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

12 Months Ended

Dec. 31, 2014

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, 2014

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		101,058		101,094		101,094
Mortgage-backed securities		42,040		42,506		42,506
State and municipal obligations		113,133		113,777		113,777
Foreign government obligations		28,332		27,466		27,466
Corporate securities		170,822		166,966		166,966
Total fixed maturities		455,385		451,809		451,809

Equity Securities:
Common Stocks:
Industrial, miscellaneous and all other		78,778		162,107		162,107
Total equity securities		78,778		162,107		162,107

Limited partnerships		81,230		81,230		81,230

Short-term:
Certificates of deposit		2,966		2,966		2,966
Total short-term and other		2,966		2,966		2,966

Total investments	$	618,359	$	698,112	$	698,112

(A) Investments presented above do not include $59,309 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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