PTVCA Protective Insurance Corp.

Protective Insurance Corp. provides underwriting property and casualty insurance services. It engages in marketing and underwriting property, liability and workers' compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors. The company was founded by Harry Baldwin and Voris Lyons in 1930 and is headquartered in Carmel, IN.

Company profile

Ticker

PTVCA

Exchange

NASDAQ

Website

www.protectiveinsurance.com

CEO

Jeremy D. Edgecliffe-Johnson

Incorporated in

Indiana

Location

Indiana

Fiscal year end

Dec 31

Sector

Finance > Property/Casualty Insurance

Industry (SEC)

Fire, Marine & Casualty Insurance

American International • Berkshire Hathaway • The Hartford Financial Services Group, Inc. • CNA Financial • American Financial • Markel • Progressive • Everest Re • Berkley W R • Arch Capital ...

Former names

Baldwin & Lyons Inc

SEC CIK

0000009346

Corporate docs

Articles of Incorporation & Bylaws

IRS number

350160330

PTVCA stock data

S&P 500

1M 1Y 2Y 5Y

Calendar

6 May 20

14 Jul 20

31 Dec 20

News

Company financial data Financial data

Chart PTVCA financial data

Quarter (USD)	Mar 20	Dec 19	Sep 19	Jun 19
Revenue	90.8M	124.43M	119.83M	127M
Net income	-22.16M	3.77M	-707K	1.54M
Diluted EPS	-1.56	0.26	-0.05	0.11
Net profit margin	-24.40%	3.03%	-0.59%	1.21%
Net change in cash	21.47M	-17.93M	5.01M	-36.65M
Cash on hand	89.32M	67.85M	85.78M	80.77M

Annual (USD)	Dec 19	Dec 18	Dec 17	Dec 16
Revenue	495.6M	439.17M	371.23M	319M
Net income	7.35M	-34.08M	18.32M	28.95M
Diluted EPS	0.5	-2.28	1.21	1.92
Net profit margin	1.48%	-7.76%	4.94%	9.07%
Net change in cash	-96.15M	99.32M	1.7M	-10.56M
Cash on hand	67.85M	164M	64.68M	62.98M

Financial data from company earnings reports

Recent insider trades

PTVCA insider ownership history Insider history

Date	Owner	Security	Transaction	Code	10b5-1	$Price	#Shares	$Value	#Remaining
6 Jul 20	Jeremy David Edgecliffe-Johnson	Class B Common Stock	Grant	Aquire A	No	14.63	40,000	585.2K	163,842
6 Jul 20	Schmiedt Patrick	Class B Common Stock	Grant	Aquire A	No	14.63	7,500	109.73K	20,559
6 Jul 20	Bahram D. Omidfar	Class B Common Stock	Grant	Aquire A	No	14.63	11,000	160.93K	29,637
6 Jul 20	Goldstein Jeremy Fine	Class B Common Stock	Grant	Aquire A	No	14.63	6,700	98.02K	19,069
6 Jul 20	Barnett John R	Class B Common Stock	Grant	Aquire A	No	14.63	7,500	109.73K	20,980

Data from 3, 4 and 5 filings. Stock values as filed, not updated for current price.

Institutional ownership Q1 2020

PTVCA institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	68	71	-4.2%
Opened positions	6	5	+20.0%
Closed positions	9	10	-10.0%
Increased positions	22	27	-18.5%
Reduced positions	28	23	+21.7%

13F shares	Current	Prev Q	Change
Total value	129.92M	147.67M	-12.0%
Total shares	6.59M	6.94M	-5.1%
Total puts	0	0
Total calls	0	0
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Dimensional Fund Advisors	984.27K	$13.53M	+0.9%
BLK BlackRock	981.01K	$13.49M	+0.3%
Renaissance Technologies	639.82K	$8.8M	-4.5%
Vanguard	593.57K	$8.16M	+2.8%
RY Royal Bank of Canada	461.49K	$6.35M	+27.1%
First Manhattan	417.11K	$5.74M	+2.2%
AMP Ameriprise Financial	314.26K	$4.32M	-14.1%
Deprince Race & Zollo	242.81K	$3.34M	-1.5%
STT State Street	213.84K	$2.94M	-0.7%
BAC Bank of America	166.75K	$2.29M	-4.2%

Largest transactions	Shares	Bought/sold	Change
Intrepid Capital Management	0	-311.01K	EXIT
RY Royal Bank of Canada	461.49K	+98.44K	+27.1%
AMP Ameriprise Financial	314.26K	-51.59K	-14.1%
Balyasny Asset Management	0	-44.24K	EXIT
Renaissance Technologies	639.82K	-30.16K	-4.5%
Capital Returns Management	119.62K	+25.72K	+27.4%
Russell Investments	5.21K	-21.96K	-80.8%
Oxford Asset Management	13.18K	-19.52K	-59.7%
Arrowstreet Capital, Limited Partnership	71.79K	+19.07K	+36.2%
Vanguard	593.57K	+16.32K	+2.8%

Data from 13F filings. Stock values as filed, not updated for current price. Long positions only.

Financial report summary

Risks

We compete with a large number of companies in the insurance industry for underwriting revenues.
Changes in laws and regulations governing the insurance industry could have a negative impact on our ability to generate income from our insurance operations.
A material decline in our financial strength rating could adversely affect our position in the insurance market and cause a significant reduction in our premiums and earnings.
We have two classes of common stock with unequal voting rights that are effectively controlled by our principal shareholders and management, which limits other shareholders’ ability to influence our operations.
We are subject to credit risk relating to our ability to recover amounts due from reinsurers.
We may incur additional losses if our loss reserves are inadequate.
The loss of our major customer could severely impact our revenue and earnings potential and A.M. Best rating.
Our collateral held may prove to be insufficient.
A material drop in interest rates, or disruption in the fixed income markets, could have an adverse impact on our earnings and, potentially, our financial position.
Our investment portfolio is subject to market and credit risks, which could affect our financial results and ability to conduct business.
Technological advances, including those specific to the transportation industry, could present us with added competitive risks.
The failure of our information technology systems and other operational systems to operate properly or disruptions or breaches of our information systems could adversely affect our business, results of operations and financial condition.
Legal and regulatory proceedings are unpredictable and could produce one or more unexpected verdicts against us that could materially and adversely affect our financial results for any given period.
Changes in current accounting practices and future pronouncements may materially impact our reported financial results.
We may be unable to attract and retain qualified employees.

Content analysis ?

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

New words: accrued, added, addressed, analyzing, appeal, arose, attachment, began, behavior, breadth, cancel, canceling, carryback, claimant, clause, comity, conclusion, copy, core, country, creating, customer, cybersecurity, default, degree, delay, delayed, demonstrate, deterioration, direct, discretionary, dismissal, dismissing, disrupted, disruption, distressed, economy, elevated, energy, entity, exacerbated, Exhibit, expand, face, fact, factor, focusing, foregoing, forum, freeze, frequency, gaming, government, governmental, grace, hard, heightened, herewith, increasingly, indemnification, indemnify, Indemnitee, indirect, injury, instituted, instituting, internet, interpretation, interruption, introduced, leisure, length, local, lodging, longer, maker, member, methodology, notice, order, OTTI, outsourcing, pandemic, persist, policyholder, prejudice, principle, profile, proper, pursue, qualitative, reaction, recipient, recommendation, refrain, regularly, relevant, remote, removed, renewal, replaced, retail, senior, separately, shift, shifted, simplify, Simplifying, situation, slowdown, spending, spread, standing, state, strategy, system, temporary, text, treated, treatment, unable, uncertain, uncertainty, unexpected, unknown, unlimited, unprofitable, volatility, widening, work, worked, workforce, working, write

Removed: apply, ASC, blackout, Codification, computed, covering, criteria, critical, developed, earliest, emergence, impaired, initially, insider, issuance, leverage, leveraging, Meeting, offer, prohibited, purpose, recur, repurchasing, Subtopic, superseded, Targeted, trading, utilizing

From filing 10-Q 2020 Q1