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EXHIBIT 21
SUBSIDIARIES OF BALDWIN & LYONS, INC.
| NAME | STATE OR JURISDICTION OF ORGANIZATION OR INCORPORATION |
Protective Insurance Company | Indiana |
Sagamore Insurance Company (1) | Indiana |
B&L Insurance, Ltd. | Bermuda |
B&L Brokerage Services, Inc. | Indiana |
Transportation Specialty Insurance Agency, Inc. | Michigan |
Protective Specialty Insurance Company (2) | Indiana |
Baldwin and Lyons Capital Markets, LLC | Delaware |
| (1) | Wholly-owned subsidiary of Protective Insurance Company |
| (2) | Wholly-owned subsidiary of Protective Insurance Company |