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

12 Months Ended

Dec. 31, 2015

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

Form 10-K - Year Ended December 31, 2015

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			103,448			103,245			103,245
Mortgage-backed securities			35,645			35,371			35,371
State and municipal obligations			109,932			110,578			110,578
Foreign government obligations			25,416			23,965			23,965
Corporate securities			168,137			164,025			164,025
Total fixed maturities			442,578			437,184			437,184

Equity Securities:
Common Stocks:
Industrial, miscellaneous and all other			80,221			145,498			145,498
Total equity securities			80,221			145,498			145,498

Limited partnerships			30,449			30,449			30,449

Short-term:
Certificates of deposit			2,220			2,220			2,220
Total short-term and other			2,220			2,220			2,220

Total investments		$	555,468		$	615,351		$	615,351

(A) Investments presented above do not include $69,517 of money market funds classified with cash and cash equivalents in the balance sheet.