SCHEDULE I -SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2011

SCHEDULE I -- SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES [Abstract]

SCHEDULE I -- SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES

SCHEDULE I -- SUMMARY OF INVESTMENTS-
OTHER THAN INVESTMENTS IN RELATED PARTIES

Form 10-K - Year Ended December 31, 2011

Baldwin & Lyons, Inc. and Subsidiaries
(Dollars in thousands)


Column A	Column B		Column C		Column D

					Amount At
					Which Shown
			Fair		In The Balance
Type of Investment	Cost		Value		Sheet (A)

Fixed Maturities:
Bonds:
U.S. government obligations		73,009		73,137		73,137
Government sponsored entities		345		349		349
Mortgage-backed securities		33,166		33,172		33,172
State and municipal obligations		188,991		190,035		190,035
Foreign governments		21,483		21,121		21,121
Corporate securities		91,949		91,646		91,646
Total fixed maturities		408,943		409,460		409,460

Equity Securities:
Common Stocks:
Industrial, miscellaneous and all other		47,691		88,085		88,085
Total equity securities		47,691		88,085		88,085

Limited partnerships		54,705		54,705		54,705

Short-term:
Certificates of deposit		2,982		2,982		2,982
Commercial paper		693		693		693
Total short-term and other		3,675		3,675		3,675

Total investments	$	515,014	$	555,925	$	555,925

(A) Investments presented above do not include $81,756 of money market funds classified with cash and
cash equivalents in the balance sheet.

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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