8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

_____________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

____________________________________

Date of Report (Date of earliest event reported) April 30, 2010:

BALDWIN & LYONS, INC.

___________________________________________________________________________

(Exact name of registrant as specified in its charter)

Indiana	0-5534	35-0160330
(State of other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

1099 North Meridian Street, Indianapolis, Indiana	46204
(Address of principle executive offices)	(Zip Code)

Registrant’s telephone number, including area code:                                       (317) 636-9800

                                                                                      _______________________________________________

Not applicable

__________________________________________________________________________________________

 (Former name of former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-

       2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-

      4(c))

Item 7.01  Regulation FD Disclosure

The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 2.02 - Results of Operations and Financial Condition of Form 8-K and is being presented under Item 7.01 of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act registration statements.

On April 29, 2010, Baldwin & Lyons, Inc. (Baldwin) issued a press release announcing the results of its operations for the first quarter ended March 31, 2010. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference to this Item 9.01 as if fully set forth herein.

Throughout its press release and in the conference call to discuss the results of its operations for the first quarter 2010, Baldwin presents and will present its results and operations in the manner it believes will be the most meaningful, which includes some measures that are not based on accounting principles generally accepted in the United States (GAAP).

Baldwin management uses the term operating revenue, a non-GAAP financial measure, which is defined as revenue excluding pre-tax investment gains and losses. It also uses the term operating income which is defined as net income excluding after tax investment gains and losses. These financial measures are used to evaluate the Company’s performance because the recognition of investment gains and losses in any given period is largely discretionary as to timing and could distort the analysis of trends. Baldwin believes that the defined terms are used commonly in the property/casualty insurance industry and that eq uity analysts and the Company’s significant shareholders exclude gains and losses on investments in their analysis of Baldwin’s results for the same reason.

The combined ratios and the components thereof, as presented herein, are commonly used in the property/casualty insurance industry and are applied to the Company’s GAAP underwriting results.

A copy of this press release is also posted on the Company’s website.

Item 9.01  Financial Statements and Exhibits

(c) Exhibits.

99.1  Baldwin & Lyons, Inc. press release dated April 29, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BALDWIN & LYONS, INC.

April 30, 2010                                                                   By:   /s/ Gary W. Miller

Gary W. Miller, Chairman

and Chief Executive Officer

EX-99.1

Baldwin & Lyons, Inc.

Protective Insurance Company

Sagamore Insurance Company

B & L Insurance, Ltd. (Bermuda)

1099 North Meridian Street

Indianapolis, IN 46204

(317) 636-9800

Subj:  Baldwin & Lyons, Inc. April 29, 2010	April 29, 2010
Unaudited First Quarter Financial Statements	Press Contact:  G. Patrick Corydon
	(317) 636-9800
	corydon@baldwinandlyons.com

BALDWIN & LYONS ANNOUNCES RESULTS FOR THE QUARTER

Indianapolis, Indiana, April 29, 2010—Baldwin & Lyons, Inc. (NASDAQ: BWINA, BWINB) today announced net income for the quarter of $.5 million or $.04 per share.  This compares to net income of $.37 per share for the year earlier period.  An operating loss, defined as net loss before investment gains and losses, of $1.5 million, or $.10 per share, was sustained during the first quarter as several catastrophe losses occurred during the period, most notably earthquake Maule in Chile.  This loss compares to operating income of $.42 per share for the first quarter of 2009.  Investment gains, which include the quarterly change in value for limited partnership investments owned by the Company, were aided by the continuing recovery of globa l equity markets during the quarter, adding $.14 per share to this quarter’s net income compared to investment losses of $.05 per share in the first quarter of 2009.

Premiums written by the Company’s insurance subsidiaries for the current quarter increased 31% when compared to the year earlier period.  The increase includes the impact of new products, primarily commercial multi-peril, as well as higher premium volume from traditional products, including fleet transportation (13%) and private passenger automobile (24%).

Net premium earned increased 16%, to $51.2 million, for the first quarter of 2010.  The changes in net premium earned, compared to premium written, reflect the time lag between premium written and earned as well as significant reinsurance purchases related to new products.

The company’s quarterly consolidated combined ratio was 115.7%, reflecting net pre-tax catastrophe losses from major earthquakes and windstorms of approximately $15.5 million which produced an overall underwriting loss of $8.0 million.  Without these large catastrophic losses, the combined ratio would have been 85.2% which compares to last year’s combined ratio of 89.0%.

Investment income decreased 7% from last year’s first quarter as average bond yields have declined by 9% and average short-term investment yields are over 90% lower than a year ago.

Shareholders’ equity decreased $1.6 million, including regular and extra cash dividends paid of $7.4 million ($.50 per share).  Book value per share increased $.29 before payment of dividends, including a $.26 per share increase in unrealized investment gains.  Book value per share decreased $.21, or less than 1% per share, after consideration of dividend distributions.

Conference Call Information:

Baldwin & Lyons, Inc. has scheduled a conference call for Thursday, April 29 at 11:00 AM ET (New York time) to discuss results for the first quarter ended March 31, 2010.

To participate via teleconference, investors may dial 1-888-397-5354 (U.S./Canada) or 1-719-325-2370 (International or local) at least five minutes prior to the beginning of the call.  A replay of the call will be available through May 6, 2010 by calling 1-888-203-1112 or 1-719-457-0820 and referencing passcode 8064169.

Investors and interested parties may also listen to the call via a live webcast, accessible on the company’s web site via a link at the top of the main Investor Relations page.  To participate in the webcast, please register at least fifteen minutes prior to the start of the call.  The webcast will be archived on this site until April 29, 2011.

Also available on the investor relations section of our web site are complete interim financial statements and copies of our filings with the Securities and Exchange Commission.

Financial Highlights (unaudited)
Baldwin & Lyons, Inc. and Subsidiaries
(In thousands, except per share data)	Three Months Ended
	March 31
	2010			2009
Operating revenue	$	55,939		$	48,992
Net investment gains (losses)		3,189			(1,232	)
Total revenue	$	59,128		$	47,760
Operating income (loss)	$	(1,528	)	$	6,242
Net investment gains (losses),
net of federal income taxes		2,073			(801	)
Net income	$	545		$	5,441
Per share data - diluted:
Average number of shares		14,769			14,767
Operating income (loss)	$	(.10	)	$	.42
Net investment gains (losses)		.14			(.05	)
Net income	$	.04		$	.37
Dividends paid to shareholders	$	.50		$	.25
Annualized return on average
shareholders' equity:
Operating income (loss)		-1.8	%		8.0	%
Net income		0.6	%		7.0	%
Consolidated combined ratio of
insurance subsidiaries (GAAP basis):
Without fee income		115.7	%		89.0	%
Including fee income		113.6	%		87.6	%

Forward-looking statements in this report are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Investors are cautioned that such forward-looking statements involve inherent risks and uncertainties.  Readers are encouraged to review the Company's annual report for its full statement regarding forward-looking information.