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

12 Months Ended

Dec. 31, 2016

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

Form 10-K - Year Ended December 31, 2016

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:
Agency collateralized mortgage obligations		6,000		6,171		6,171
Agency mortgage-backed securities		4,751		4,770		4,770
Asset-backed securities		45,207		45,183		45,183
Bank loans		10,222		10,349		10,349
Certificates of deposit		3,126		3,117		3,117
Collateralized mortgage obligations		9,096		9,104		9,104
Corporate securities		143,356		142,683		142,683
Mortgage-backed securities		23,904		24,571		24,571
Municipal obligations		130,204		129,335		129,335
Non-U.S. government obligations		26,461		24,681		24,681
U.S. government obligations		92,234		91,940		91,940
Total fixed maturities		494,561		491,904		491,904

Equity Securities:
Common Stocks:
Consumer		15,231		32,576		32,576
Energy		5,641		12,842		12,842
Financial		22,417		31,186		31,186
Industrial		6,239		21,145		21,145
Technology		4,117		8,858		8,858
Mutual fund		6,930		6,995		6,995
Other		4,327		6,343		6,343
Total equity securities		64,902		119,945		119,945

Limited partnerships		32,431		32,431		32,431

Short-term:
Certificates of deposit		1,500		1,500		1,500
Total short-term and other		1,500		1,500		1,500

Total investments	$	593,394	$	645,780	$	645,780

(A) Investments presented above do not include $49,145 of money market funds classified with cash and
cash equivalents in the balance sheet.