EXHIBIT 21

SUBSIDIARIES OF BALDWIN & LYONS, INC.

NAME

STATE OR JURISDICTION OF ORGANIZATION OR INCORPORATION

Protective Insurance Company

Indiana

Sagamore Insurance Company (1)

Indiana

B&L Insurance, Ltd.

Bermuda

B&L Brokerage Services, Inc.

Indiana

Transportation Specialty Insurance Agency, Inc.

Michigan

Protective Specialty Insurance Company (2)

Indiana

Baldwin and Lyons Capital Markets, LLC

Delaware

(1)

Wholly-owned subsidiary of Protective Insurance Company

(2)

Wholly-owned subsidiary of Protective Insurance Company