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): November 5, 2015

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.)

111 Congressional Boulevard, Carmel, IN	46032
(Address of principle executive offices)	(Zip Code)

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

                                                                                      _______________________________________________

Not applicable

                                                                                                                                                                    __________________________________________________________________________________________

 (Former name or 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))

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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 November 5, 2015, Baldwin & Lyons, Inc. (the Company) issued a press release announcing the results of its operations for the third quarter and nine months ended September 30, 2015.  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 third quarter of 2015, the Company 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).

The Company's 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. The Company believes that the defined terms are used commonly in the property/casualty insurance industry and that equity analysts and the Company's significant shareholders exclude gains and losses on investments in their analysis of the Company'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 November 5, 2015.

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.

November 5, 2015by:  /s/ Joseph J. DeVito                                                                         

Joseph J. DeVito

Chief Executive Officer and President

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EX-99.1

Baldwin & Lyons, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     November 5, 2015

Unaudited Third Quarter Financial Statements                                                                                                                                                                                                                                                                                                                                                                                            Press Contact: G. Patrick Corydon

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (317) 636-9800

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          corydon@baldwinandlyons.com

BALDWIN & LYONS ANNOUNCES RECORD UNDERWRITING AND OPERATING INCOME FOR THE QUARTER AND RECORD PREMIUM FOR NINE MONTHS

Carmel, Indiana, November 5, 2015—Baldwin & Lyons, Inc. (NASDAQ: BWINA, BWINB) today announcedrecord quarterlyafter tax operating income, defined as net income before investment gains and losses, of $9.1 million, or $.61 per share, for the third quarter of 2015 compared to $5.3 million, or $.36 per share, during the third quarter of 2014. Net investment losses for the third quarter of 2015, which include both realized and unrealized gains in the Company's limited partnership investments, were $1.4 million after tax, or $.09 per share, compared to net investment gains of $0.4 million, or $.03 per share, in the same quarter of 2014. In total, net income for the quarter was $7.8 million, or $.52 per share, which compares to $5.8 million, or $.39 per share, for the prior year's third quarter.

After tax operating income for the first nine months of 2015 totaled $19.4 million, or $1.29 per share, 48% higher than the $13.1 million, or $.88 per share, reported during prior year period.  Net investment gains for the nine months of 2015 were $.3 million after tax, or $.02 per share, compared to net investment gains of $8.3 million, or $.55 per share, during the same period of 2014. In total, net income of $19.7 million, or $1.31 per share, compares to $21.5 million, of $1.43 per share, for the prior year period.

Premiums written by the Company's insurance subsidiaries for the current quarter were $96.0 million, 1.4% higher than the $94.6 million written during the third quarter of 2014.  The increase was driven by an 11.5%, or $9.1 million, increase in premiums written for Fleet Transportation products, substantially offset by the continuing, planned reductions in the Company's reinsurance, personal automobile and professional liability exposures.  Premium written for the nine months of 2015 totaled a record $285.7 million, with Fleet Transportation increases more than offsetting nearly $25 million in strategic reductions in reinsurance, personal automobile and professional liability.

Net premium earned for the third quarter of 2015 was $65.4 million, .8% lower than last year's third quarter total of $65.9 million.  For the nine months, earned premium increased 2.4% to a record nine month total of $197.3 million with Fleet Transportation products posting nearly a 13% increase.

Underwriting operations produced a consolidated combined ratio for the third quarter of 83.9%, before consideration of fee income. Including fee income, underwriting income was a record $10.9 million, producing a combined ratio of 83.4%. The Property and Casualty Insurance segment combined ratio was 82.3%, including fee income, and the Reinsurance segment combined ratio was 98.1%.  For the nine months, the consolidated combined ratio was 90.0% before consideration of fee income, and 89.4% including fees, producing $21.1 million in pre-tax underwriting income.  The Property and Casualty Insurance segment combined ratio was 89.0%, including fee income, and the Reinsurance segment combined ratio was 93.5%.

Pre-tax investment income increased 45% compared to the third quarter of 2014 and 4% over the second quarter of 2015 reflecting  higher average bond and dividend yields and increases in average funds invested resulting from positive cash flow, including $16.6 million in positive cash flow this quarter.  For the nine months, pre-tax investment income increased 35% compared to the prior year period.

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Book value per share decreased $.82 per share during the third quarter, including the payment of $.25 per share in regular cash dividends, reflecting investment valuation changes in line with global market declines.  For the nine months ended September 30, 2015, book value per share has decreased $.51 including the payment of cash dividends to shareholders totaling $.75 per share.  The combination of the decrease in book value and dividends represents a 0.9% total return on beginning book value for the nine months.

Conference Call Information:

Baldwin & Lyons, Inc. has scheduled its quarterly conference call for Thursday, November 5, 2015, at 11:00 AM ET (New York time) to discuss results for the third quarter ended September 30, 2015.

To participate via teleconference, investors may dial 1-888-364-3109 (U.S./Canada) or 1-719-325-2454 (International or local) at least five minutes prior to the beginning of the call.  A replay of the call will be available through November 12, 2015 by calling 1-877-870-5176 or 1-858-384-5517 and referencing passcode 2818058. 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 May 5, 2016. The webcast may be accessed directly at: http://public.viavid.com/player/index.php?id=116111.

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.

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.

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Financial Highlights (unaudited)
Baldwin & Lyons, Inc. and Subsidiaries
(In thousands, except per share data)	Three Months Ended						Nine Months Ended
	September 30						September 30
	2015			2014			2015			2014
Operating revenue	$	69,632		$	69,820		$	210,037		$	204,037
Net investment gains (losses)		(2,086	)		658			491			12,817
Total revenue	$	67,546		$	70,478		$	210,528		$	216,854
Operating income	$	9,136		$	5,342		$	19,422		$	13,140
Net investment gains (losses),
net of federal income taxes		(1,356	)		428			319			8,331
Net income	$	7,780		$	5,770		$	19,741		$	21,471
Per share data - diluted:
Average number of shares		15,018			14,973			15,019			14,974
Operating income	$	.61		$	.36		$	1.29		$	.88
Net investment gains (losses)		(.09	)		.03			.02			.55
Net income	$	.52		$	.39		$	1.31		$	1.43
Dividends paid to shareholders	$	.25		$	.25		$	.75		$	.75
Comprehensive income, net of tax
Net income	$	7,780		$	5,770		$	19,741		$	21,471
Unrealized net gains (losses) on securities		(15,931	)		(4,590	)		(14,957	)		5,710
Foreign currency translation adjustments		(429	)		(705	)		(1,102	)		(835	)
Comprehensive income (loss)	$	(8,580	)	$	475		$	3,682		$	26,346
Annualized:
Total Value Creation 1		-8.5	%		0.6	%		1.2	%		9.2	%
Return on average shareholders' equity:
Operating income		10.3	%		6.2	%		7.4	%		5.2	%
Net income		8.8	%		6.7	%		7.5	%		8.5	%
Consolidated combined ratio of
insurance subsidiaries (GAAP basis):
Without fee income		83.9	%		92.1	%		90.0	%		93.9	%
Including fee income		83.4	%		91.7	%		89.4	%		93.3	%
1 Total Value Creation is the summation of the increase in book value plus dividends
paid divided by beginning book value.

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