<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>4
<FILENAME>exhibit21.txt
<DESCRIPTION>SUBSIDIARIES OF BALDWIN & LYONS, INC.
<TEXT>
                                   EXHIBIT 21


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                      SUBSIDIARIES OF BALDWIN & LYONS, INC.
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                                                       STATE OR
                                                     JURISDICTION
                                                   OF ORGANIZATION
          NAME                                     OR INCORPORATION
------------------------------                     ----------------


Protective Insurance Company                           Indiana

Sagamore Insurance Company (1)                         Indiana

B & L Insurance, Ltd.                                  Bermuda

Baldwin & Lyons, California                            California


(1)   Wholly-owned subsidiary of Protective Insurance Company
</TEXT>
</DOCUMENT>