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

12 Months Ended

Dec. 31, 2013

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, 2013

Baldwin & Lyons, Inc. and Subsidiaries

(Dollars in thousands)

Column A	Column B		Column C		Column D

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

Fixed Maturities:
Bonds:
U.S. government obligations		113,348		113,389		113,389
Mortgage-backed securities		40,464		41,817		41,817
State and municipal obligations		115,278		115,250		115,250
Foreign government obligations		23,689		23,879		23,879
Corporate securities		136,991		137,215		137,215
Total fixed maturities		429,770		431,550		431,550

Equity Securities:
Common Stocks:
Industrial, miscellaneous and all other		72,087		145,828		145,828
Total equity securities		72,087		145,828		145,828

Limited partnerships		68,988		68,988		68,988

Short-term:
Certificates of deposit		4,891		4,891		4,891
Total short-term and other		4,891		4,891		4,891

Total investments	$	575,736	$	651,257	$	651,257

(A) Investments presented above do not include $52,002 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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