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

B&L Brokerage Services, Inc. Indiana

Low Pay Insurance Agency, Inc. (2) Indiana

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(1) Wholly-owned subsidiary of Protective Insurance Company

(2) Wholly-owned subsidiary of Sagamore Insurance Company

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