Baldwin & Lyons (BWINB-BWINA) Christian Gabis Yuange Yang.

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Baldwin & Lyons (BWINB-BWINA) Christian Gabis Yuange Yang

 Fleet Insurance (Protective)  Auto Insurance (Sagamore)  Insure Companies Like FedEx

 Combined Ratio  The combined ratio of BWINB has been around 70%. This is a good thing!  They are very conservative about their underwriting. They write for profit and not for market share.

 Fixed Income (Bonds) Majority  Some Equity Investments  Some Limited Partnership Investments  Overall They Have Invested Quite Profitably

 There has been some insider buying in the $16 range  Large holders account for over 47% of outstanding shares  The company has been buying back shares aggressively since it is selling below book value  This will increase book value!

 A.M. Best top rating of A+  Market Price: $17.87  Market Cap: $267 Million  Near 6% Dividend ($1 per share last year)  Earnings will be cyclical for this company  Average Earnings appear to be about $2 per share  Combined Ratio of approximately 70%

 This company could pay out a dividend of around $260 Million (Market Cap of $267!)  It is selling at 80% of book value  No Analyst Coverage  Apply a PE of 10 and you can get $20 a share  No LT Debt!