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

Baldwin & Lyons (BWINB-BWINA) Christian Gabis Yuange Yang. P&C Insurance. Fleet Insurance (Protective) Auto Insurance ( Sagamore ) Insure Companies Like FedEx. More On Insurance. Combined Ratio The combined ratio of BWINB has been around 70%. This is a good thing!

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

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

  2. P&C Insurance • Fleet Insurance (Protective) • Auto Insurance (Sagamore) • Insure Companies Like FedEx

  3. More On Insurance • 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.

  4. Investing the Float • Fixed Income (Bonds) Majority • Some Equity Investments • Some Limited Partnership Investments • Overall They Have Invested Quite Profitably

  5. Insider Ownership • 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!

  6. Key Statistics • 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%

  7. Investment Thesis • 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!

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