<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>4
<FILENAME>exh-21.txt
<DESCRIPTION>SUBSIDIARIES OF BALDWIN & LYONS, INC.
<TEXT>
<PAGE> 58

                                   EXHIBIT 21


                      SUBSIDIARIES OF BALDWIN & LYONS, INC.


                                                        STATE OR
                                                      JURISDICTION
                                                    OF ORGANIZATION
           NAME                                     OR INCORPORATION
------------------------------                      ----------------


Protective Insurance Company                           Indiana

Sagamore Insurance Company (1)                         Indiana

B & L Insurance, Ltd.                                  Bermuda

Baldwin & Lyons, California                            California


   (1)   Wholly-owned subsidiary of Protective Insurance Company


</PAGE> 58

</TEXT>
</DOCUMENT>