Baldwin & Lyons, Inc. (NASDAQ:BWINA) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition
The following information, including the Exhibit to this Form 8-K, is being furnished to Item 2.02 – Results of Operations and Financial Condition of Form 8-K. This information is not deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On November 8, 2017, Baldwin & Lyons, Inc. (the "Company") issued a press release announcing the results of its operations for the third quarter and nine months ended September 30, 2017. The Company also posted the press release, with additional financial and operating information for the quarter and nine months ended September 30, 2017, to its website. A copy of the press release, including such additional financial and operating information, is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference into this Item 2.02 as if fully set forth herein.
Throughout its press release and in the conference call to discuss the results of its operations for the third quarter of 2017, the Company presents and will present its results and operations in the manner it believes will be the most meaningful, which includes some measures that are not based on accounting principles generally accepted in the United States (GAAP).
The Company's management uses the term operating income, a non-GAAP financial measure, which is defined as incomeexcluding pre-tax investment gains and losses. This financial measure is used to evaluate the Company's performance because the recognition of investment gains and losses in any given period is largely discretionary as to timing and could distort the analysis of trends. The Company believes that the defined term is used commonly in the property/casualty insurance industry and that equity analysts exclude gains and losses on investments in their analysis of the Company's results for the same reason.
The combined ratios and the components thereof, as presented herein, are commonly used in the property/casualty insurance industry and are applied to the Company's GAAP underwriting results.
Item 9.01 Financial Statements and Exhibits
99.1 Baldwin & Lyons, Inc. press release dated November 8, 2017.
BALDWIN & LYONS INC ExhibitEX-99.1 2 exhibit991.htm Baldwin & Lyons,…To view the full exhibit click
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.