EX-21 2 exh21.htm exh21.htm


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
 
Protective Specialty Insurance Company (1)
  
 
Indiana
 
Baldwin and Lyons Capital Markets, LLC
 
B&L Management
  
 
Delaware
 
Indiana



 
(1)  
Wholly-owned subsidiary of Protective Insurance Company
 
 
 

 
 

Page 84