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                                   EXHIBIT 21


                      SUBSIDIARIES OF BALDWIN & LYONS, INC.



                                                      STATE OR
                                                    JURISDICTION
                                                  OF ORGANIZATION
           NAME                                   OR INCORPORATION
- ---------------------------                      -----------------
                                              
Protective Insurance Company                           Indiana

Sagamore Insurance Company (1)                         Indiana

B & L Insurance, Ltd.                                  Bermuda

Baldwin & Lyons, California                            California

Customer Service Plan, Inc. (3)                        Indiana

Baldwin & Lyons, Inc. (3)                              Illinois

Baldwin & Lyons, Inc. (3)                              North Carolina

Baldwin & Lyons, Inc. (3)                              Michigan

Baldwin & Lyons, Inc. (3)                              Ohio

Sagamore Holdings, Inc. (2)(3)                         Indiana


<FN>
   (1)   Wholly-owned subsidiary of Protective Insurance Company

   (2)   Wholly-owned subsidiary of Sagamore Insurance Company

   (3)   Company currently inactive
</FN>


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