Baldwin & Lyons Taps 29-Year Company Veteran as New CEO

Baldwin & Lyons Inc. named Joseph J. DeVito, who has been with the Indianapolis-based property/casualty insurer for nearly three decades, as its new chief executive officer.

DeVito, who has held various positions with Baldwin & Lyons since he joined the company in 1981, succeeds Gary W. Miller, a 45-year company veteran who has served as chairman and CEO since 1997.

The executive change is part of an orderly transition for Baldwin & Lyons, and Miller, 70 years old, will remain with the company and hold the new position of executive chairman of the board of directors, Chief Financial Officer G. Patrick Corydon said.

"Gary will be here every day and enjoys it here every day," Corydon said.

DeVito was named president and chief operating officer four years ago, Corydon said. DeVito retains those titles. He has served as a director since 1997.

Through its Protective Insurance Co., Baldwin & Lyons provides commercial casualty coverage to large- and medium-sized commercial trucking fleets. Protective also provides group accident and health, workers' compensation, nontrucking liability and physical damage insurance to independent trucking contractors and provides coverage to select fleet operators in the public transportation industry, such as charter buses, school-bus contractors and limousine services, according to BestLink, which provides online access to A.M. Best's database of insurance information. Protective is licensed in all 50 U.S. states and all Canadian provinces.

Sagamore Insurance Co., which is licensed in 47 states, markets nonstandard automobile insurance to individuals and commercial automobile coverage to small trucking fleets. Protective Specialty Insurance Co. was formed in May 2008 as an affiliate of Sagamore to write excess and surplus lines nationwide, according to BestLink.

Baldwin & Lyons Group currently has a Best's Financial Strength Rating of A+ (Superior).

"The group's positive rating factors are derived from its modest underwriting leverage, disciplined underwriting practices and solid market presence within the national and regional commercial trucking market," according to BestLink.

In afternoon trading on Dec. 13, shares of Baldwin & Lyons (NASDAQ: BWINB) were changing hands at $24.46, down 1.89% from the previous close.

(By Diana Rosenberg, senior associate editor, BestWeek)