-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 MswHvWRSIpJqAFYkydJwn6bH/ltomxXiSlkc85rTAwMkIVcJXoQwEdqA7xOApxen
 3RigFR9r6t7kbWWSag88ug==

<SEC-DOCUMENT>0001017635-04-000001.txt : 20040113
<SEC-HEADER>0001017635-04-000001.hdr.sgml : 20040113
<ACCEPTANCE-DATETIME>20040113073606
ACCESSION NUMBER:		0001017635-04-000001
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040113

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BALDWIN & LYONS INC
		CENTRAL INDEX KEY:			0000009346
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				350160330
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1099 N MERIDIAN ST
		STREET 2:		STE 700
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
		BUSINESS PHONE:		3176369800

	MAIL ADDRESS:	
		STREET 1:		1099 NORTH MERIDIAN ST
		STREET 2:		STE 700
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BALDWIN H C AGENCY INC
		DATE OF NAME CHANGE:	19720309

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SHAPIRO ROBERT
		CENTRAL INDEX KEY:			0001017635

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05534
		FILM NUMBER:		04521666

	BUSINESS ADDRESS:	
		STREET 1:		C/O BALDWIN & LYONS INC
		STREET 2:		1099 NORTH MERIDIAN STREET
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
		BUSINESS PHONE:		1376369800

	MAIL ADDRESS:	
		STREET 1:		C/O BALDWIN & LYONS INC
		STREET 2:		1099 NORTH MERIDIAN STREET
		CITY:			INDIANAPOLIS
		STATE:			IN
		ZIP:			46204
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>5</documentType><periodOfReport>2003-12-31</periodOfReport>
    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000009346</issuerCik>
        <issuerName>BALDWIN &amp; LYONS INC</issuerName>
        <issuerTradingSymbol>BWINA / B</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001017635</rptOwnerCik>
            <rptOwnerName>SHAPIRO ROBERT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>71 RED OAK LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HIGHLAND PARK</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60035</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Class A common</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>110250</value><footnoteId id="F4"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Class A common</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>397875</value><footnoteId id="F4"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Various </value><footnoteId id="F1"/></natureOfOwnership></ownershipNature></
nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Class B common</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>34438</value><footnoteId id="F4"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Class B common</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1438500</value><footnoteId id="F4"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Various </value><footnoteId id="F1"/></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable><derivativeHolding><securityTitle><value>Right to buy (option)</value></securityTitle><conversio
nOrExercisePrice><value>1.00</value><footnoteId id="F2"/></conversionOrExercisePrice><exerciseDate><value>1998-07-02</value><footnoteId id="F2"/></exerciseDate><expirationDate><value>2012-10-02</value><footnoteId id="F2"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B Common</value></underlyingSecurityTitle><underlyingSecurityShares><value>3757</value><footnoteId id="F4"/></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>3757</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeHolding><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2003-01-02</value></transactionDate><transactionCoding><transactionFormTyp
e>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>249</value></transactionShares><transactionPricePerShare><value>18.07</value><footnoteId id="F3"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-01-02</value></exerciseDate><expirationDate><value>2013-01-03</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B coommon</value></underlyingSecurityTitle><underlyingSecurityShares><value>249</value><footnoteId id="F4"/></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>249</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivative
Transaction><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2003-04-01</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>239</value></transactionShares><transactionPricePerShare><value>18.83</value><footnoteId id="F3"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-04-01</value></exerciseDate><expirationDate><value>2013-04-02</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B coommon</value></underlyingSecurityTitle><underlyingSecurityShares><value>239</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingT
ransaction><value>239</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2003-07-01</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>190</value></transactionShares><transactionPricePerShare><value>23.68</value><footnoteId id="F3"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-07-01</value></exerciseDate><expirationDate><value>2013-07-02</value></e
xpirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B coommon</value></underlyingSecurityTitle><underlyingSecurityShares><value>190</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>190</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Right to buy (option)</value></securityTitle><conversionOrExercisePrice><value>1.00</value></conversionOrExercisePrice><transactionDate><value>2003-10-01</value></transactionDate><transactionCoding><transactionFormType>5</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>201</value></transactionShares><transactionPricePerShare><value>22.38</val
ue><footnoteId id="F3"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2004-10-01</value></exerciseDate><expirationDate><value>2013-10-02</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class B common</value></underlyingSecurityTitle><underlyingSecurityShares><value>201</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>201</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Owned by (a) New Horizons, Inc., (42,750 shares of Class A and 46,000 shares of class B) of which the undersigned is controlling stockholder; (b) Illinois Diversified, (21,375 shares of Class A and 85,500 s
hares of Class B) a general partnership as to which beneficial ownership is held by the undersigned; and (c) NS Associates, Inc., (173,062 shares of Class A and 506,625 shares of Class B) of which the undersigned is the controlling shareholder.</footnote><footnote id="F2">Options become exercisable one year from the date of issuance and expire ten years and one day from the date of issuance.  Exercise price for all options was $1.00 per share on the date of grant.  For options previously reported on Forms 4 and 5, the expiration dates range from July 2, 2007 to October 2, 2012.  The price paid for the options was equal to and in lieu of directors fees in the amount of $3,000 to $4,500 per quarter.</footnote><footnote id="F3">The price paid for the options was equal to and in lieu of directors fees in the amount of $4,500 per quarter.</footnote><footnote id="F4">All share data has been adjusted to reflect the 5 for 4 stock split effective February, 2003.</footnote></footnotes><remarks/><ownerSignature><signat
ureName>G. Patrick Corydon on behalf of Robert Shapiro</signatureName><signatureDate>2004-01-13</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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