8-K

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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

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                                    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) February 6, 2007


                              BALDWIN & LYONS, INC.
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             (Exact name of registrant as specified in its charter)


            INDIANA                   0-5534                35-0160330
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(State or other jurisdiction of    (Commission            (IRS Employer
  incorporation or organization)    File Number)        Identification No.)


1099 NORTH MERIDIAN STREET, INDIANAPOLIS, INDIANA              46204
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(Address of principal executive offices)                     (Zip Code)


Registrant's telephone number, including area code:       (317) 636-9800
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                                 NOT APPLICABLE
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         (Former name of 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 5.02  DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

The following information, including the Exhibit to this Form 8-K, is being
furnished pursuant to Item 5.02 - Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

On February 7, 2007, Baldwin & Lyons, Inc. ("the Company") issued a press
release announcing certain director and executive officer changes resulting from
the Company's regular board of directors meeting held February 6, 2007. A copy
of the press release is attached as Exhibit 99.1 to this Form 8-K. It is
incorporated by reference to Item 9.01 below as if fully set forth therein.

In accordance with Item 5.02(b), the Company announced the retirement of Mr.
James W. Good, Executive Vice President and a director of the Company to be
effective May 1, 2007. Mr. Good is also retiring as President and a director of
the Company's wholly-owned subsidiary, Protective Insurance Company
("Protective") and a director of Protective's wholly-owned subsidiary, Sagamore
Insurance Company ("Sagamore").

In accordance with Item 5.02(c), the Company announced the appointment of Mr.
Joseph J. DeVito, age 55, as President and Chief Operating Officer of the
Company effective February 6, 2007. Prior to this appointment, Mr. DeVito served
as Executive Vice President and a director of the Company and President and a
director of Sagamore and a director of Protective. Mr. DeVito has been employed
by the Company since 1981. Mr. Gary W. Miller, who continues as Chairman and
Chief Executive Officer of the Company, previously held the position of
President and Chief Operating Officer of the Company.

A copy of this press release is also posted on the Company's website.

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

         99.1  Baldwin & Lyons, Inc. press release dated February 7, 2007.




                                   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.



February 7, 2007                    By /S/ GARY W. MILLER
                                       ------------------------------
                                       Gary W. Miller, Chairman
                                         and CEO
                                         (Chief Operating Officer)

EX-99

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                                                                    Exhibit 99.1
[GRAPHIC OMITTED][GRAPHIC OMITTED]
BALDWIN & LYONS, INC.
PROTECTIVE INSURANCE COMPANY
SAGAMORE INSURANCE COMPANY
B & L INSURANCE, LTD. (BERMUDA)
[OBJECT OMITTED]
1099 North Meridian Street
Indianapolis, IN 46204
(317) 636-9800


Subject:  Officer and Director Changes

February 7, 2007

Press Contact: G. Patrick Corydon
(317) 636-9800 (ext. 355)
corydon@baldwinandlyons.com


INDIANAPOLIS,  INDIANA,  FEBRUARY 7, 2007--Baldwin & Lyons, Inc. (NASD: BWINA,
BWINB) today announced that Mr. James W. Good,  Executive  Vice  President of
Baldwin and Lyons,  Inc. and President of its subsidiary insurance company,
Protective  Insurance Company, has announced his retirement from the Company
effective May, 2007,  after 42 years of service.  Following his retirement from
a full time position,  Mr. Good will remain with the Company in a consulting
capacity.  Mr. Good,  a director of Baldwin & Lyons,  Inc.,  will not stand for
re-election following the May expiration of his present term.

Joseph J. DeVito has been  elected to the  position of President  and Chief
Operating  Officer of Baldwin and Lyons, Inc. by the Board of Directors at their
meeting on February  6, 2007.  Mr. DeVito has been employed by Baldwin and
Lyons, Inc. in various capacities since 1981 and has been a director of the
Company since 1997. He most recently served as Executive Vice President of
Baldwin and Lyons, Inc. and President of its subsidiary company, Sagamore
Insurance Company.  Gary W. Miller will remain Chief Executive Officer of
Baldwin & Lyons, Inc. and Chairman of the Board of Directors.

Mr. Steven A. Shapiro was nominated by the Board of Directors for shareholder
election in May, 2007 to fill the vacant seat on the company's Board of
Directors caused by Mr. Good's decision to not stand for reelection. Mr.
Shapiro, 42, is a professional money manager with the firm of SF Investments in
Highland Park, IL. Mr. Shapiro is also a member of Millennium Asset Advisers,
the General Partner in a series of investment limited partnerships, including
the New Vernon Insurance Fund, formed in 1999 to focus on investments in the
property & casualty industry. Since 2004, Mr. Shapiro has served on the Board of
Directors of First Mercury Financial Corporation, a publicly traded insurance
company, where he serves as the chair of the Compensation Committee. From 1989
to 1991, Mr. Shapiro was employed at Arthur Andersen & Co. as a consultant. He
received a B.A. in Economics from Emory University in 1987, and an M.B.A. from
Northwestern University in 1989.

The other 12 incumbent directors have been re-nominated.

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About the company:
Baldwin & Lyons, Inc., based in Indianapolis, Indiana, is a specialty
property-casualty insurer with a leading position in providing liability
coverage for large and medium-sized trucking fleets. Additionally, the company's
product offerings include coverage for non-standard private passenger automobile
and small fleet trucking as well as a limited program of reinsurance assumed.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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.