X0202 4 2005-02-11 0000009346 BALDWIN & LYONS INC BWINA / B 0001017635 SHAPIRO ROBERT 71 RED OAK LANE HIGHLAND PARK IL 60035 1 0 1 0 Class A Common Stock 110250 D Class A Common Stock 2005-02-11 4 W 0 353250 0 A 751125 I Various Class B Common Stock 39074 D Class B Common Stock 2005-02-11 4 W 0 360875 0 A 1799375 I Various Right to buy (option) 1.00 2005-01-03 2014-10-02 Class B Common 930 930 D Right to buy (option) 1.00 2005-01-03 5 A 0 251 26.89 A 2006-01-02 2015-01-05 Class B Common 251 251 D Right to buy (option) 26.00 2005-05-04 2011-05-04 Class B Common 1500 1500 D Owned by (a) Gelbart Fur Dressers (not Inc.), (178,500 shares of Class A and 714,000 shares of Class B) and Jay Ell Company (not Inc.), (41,250 shares of Class A and 165,000 shares of Class B) limited partnerships as to which beneficial ownership is shared by the undersigned and his two brothers, (b) Diversified Enterprises (not Inc.), (178,125 shares of Class A and 559,500 shares of Class B) a general partnership as to which beneficial ownership is shared by the undersigned and his two brothers and (c) Shapiro Family L.P. - Gift Share (353,250 shares of Class A and 360,875 shares of Class B) as to which beneficial ownership is shared by the undersigned and his two brothers. Shares owned by reporting person's father, recently deceased, were transferred to a family limited partnership for the benefit of reporting person and his two brothers. Each of the three beneficiaries shares beneficial ownership of these shares. Options become exercisable one year from the date of issuance and expire ten years and one day from the date of issuance. Options previously reported on Forms 4 and 5 have expiration dates ranging from January 2, 2014 through October 2, 2014. The price paid for the options was equl to and in lieu of directors fees. The price paid for the options was equal to and in lieu of directors fees. G. Patrick Corydon on behalf of Robert Shapiro under power of attorney 2005-02-11