Baldwin Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 11, 2017, the employment of Michael Edwards, who had been serving as Treasurer and Chief Accounting Officer and principal accounting officer of Baldwin & Lyons, Inc. (the "Company") was terminated. The termination of Mr. Edwards' employment was not related to any disagreement between the Company and Mr. Edwards relating to the Company's financial reporting, operations, policies or practices.
In connection with such termination, on August 14, 2017, the Company appointed William Vens, the Company's Chief Financial Officer, as principal accounting officer. Mr. Vens will not receive any additional compensation for performing these additional duties. Mr. Vens, age 46, has served as the Company's Chief Financial Officer since August 2016. He previously held the positions of Managing Director–Finance and Vice President of Strategy and Planning with the Company from June 2014 until August 2016. Prior to joining the Company, Mr. Vens served as Chief Financial Officer of HighWave Energy, Inc. from 2011 until May 2014. Mr. Vens served in Merrill Lynch & Co.'s investment banking division from 2002-2011, specializing in insurance company advisory and financing transactions. Mr. Vens holds a BA from the University of Notre Dame and an MBA from Harvard University. There are no arrangements or understandings between Mr. Vens and any other persons to which he was appointed principal accounting officer. There are no family relationships between Mr. Vens and any other director or executive officer of the Company, and Mr. Vens does not have any direct or indirect material interest in any transaction required to be disclosed to Item404(a) of Regulation S-K.
About Baldwin & Lyons, Inc. (NASDAQ:BWINA)
Baldwin & Lyons, Inc. (B&L) through its divisions and subsidiaries, is engaged in marketing and underwriting property and casualty insurance, including limited assumption of risks as a reinsurer of other companies. The Company operates in two segments: property and casualty insurance, and reinsurance. The property and casualty insurance segment provides multiple line insurance coverage primarily to fleet transportation companies, as well as to independent contractors who contract with fleet transportation companies. In addition, the Company provides private passenger automobile products to individuals, workers’ compensation coverage to small businesses and professional liability products on a selective basis. The reinsurance segment accepts professional liability cessions from other insurance companies. Its subsidiaries are Protective Insurance Company, Protective Specialty Insurance Company, Sagamore Insurance Company, B&L Brokerage Services, Inc. and B&L Insurance, Ltd.