets. Additionally, the company offers products covering private passenger automobiles, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. for small businesses and assumes reinsurance from other companies, principally covering catastrophic events. Forward-looking statements in this report are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve inherent risks and uncertainties. Readers are encouraged to review the Company's annual report for its full statement regarding forward-looking information. Note to editors: There should be a pipe symbol between 'FRB' and 'Weber Shandwick' in the contact information below. It was removed for transmission purposes only. |
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