Baldwin & Lyons Inc. Reports Losses Relating to World Trade Center

September 26, 2001

Indianapolis-based Baldwin & Lyons Inc., through its subsidiary, Protective Insurance Company, assumes reinsurance from other insurance and reinsurance companies. As a result of the terrorist attacks on the World Trade Center, preliminary estimates indicate a pre-tax loss to Protective of $20 million from its assumed reinsurance participations. The loss, after tax, equates to a $1.07 or 4.4% reduction in book value per share.

Baldwin & Lyons specializes in marketing and underwriting casualty insurance. Its Protective Insurance subsidiary is licensed throughout the U.S. and Canada to write property and casualty insurance for large trucking fleets with substantial self-insurance and for medium-sized trucking companies with small deductibles. Baldwin & Lyons’ Sagamore Insurance unit sells insurance to higher risk drivers. Licensed in about 30 states, Sagamore also sells physical-damage insurance and liability insurance for small trucking fleets and offers small-business workers’ compensation in a few states.

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