UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                           --------------------------

                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

                           --------------------------

      Date of Report (Date of earliest event reported) September 30, 2004


                              BALDWIN & LYONS, INC.
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             (Exact name of registrant as specified in its charter)


             INDIANA                      0-5534              35-0160330
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 (State or other jurisdiction of       (Commission         (IRS Employer
  incorporation or organization)        File Number)      Identification No.)


1099 NORTH MERIDIAN STREET, INDIANAPOLIS, INDIANA                 46204
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(Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code:   (317) 636-9800
                                                     ----------------


                                 Not applicable
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         (Former name of former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[   ] Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF
      240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))



ITEM 8.01 OTHER EVENTS

The following information, including the Exhibit to this Form 8-K, is being
furnished pursuant to Item 8.01 - Other Events of Form 8-K.

On September 30, 2004, Baldwin & Lyons, Inc. (Baldwin) issued a press release
announcing the Company's estimate of its exposure to loss from the various
September hurricanes. A copy of this press release is also posted on the
Company's website.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit No.         Description
- ------------        ----------------------------------------
Exhibit 99.1        Press release issued by Baldwin & Lyons,
                     Inc., dated September 30, 2004.







                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                  BALDWIN & LYONS, INC.



October 1, 2004              By   /S/ Gary W. Miller
                                  -------------------------
                                  Gary W. Miller, Chairman
                                    and CEO
                                  (Chief Operating Officer)