ValueArtifex
Value, growth at reasonable price, small-cap, long-term horizon

Baldwin And Lyons: Come For The Bargain And Dividend, Stay For The Share Class Arbitrage

A Small Insurer With Some Interesting Qualities

Niche areas of insurance often offer investors above-average potential for capital appreciation and return on investment, especially if the enterprise has a long history within a certain specialized area of coverage. If a company is able to underwrite a specific line of business for a long period of time, management is able to develop a comprehensive list of its chosen coverage area and can exploit the advantages of niche expertise.

One such company that I believe exhibits such promise is Baldwin and Lyons (NASDAQ:BWINB), which has written policies in the transportation sector and has been in operation since 1930. The company, through its subsidiaries, provides insurance in the United States and...

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