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Baldwin & Lyons B - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Baldwin & Lyons B (ISIN: US0577552096, WKN: 919417) Kursdatum: 27.07.2017 Kurs: 23,400 USD
Beschreibung Daten
Symbol BWINB
Marktkapitalisierung 352.965.600,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Versicherungen
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2003-03-04 - 5:4 |
Internet
Letztes Bilanz Update 06.03.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 27.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
14,32 10,90 4,44% 2,51 35,03 12,19 1,11 0,87

Firmenbeschreibung

Description of Business:  Baldwin & Lyons, Inc., (the "Company") based in Carmel, Indiana, is a specialty property-casualty insurer providing liability coverage for large and medium-sized trucking and public transportation fleets as well as coverages for trucking industry independent contractors.  Additionally, the Company's product offerings include coverage for small fleet trucking and professional liability as well as workers' compensation for small businesses and casualty reinsurance.

Firmenstrategie

RevenueRecognitionPolicyTextBlock

Recognition of Revenue and Costs:  Premiums are earned over the period for which insurance protection is provided.  A reserve for unearned premiums, computed by the daily pro-rata method, is established to reflect amounts applicable to subsequent accounting periods.  Commissions to unaffiliated companies and premium taxes applicable to unearned premiums are deferred and expensed as the related premiums are earned.  The Company does not defer acquisition costs which are not directly variable with the production of premium.  If it is determined that expected losses and deferred expenses will likely exceed the related unearned premiums, the asset representing deferred policy acquisition costs is reduced and an expense is charged against current operations to reflect any such premium deficiency. In the event that the expected premium deficiency exceeds deferred policy acquisition costs, an additional liability would be recorded with a corresponding expense to current operations for the amount of the excess premium deficiency. Anticipated investment income is considered in determining recoverability of deferred acquisition costs.

SegmentReportingDisclosureTextBlock

Note J - Reportable Segments

The Company operates within two reportable business 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 currently accepts professional liability cessions from other insurance companies. From 1992 until July 1, 2014, the reinsurance segment accepted property cessions from other insurance companies and retrocessions from reinsurance companies, principally reinsuring against catastrophes. Final exposure to property catastrophe losses expired on June 30, 2015.

The Company evaluates performance and allocates resources based on past or expected results from insurance underwriting operations before income taxes.  Underwriting gain or loss does not include net investment income or gains or losses on the Company's investment portfolio.  All investment-related revenues are managed at the corporate level.  Underwriting gain or loss for the property and casualty insurance segment includes revenue and expense from the Company's agency operations since the agency operations serve as a primary direct marketing facility for this segment.  Management does not identify or allocate assets to reportable segments when evaluating segment performance and depreciation expense is not material for any of the reportable segments.  The accounting policies of each reportable segment are the same as those described in the summary of significant accounting policies.

The following table provides certain profit and loss information for each reportable segment for the years ended December 31:

   
2015
   
2014
   
2013
 
Direct and assumed premium written:
           
Property and casualty insurance
 
$
366,668
   
$
343,200
   
$
314,784
 
Reinsurance
   
16,885
     
39,188
     
54,692
 
Totals
 
$
383,553
   
$
382,388
   
$
369,476
 
                         
Net premium earned:
                       
Property and casualty insurance
 
$
242,364
   
$
224,683
   
$
202,785
 
Reinsurance
   
20,971
     
36,944
     
49,958
 
Totals
 
$
263,335
   
$
261,627
   
$
252,743
 
                         
Underwriting gain:
                       
Property and casualty insurance
 
$
40,431
   
$
32,663
   
$
25,558
 
Reinsurance
   
(1,504
)
   
2,147
     
12,278
 
Totals
 
$
38,927
   
$
34,810
   
$
37,836
 


The following table reconciles reportable segment profits to the Company's consolidated income before federal income taxes:

   
2015
   
2014
   
2013
 
Profit:
           
Underwriting gain
 
$
38,927
   
$
34,810
   
$
37,836
 
Net investment income
   
12,498
     
9,055
     
8,770
 
Net realized gains (losses) on investments
   
(1,261
)
   
14,930
     
23,515
 
Corporate expenses
   
(16,212
)
   
(14,397
)
   
(15,211
)
Income before federal income taxes
 
$
33,952
   
$
44,398
   
$
54,910
 


One customer of the property and casualty insurance segment, FedEx Ground Systems, Inc. and certain of its subsidiaries and related entities ("FedEx") represents approximately $17,773, $18,951 and $27,004 of the Company's consolidated direct and assumed premium written in 2015, 2014 and 2013, respectively.

An additional $209,434, $197,767 and $171,615 for 2015, 2014 and 2013, respectively, is placed with the Company by a non-affiliated broker on behalf of contracted service providers of this same customer but this business is not dependent upon the direct business with this customer.

EarningsPerSharePolicyTextBlock

Earnings Per Share:  Diluted earnings per share of common stock are based on the average number of shares of Class A and Class B common stock outstanding during the year, adjusted for the dilutive effect, if any, of restricted stock awards outstanding. Basic earnings per share are presented exclusive of the effect of share-based awards outstanding.