9346--3/14/2008--BALDWIN_&_LYONS_INC

related topics
{loss, insurance, financial}
{competitive, industry, competition}
{loan, real, estate}
{customer, product, revenue}
{stock, price, operating}
The Company operates in the Property and Casualty insurance industry where many of its competitors are larger with far greater resources. The Company, through its insurance subsidiaries, requires collateral from its insureds covering the insureds obligations for self-insured retentions or deductibles related to policies of insurance provided. Should the Company, as surety, become responsible for such insured obligations, the collateral held may prove to be insufficient. The Company limits its risk of loss from policies of insurance issued by its insurance subsidiaries through the purchase of reinsurance coverage from other insurance companies. Such reinsurance does not relieve the Company from its responsibility to policyholders should the reinsurers be unable to meet their obligations to the Company under the terms of the underlying reinsurance agreements. Operating in the Property and Casualty insurance industry, the Company is exposed to loss from policies of insurance issued to its policyholders. A large portion of losses recorded by the Company are estimates of future loss payments to be made. Such estimates of future loss payments may prove to be inadequate. The Company derives a significant percentage of its direct premium volume from a single major customer and its independent contractors. Loss of this major customer would severely reduce the Company s revenue and earnings potential. Given the Company s significant interest-bearing investment portfolio, a drop in interest rates would likely have an adverse impact on the Company s earnings. Conversely, an increase in interest rates could have a significant temporary impact on the market value of the Company s fixed maturity investment portfolio. The Company has a large portfolio of equity securities and limited partnership investments which can fluctuate in value with a wide variety of market conditions The Company operates in a regulated industry.

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