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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 | |
Protective Specialty Insurance Company (1) | Indiana | |
Baldwin and Lyons Capital Markets, LLC | Delaware |
______________________________________________________________________________
(1) | Wholly-owned subsidiary of Protective Insurance Company |
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