Loeb cuts stake in Baldwin & Lyons to 4.76%

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Baldwin & Lyons Inc. investors led by Loeb Partners Corp. sold 84,428 shares, cutting their ownership interest to 589,716 shares, or 4.76%.

According to a schedule 13D filed with the Securities and Exchange Commission, the shares were sold between Aug. 14 and Sept. 24 at prices from $20.68 to $23.97 each.

Loeb had previously told the company it believes Baldwin & Lyons' capital allocation is flawed and has resulted in poor stock performance. In addition, Loeb said the "inefficiency" of the company's balance sheet has not been addressed.

In a May 20 letter, Loeb, then a 5.4% shareholder, asked Baldwin & Lyons' board of directors to explore alternatives to maximize shareholder value, including a sale of the Indianapolis insurance underwriter and/or special dividends designed to normalize its balance sheet.

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