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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Protective Ins Corp (MM) | NASDAQ:BWINB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.35 | 8.00 | 26.00 | 0 | 01:00:00 |
INDIANA
(State or other jurisdiction of
incorporation or organization)
|
35-0160330
(I.R.S. Employer
Identification Number)
|
111 Congressional Boulevard, Carmel, Indiana
(Address of principal executive offices)
|
46032
(Zip Code)
|
Unaudited Condensed Consolidated Balance Sheets
|
||||||||
(in thousands, except share data)
|
||||||||
March 31
|
December 31
|
|||||||
2018
|
2017
|
|||||||
Assets
|
||||||||
Investments:
|
||||||||
Fixed maturities
|
$
|
544,116
|
$
|
521,853
|
||||
Equity securities
|
149,027
|
201,763
|
||||||
Limited partnerships
|
68,403
|
70,806
|
||||||
Short-term and other
|
1,000
|
1,000
|
||||||
762,546
|
795,422
|
|||||||
Cash and cash equivalents
|
79,209
|
64,680
|
||||||
Restricted cash and cash equivalents
|
4,024
|
4,033
|
||||||
Accounts receivable
|
104,377
|
87,551
|
||||||
Reinsurance recoverable
|
322,055
|
318,331
|
||||||
Other assets
|
95,039
|
80,061
|
||||||
Current federal income taxes recoverable
|
-
|
6,938
|
||||||
$
|
1,367,250
|
$
|
1,357,016
|
|||||
Liabilities and shareholders' equity
|
||||||||
Reserves for losses and loss expenses
|
$
|
694,450
|
$
|
680,274
|
||||
Reserves for unearned premiums
|
64,005
|
53,085
|
||||||
Short-term borrowings
|
20,000
|
20,000
|
||||||
Accounts payable and other liabilities
|
170,411
|
170,488
|
||||||
Current federal income taxes
|
1,195
|
-
|
||||||
Deferred federal income taxes
|
5,378
|
14,358
|
||||||
955,439
|
938,205
|
|||||||
Shareholders' equity:
|
||||||||
Common stock-no par value:
|
||||||||
Class A voting -- authorized 3,000,000 shares;
|
||||||||
outstanding -- 2018 - 2,623,109; 2017 - 2,623,109
|
112
|
112
|
||||||
Class B non-voting -- authorized 20,000,000 shares;
|
||||||||
outstanding -- 2018 - 12,418,082; 2017 - 12,423,518
|
530
|
530
|
||||||
Additional paid-in capital
|
55,511
|
55,078
|
||||||
Unrealized net gains (losses) on investments
|
(2,461
|
)
|
46,700
|
|||||
Foreign exchange adjustment
|
(532
|
)
|
(309
|
)
|
||||
Retained earnings
|
358,651
|
316,700
|
||||||
411,811
|
418,811
|
|||||||
$
|
1,367,250
|
$
|
1,357,016
|
Unaudited Condensed Consolidated Statements of Income
|
||||||||
(in thousands, except per share data)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2018
|
2017
|
|||||||
Revenues
|
||||||||
Net premiums earned
|
$
|
105,462
|
$
|
73,974
|
||||
Net investment income
|
4,636
|
3,692
|
||||||
Commissions and other income
|
1,814
|
981
|
||||||
Net realized gains on investments, excluding impairment losses
|
376
|
1,008
|
||||||
Other-than-temporary impairment losses on investments
|
-
|
-
|
||||||
Net unrealized gains (losses) on equity securities and limited partnership investments
|
(4,909
|
)
|
5,286
|
|||||
Net realized and unrealized gains (losses) on investments
|
(4,533
|
)
|
6,294
|
|||||
107,379
|
84,941
|
|||||||
Expenses
|
||||||||
Losses and loss expenses incurred
|
72,298
|
48,599
|
||||||
Other operating expenses
|
34,767
|
26,164
|
||||||
107,065
|
74,763
|
|||||||
Income before federal income taxes (benefits)
|
314
|
10,178
|
||||||
Federal income taxes (benefits)
|
(16
|
)
|
3,422
|
|||||
Net income
|
$
|
330
|
$
|
6,756
|
||||
Per share data:
|
||||||||
Basic and diluted earnings
|
$
|
.02
|
$
|
.45
|
||||
Dividends paid to shareholders
|
$
|
.28
|
$
|
.27
|
||||
Reconciliation of shares outstanding:
|
||||||||
Average shares outstanding - basic
|
15,010
|
15,096
|
||||||
Dilutive effect of share equivalents
|
24
|
8
|
||||||
Average shares outstanding - diluted
|
15,034
|
15,104
|
Baldwin & Lyons, Inc. and Subsidiaries
|
||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
|
||||||||
(in thousands)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2018
|
2017
|
|||||||
Net income
|
$
|
330
|
$
|
6,756
|
||||
Other comprehensive income (loss), net of tax:
|
||||||||
Unrealized net gains (losses) on fixed income securities:
|
||||||||
Unrealized net gains (losses) arising during the period
|
(2,998
|
)
|
5,990
|
|||||
Less: reclassification adjustment for net gains
|
||||||||
included in net income
|
123
|
655
|
||||||
(3,121
|
)
|
5,335
|
||||||
Foreign currency translation adjustments
|
(223
|
)
|
65
|
|||||
Other comprehensive income (loss)
|
(3,344
|
)
|
5,400
|
|||||
Comprehensive income (loss)
|
$
|
(3,014
|
)
|
$
|
12,156
|
Baldwin & Lyons, Inc. and Subsidiaries
|
||||||||
Unaudited Condensed Consolidated Statements of Cash Flows
|
||||||||
(in thousands)
|
||||||||
Three Months Ended
|
||||||||
March 31
|
||||||||
2018
|
2017
|
|||||||
|
||||||||
Operating activities
|
||||||||
Net income
|
$
|
330
|
$
|
6,756
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
7,697
|
(358
|
)
|
|||||
Net cash provided by operating activities
|
8,027
|
6,398
|
||||||
Investing activities
|
||||||||
Purchases of fixed maturities and equity securities
|
(140,820
|
)
|
(115,947
|
)
|
||||
Purchases of limited partnership interests
|
(200
|
)
|
-
|
|||||
Distributions from limited partnerships
|
-
|
16,016
|
||||||
Proceeds from maturities
|
14,021
|
58,132
|
||||||
Proceeds from sales of fixed maturities
|
89,636
|
40,097
|
||||||
Proceeds from sales of equity securities
|
59,757
|
7,054
|
||||||
Net purchases of short-term investments
|
-
|
(7,290
|
)
|
|||||
Purchase of insurance company-owned life insurance
|
(10,000
|
)
|
-
|
|||||
Purchases of property and equipment
|
(1,218
|
)
|
(2,239
|
)
|
||||
Proceeds from disposals of property and equipment
|
4
|
579
|
||||||
Net cash provided by (used in) investing activities
|
11,180
|
(3,598
|
)
|
|||||
Financing activities
|
||||||||
Dividends paid to shareholders
|
(4,229
|
)
|
(4,080
|
)
|
||||
Repurchase of common shares
|
(235
|
)
|
-
|
|||||
Net cash used in financing activities
|
(4,464
|
)
|
(4,080
|
)
|
||||
Effect of foreign exchange rates on cash and cash equivalents
|
(223
|
)
|
65
|
|||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
14,520
|
(1,215
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning of year
|
68,713
|
62,976
|
||||||
Cash, cash equivalents and restricted cash at end of year
|
$
|
83,233
|
$
|
61,761
|
Net
|
||||||||||||||||||||
Cost or
|
Gross
|
Gross
|
Unrealized
|
|||||||||||||||||
Fair
|
Amortized
|
Unrealized
|
Unrealized
|
Gains
|
||||||||||||||||
Value
|
Cost
|
Gains
|
Losses
|
(Losses)
|
||||||||||||||||
March 31, 2018
1
|
||||||||||||||||||||
Fixed maturities
|
||||||||||||||||||||
Agency collateralized mortgage obligations
|
14,995
|
14,500
|
632
|
(137
|
)
|
495
|
||||||||||||||
Agency mortgage-backed securities
|
30,740
|
31,312
|
32
|
(604
|
)
|
(572
|
)
|
|||||||||||||
Asset-backed securities
|
44,740
|
44,211
|
750
|
(221
|
)
|
529
|
||||||||||||||
Bank loans
|
22,693
|
22,458
|
269
|
(34
|
)
|
235
|
||||||||||||||
Certificates of deposit
|
3,127
|
3,124
|
3
|
-
|
3
|
|||||||||||||||
Collateralized mortgage obligations
|
5,727
|
5,382
|
370
|
(25
|
)
|
345
|
||||||||||||||
Corporate securities
|
213,462
|
216,105
|
1,180
|
(3,823
|
)
|
(2,643
|
)
|
|||||||||||||
Mortgage-backed securities
|
23,620
|
23,398
|
581
|
(359
|
)
|
222
|
||||||||||||||
Municipal obligations
|
48,764
|
48,971
|
290
|
(497
|
)
|
(207
|
)
|
|||||||||||||
Non-U.S. government obligations
|
38,848
|
39,539
|
413
|
(1,104
|
)
|
(691
|
)
|
|||||||||||||
U.S. government obligations
|
97,400
|
98,231
|
20
|
(851
|
)
|
(831
|
)
|
|||||||||||||
Total
|
$
|
544,116
|
$
|
547,231
|
$
|
4,540
|
$
|
(7,655
|
)
|
$
|
(3,115
|
)
|
Net
|
||||||||||||||||||||
Cost or
|
Gross
|
Gross
|
Unrealized
|
|||||||||||||||||
Fair
|
Amortized
|
Unrealized
|
Unrealized
|
Gains
|
||||||||||||||||
Value
|
Cost
|
Gains
|
Losses
|
(Losses)
|
||||||||||||||||
December 31, 2017
1
|
||||||||||||||||||||
Fixed maturities
|
||||||||||||||||||||
Agency collateralized mortgage obligations
|
$
|
16,586
|
$
|
15,839
|
$
|
818
|
$
|
(71
|
)
|
$
|
747
|
|||||||||
Agency mortgage-backed securities
|
27,075
|
27,180
|
47
|
(152
|
)
|
(105
|
)
|
|||||||||||||
Asset-backed securities
|
43,469
|
42,861
|
749
|
(141
|
)
|
608
|
||||||||||||||
Bank loans
|
19,488
|
19,271
|
266
|
(49
|
)
|
217
|
||||||||||||||
Certificates of deposit
|
3,135
|
3,124
|
11
|
-
|
11
|
|||||||||||||||
Collateralized mortgage obligations
|
6,492
|
6,079
|
451
|
(38
|
)
|
413
|
||||||||||||||
Corporate securities
|
198,349
|
198,419
|
1,602
|
(1,672
|
)
|
(70
|
)
|
|||||||||||||
Mortgage-backed securities
|
24,204
|
23,656
|
933
|
(385
|
)
|
548
|
||||||||||||||
Municipal obligations
|
96,650
|
97,059
|
322
|
(731
|
)
|
(409
|
)
|
|||||||||||||
Non-U.S. government obligations
|
37,394
|
37,971
|
475
|
(1,052
|
)
|
(577
|
)
|
|||||||||||||
U.S. government obligations
|
49,011
|
49,558
|
-
|
(547
|
)
|
(547
|
)
|
|||||||||||||
Total fixed maturities
|
521,853
|
521,017
|
5,674
|
(4,838
|
)
|
836
|
||||||||||||||
Equity securities:
|
||||||||||||||||||||
Consumer
|
46,578
|
23,565
|
24,031
|
(1,018
|
)
|
23,013
|
||||||||||||||
Energy
|
10,278
|
6,763
|
3,602
|
(87
|
)
|
3,515
|
||||||||||||||
Financial
|
45,470
|
31,859
|
13,937
|
(326
|
)
|
13,611
|
||||||||||||||
Industrial
|
25,402
|
8,949
|
16,793
|
(340
|
)
|
16,453
|
||||||||||||||
Technology
|
13,061
|
5,768
|
7,401
|
(108
|
)
|
7,293
|
||||||||||||||
Funds (e.g. mutual funds, closed end funds, ETFs)
|
50,291
|
46,177
|
4,153
|
(39
|
)
|
4,114
|
||||||||||||||
Other
|
10,683
|
7,670
|
3,313
|
(300
|
)
|
3,013
|
||||||||||||||
Total equity securities
|
201,763
|
130,751
|
73,230
|
(2,218
|
)
|
71,012
|
||||||||||||||
Total
|
$
|
723,616
|
$
|
651,768
|
$
|
78,904
|
$
|
(7,056
|
)
|
$
|
71,848
|
|
March 31, 2018
|
December 31, 2017
|
||||||||||||||||||||||
|
Number of Securities
|
Fair Value
|
Gross Unrealized Loss
|
Number of Securities
|
Fair Value
|
Gross Unrealized Loss
|
||||||||||||||||||
Fixed maturity securities:
|
||||||||||||||||||||||||
12 months or less
|
491
|
$
|
336,083
|
$
|
(5,580
|
)
|
459
|
$
|
313,421
|
$
|
(2,683
|
)
|
||||||||||||
Greater than 12 months
|
105
|
66,574
|
(2,075
|
)
|
112
|
75,638
|
(2,155
|
)
|
||||||||||||||||
Total fixed maturities
|
596
|
402,657
|
(7,655
|
)
|
571
|
389,059
|
(4,838
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Equity securities
1
:
|
||||||||||||||||||||||||
12 months or less
|
-
|
-
|
-
|
65
|
46,654
|
(2,218
|
)
|
|||||||||||||||||
Greater than 12 months
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total equity securities
|
-
|
-
|
-
|
65
|
46,654
|
(2,218
|
)
|
|||||||||||||||||
Total fixed maturity and equity securities
|
596
|
$
|
402,657
|
$
|
(7,655
|
)
|
636
|
$
|
435,713
|
$
|
(7,056
|
)
|
Fair Value
|
Cost or Amortized Cost
|
|||||||
One year or less
|
$
|
38,435
|
$
|
38,652
|
||||
Excess of one year to five years
|
310,711
|
314,263
|
||||||
Excess of five years to ten years
|
78,116
|
78,539
|
||||||
Excess of ten years
|
2,747
|
2,781
|
||||||
Contractual maturities
|
430,009
|
434,235
|
||||||
Asset-backed securities
|
114,107
|
112,996
|
||||||
Total
|
$
|
544,116
|
$
|
547,231
|
|
Three Months Ended
|
|||||||
|
March 31
|
|||||||
|
2018
|
2017
|
||||||
Gross gains on available-for-sale investments sold during the period:
|
||||||||
Fixed maturities
|
$
|
2,443
|
$
|
888
|
||||
Equity securities
1
|
-
|
1,606
|
||||||
Total gains
|
2,443
|
2,494
|
||||||
|
||||||||
Gross losses on available-for-sale investments sold during the period:
|
||||||||
Fixed maturities
|
(2,708
|
)
|
(1,373
|
)
|
||||
Equity securities
1
|
-
|
(113
|
)
|
|||||
Total losses
|
(2,708
|
)
|
(1,486
|
)
|
||||
|
||||||||
Other-than-temporary impairments
|
-
|
-
|
||||||
|
||||||||
Change in value of limited partnership investments
|
(2,603
|
)
|
5,286
|
|||||
|
||||||||
Gains (losses) on equity securities:
|
||||||||
Realized gains on equity securities sold during the period
2
|
641
|
-
|
||||||
Unrealized losses on equity securities held at the end of the period
|
(2,306
|
)
|
-
|
|||||
Realized and unrealized losses on equity securities held at the end of the period
|
(1,665
|
)
|
-
|
|||||
|
||||||||
Net realized and unrealized gains (losses) on investments
|
$
|
(4,533
|
)
|
$
|
6,294
|
2018
|
2017
|
|||||||
Three months ended March 31:
|
||||||||
Premiums ceded to reinsurers
|
$
|
32,442
|
$
|
31,308
|
||||
Losses and loss expenses
|
||||||||
ceded to reinsurers
|
26,661
|
19,474
|
||||||
Commissions from reinsurers
|
7,880
|
7,408
|
2018
|
2017
|
|||||||
Reserves, gross of reinsurance
|
||||||||
recoverable, at the beginning of the year
|
$
|
680,274
|
$
|
576,330
|
||||
Reinsurance recoverable on unpaid losses at the beginning of the year
|
308,143
|
251,563
|
||||||
Reserves at the beginning of the year
|
372,131
|
324,767
|
||||||
Provision for losses and loss expenses:
|
||||||||
Claims occurring during the current period
|
73,899
|
48,487
|
||||||
Claims occurring during prior periods
|
(1,601
|
)
|
112
|
|||||
Total incurred
|
72,298
|
48,599
|
||||||
Loss and loss expense payments:
|
||||||||
Claims occurring during the current period
|
10,683
|
9,508
|
||||||
Claims occurring during prior periods
|
48,655
|
41,814
|
||||||
Total paid
|
59,338
|
51,322
|
||||||
Reserves at the end of the period
|
385,091
|
322,044
|
||||||
Reinsurance recoverable on unpaid losses at the end of the period
|
309,359
|
256,797
|
||||||
Reserves, gross of reinsurance
|
||||||||
recoverable, at the end of the period
|
$
|
694,450
|
$
|
578,841
|
Three Months Ended
|
||||||||
March 31
|
||||||||
2018
|
2017
|
|||||||
Revenues:
|
||||||||
Net premiums earned
|
$
|
105,462
|
$
|
73,974
|
||||
Net investment income
|
4,636
|
3,692
|
||||||
Net realized and unrealized gains (losses) on investments
|
(4,533
|
)
|
6,294
|
|||||
Commissions and other income
|
1,814
|
981
|
||||||
Total revenues
|
$
|
107,379
|
$
|
84,941
|
As of March 31, 2018:
|
||||||||||||||||
Description
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Fixed maturities:
|
||||||||||||||||
Agency collateralized mortgage obligations
|
$
|
14,995
|
$
|
-
|
$
|
14,995
|
$
|
-
|
||||||||
Agency mortgage-backed securities
|
30,740
|
-
|
30,740
|
-
|
||||||||||||
Asset-backed securities
|
44,740
|
-
|
44,740
|
-
|
||||||||||||
Bank loans
|
22,693
|
-
|
22,693
|
-
|
||||||||||||
Certificates of deposit
|
3,127
|
3,127
|
-
|
-
|
||||||||||||
Collateralized mortgage obligations
|
5,727
|
-
|
5,727
|
-
|
||||||||||||
Corporate securities
|
208,270
|
-
|
208,270
|
-
|
||||||||||||
Options embedded in convertible securities
|
5,192
|
-
|
5,192
|
-
|
||||||||||||
Mortgage-backed securities
|
23,620
|
-
|
23,620
|
-
|
||||||||||||
Municipal obligations
|
48,764
|
-
|
48,764
|
-
|
||||||||||||
Non-U.S. government obligations
|
38,848
|
-
|
38,848
|
-
|
||||||||||||
U.S. government obligations
|
97,400
|
-
|
97,400
|
-
|
||||||||||||
Total fixed maturities
|
544,116
|
3,127
|
540,989
|
-
|
||||||||||||
Equity securities:
|
||||||||||||||||
Consumer
|
27,519
|
27,519
|
-
|
-
|
||||||||||||
Energy
|
6,636
|
6,636
|
-
|
-
|
||||||||||||
Financial
|
47,771
|
47,771
|
-
|
-
|
||||||||||||
Industrial
|
11,671
|
11,671
|
-
|
-
|
||||||||||||
Technology
|
8,203
|
8,203
|
-
|
-
|
||||||||||||
Funds (e.g. mutual funds, closed end funds, ETFs)
|
37,375
|
32,364
|
5,011
|
-
|
||||||||||||
Other
|
9,852
|
9,852
|
-
|
-
|
||||||||||||
Total equity securities
|
149,027
|
144,016
|
5,011
|
-
|
||||||||||||
Short-term
|
1,000
|
1,000
|
-
|
-
|
||||||||||||
Cash equivalents
|
76,639
|
-
|
76,639
|
-
|
||||||||||||
Total
|
$
|
770,782
|
$
|
148,143
|
$
|
622,639
|
$
|
-
|
As of December 31, 2017:
|
||||||||||||||||
Description
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Fixed maturities:
|
||||||||||||||||
Agency collateralized mortgage obligations
|
$
|
16,586
|
$
|
-
|
$
|
16,586
|
$
|
-
|
||||||||
Agency mortgage-backed securities
|
27,075
|
-
|
27,075
|
-
|
||||||||||||
Asset-backed securities
|
43,469
|
-
|
43,469
|
-
|
||||||||||||
Bank loans
|
19,488
|
-
|
19,488
|
-
|
||||||||||||
Certificates of deposit
|
3,135
|
3,135
|
-
|
-
|
||||||||||||
Collateralized mortgage obligations
|
6,492
|
-
|
6,492
|
-
|
||||||||||||
Corporate securities
|
193,058
|
-
|
193,058
|
-
|
||||||||||||
Options embedded in convertible securities
|
5,291
|
-
|
5,291
|
-
|
||||||||||||
Mortgage-backed securities
|
24,204
|
-
|
24,204
|
-
|
||||||||||||
Municipal obligations
|
96,650
|
-
|
96,650
|
-
|
||||||||||||
Non-U.S. government obligations
|
37,394
|
-
|
37,394
|
-
|
||||||||||||
U.S. government obligations
|
49,011
|
-
|
49,011
|
-
|
||||||||||||
Total fixed maturities
|
521,853
|
3,135
|
518,718
|
-
|
||||||||||||
Equity securities:
|
||||||||||||||||
Consumer
|
46,578
|
46,578
|
-
|
-
|
||||||||||||
Energy
|
10,278
|
10,278
|
-
|
-
|
||||||||||||
Financial
|
45,470
|
45,470
|
-
|
-
|
||||||||||||
Industrial
|
25,402
|
25,402
|
-
|
-
|
||||||||||||
Technology
|
13,061
|
13,061
|
-
|
-
|
||||||||||||
Funds (e.g. mutual funds, closed end funds, ETFs)
|
50,291
|
45,276
|
5,015
|
-
|
||||||||||||
Other
|
10,683
|
10,683
|
-
|
-
|
||||||||||||
Total equity securities
|
201,763
|
196,748
|
5,015
|
-
|
||||||||||||
Short-term
|
1,000
|
1,000
|
-
|
-
|
||||||||||||
Cash equivalents
|
59,173
|
-
|
59,173
|
-
|
||||||||||||
Total
|
$
|
783,789
|
$
|
200,883
|
$
|
582,906
|
$
|
-
|
Level Input:
|
|
Input Definition:
|
Level 1
|
|
Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
|
Level 2
|
|
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data at the measurement date.
|
Level 3
|
|
Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.
|
2018
|
2017
|
|||||||
Beginning of period balance
|
$
|
-
|
$
|
25,218
|
||||
Total gains or losses (realized)
|
||||||||
included in income
|
-
|
406
|
||||||
Purchases
|
-
|
81
|
||||||
Settlements
|
-
|
(9,123
|
)
|
|||||
Transfers into Level 3
|
-
|
144
|
||||||
Transfers out of Level 3
|
-
|
(16,726
|
)
|
|||||
End of period balance
|
$
|
-
|
$
|
-
|
Carrying
|
Fair Value
|
|||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
March 31, 2018
|
||||||||||||||||||||
Assets: Limited partnerships
|
$
|
68,403
|
$
|
-
|
$
|
-
|
$
|
68,403
|
$
|
68,403
|
||||||||||
Liabilities: Short-term borrowings
|
20,000
|
-
|
20,000
|
-
|
20,000
|
|||||||||||||||
December 31, 2017
|
||||||||||||||||||||
Assets: Limited partnerships
|
70,806
|
-
|
-
|
70,806
|
70,806
|
|||||||||||||||
Liabilities: Short-term borrowings
|
20,000
|
-
|
20,000
|
-
|
20,000
|
Grant Date
|
|||||||||||
Grant
|
Number of Shares
|
Vesting
|
Service
|
Fair Value
|
|||||||
Date
|
Issued
|
Date
|
Period
|
Per Share
|
|||||||
5/10/2016
|
17,677
|
5/10/2017
|
7/1/2016 - 6/30/2017
|
$
|
24.89
|
||||||
5/9/2017
|
18,183
|
5/9/2018
|
7/1/2017 - 6/30/2018
|
$
|
24.20
|
||||||
8/31/2017
|
1,257
|
5/9/2018
|
8/31/2017 - 6/30/2018
|
$
|
21.90
|
||||||
2/9/2018
|
408
|
5/9/2018
|
2/9/2018 - 6/30/2018
|
$
|
24.20
|
Additional
|
||||||||||||||||||||||
Class A | Class B |
Paid-in
|
||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
||||||||||||||||||
Balance at December 31, 2017
|
2,623,109
|
|
$
|
112
|
12,423,518
|
|
$
|
530
|
$
|
55,078
|
||||||||||||
Restricted stock grants
|
-
|
|
-
|
5,064
|
|
-
|
478
|
|||||||||||||||
Repurchase of common shares
|
-
|
-
|
(10,500
|
)
|
-
|
(45
|
)
|
|||||||||||||||
Balance at March 31, 2018
|
2,623,109
|
$
|
112
|
12,418,082
|
$
|
530
|
$
|
55,511
|
Total equity
|
||||
Balance at December 31, 2017
|
$
|
418,811
|
||
Net income
|
330
|
|||
Other comprehensive loss
|
(3,344
|
)
|
||
Cash dividends paid to shareholders
|
(4,229
|
)
|
||
Restricted stock grants
|
478
|
|||
Repurchase of common shares
|
(235
|
)
|
||
Balance at March 31, 2018
|
$
|
411,811
|
Total equity
|
||||
Balance at December 31, 2016
|
$
|
404,345
|
||
Net income
|
6,756
|
|||
Other comprehensive income
|
5,400
|
|||
Cash dividends paid to shareholders
|
(4,080
|
)
|
||
Restricted stock grants
|
481
|
|||
Balance at March 31, 2017
|
$
|
412,902
|
Unrealized
|
||||||||||||
holding gains on
|
||||||||||||
Foreign
|
available-for-sale
|
|||||||||||
Currency
|
securities
|
Total
|
||||||||||
Beginning balance at December 31, 2017
|
$
|
(309
|
)
|
$
|
46,700
|
$
|
46,391
|
|||||
Cumulative effect of adoption of
|
||||||||||||
ASU 2016-01, net of tax
|
-
|
(46,157
|
)
|
(46,157
|
)
|
|||||||
Balance at January 1, 2018
|
(309
|
)
|
543
|
234
|
||||||||
Cumulative effect of adoption of
|
||||||||||||
ASU 2018-02
|
-
|
117
|
117
|
|||||||||
Other comprehensive loss
|
||||||||||||
before reclassifications
|
(223
|
)
|
(2,998
|
)
|
(3,221
|
)
|
||||||
Amounts reclassified from
|
||||||||||||
accumulated other
|
||||||||||||
comprehensive income (loss)
|
-
|
(123
|
)
|
(123
|
)
|
|||||||
Net current-period other
|
||||||||||||
comprehensive loss
|
(223
|
)
|
(3,121
|
)
|
(3,344
|
)
|
||||||
Ending balance at March 31, 2018
|
$
|
(532
|
)
|
$
|
(2,461
|
)
|
$
|
(2,993
|
)
|
Unrealized
|
||||||||||||
holding gains on
|
||||||||||||
Foreign
|
available-for-sale
|
|||||||||||
Currency
|
securities
|
Total
|
||||||||||
Beginning balance at December 31, 2016
|
$
|
(831
|
)
|
$
|
34,051
|
$
|
33,220
|
|||||
Other comprehensive income
|
||||||||||||
before reclassifications
|
65
|
5,990
|
6,055
|
|||||||||
Amounts reclassified from
|
||||||||||||
accumulated other
|
||||||||||||
comprehensive income
|
-
|
(655
|
)
|
(655
|
)
|
|||||||
Net current-period other
|
||||||||||||
comprehensive income
|
65
|
5,335
|
5,400
|
|||||||||
Ending balance at March 31, 2017
|
$
|
(766
|
)
|
$
|
39,386
|
$
|
38,620
|
2018
|
2017
|
Change
|
||||||||||
Gross Premiums Written
|
$
|
148,823
|
$
|
110,028
|
$
|
38,795
|
||||||
Net Premiums Written
|
113,434
|
77,530
|
35,904
|
|||||||||
Net Premiums Earned
|
105,462
|
73,974
|
31,488
|
●
|
general economic conditions, including weakness of the financial markets, prevailing interest rate levels and stock and credit market performance, which may affect or continue to affect (among other things) our ability to sell our products and to collect amounts due to us, our ability to access capital resources and the costs associated with such access to capital and the market value of our investments;
|
●
|
our ability to obtain adequate premium rates and manage our growth strategy;
|
●
|
increasing competition in the sale of our insurance products and services resulting from the entrance of new competitors into, or the expansion of the operations of existing competitors in, our markets and our ability to retain existing customers;
|
●
|
other changes in the markets for our insurance products;
|
●
|
changes in the legal or regulatory environment, which may affect the manner in which claims are adjusted or litigated, including loss and loss adjustment expense;
|
●
|
legal or regulatory changes or actions, including those relating to the regulation of the sale, underwriting and pricing of insurance products and services and capital requirements;
|
●
|
technology or network security disruptions;
|
●
|
adequacy of insurance reserves;
|
●
|
availability of reinsurance and ability of reinsurers to pay their obligations;
|
●
|
our ability to attract and retain qualified employees;
|
●
|
tax law and accounting changes; and
|
●
|
legal actions brought against us.
|
Approximate dollar
|
||||||||||||||||
Total number of
|
value of shares still
|
|||||||||||||||
Total number
|
shares purchased
|
available to be purchased
|
||||||||||||||
Average price paid per share
|
as part of program
(1)
|
under the program (000s)
(1)
|
||||||||||||||
January 1 – January 31
|
-
|
$
|
-
|
-
|
$
|
15,620
|
||||||||||
February 1 – February 28
|
10,500
|
22.45
|
10,500
|
15,384
|
||||||||||||
March 1 – March 31
|
-
|
-
|
-
|
15,384
|
||||||||||||
Total
|
10,500
|
$
|
22.45
|
10,500
|
$
|
15,384
|
(101) |
The following materials from Baldwin & Lyons, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, formatted in XBRL (eXtensible Business Reporting Language): (1) the Condensed Consolidated Balance Sheets, (2) the Condensed Consolidated Statements of Income, (3) the Condensed Consolidated Statements of Comprehensive Income (Loss), (4) the Condensed Consolidated Statements of Cash Flows, and (5) the Notes to Unaudited Condensed Consolidated Financial Statements.
|
1 Year Baldwin & Lyons Chart |
1 Month Baldwin & Lyons Chart |
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