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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
9346	Baldwin & Lyons Inc	BWINA / B	Fire, Marine & Casualty Insurance (6331)	350160330

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1017636	Nathan Shapiro	107 Victory Drive Jupiter FL 33477		Yes	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Class A Common Stock	Acquisiton	2014-11-24	2,109	$23.49	239,296	No	4	P	Indirect	Various

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	Various

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Class A Common Stock	146,645	Direct
Class A Common Stock	755,009	Indirect	Various
Class B Common Stock	107,366	Direct
Class B Common Stock	613,125	Indirect	Various
Class B Common Stock	1,799,375	Indirect	Various

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Class B Common	Right to sell (put)	$0.00	1981-12-31		187,500	187,500	Direct
Class A Common	Right to sell (put)	$0.00	1981-12-31		46,875	46,875	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
	187,500	187,500	Direct
	46,875	46,875	Direct

Footnotes

Owned by (a) New Horizons, Inc., (44,859 shares of Class A and 32,000 shares of class B) of which the undersigned is controlling stockholder; (b) Illinois Diversified, (21,375 shares of Class A and 85,500 shares of Class B) a general partnership as to which beneficial ownership is held by the undersigned; and (c) NS Associates, Inc., (173,062 shares of Class A and 495,625 shares of Class B) of which the undersigned is the controlling shareholder.
All puts are exercisable at any time at 90% of the Company's most recently published quarterly book value prior to the date of exercise. These rights have no expiration date.
Owned by (a) Gelbart Fur Dressers (not Inc.), (178,500 shares of Class A and 714,000 shares of Class B) and Jay Ell Company (not Inc.), (41,250 shares of Class A and 165,000 shares of Class B) limited partnerships; (b) Diversified Enterprises (not Inc.), (178,125 shares of Class A and 559,500 shares of Class B) a general partnership; (c) Shapiro Family L.P. - Gift Share (353,250 shares of Class A and 360,875 shares of Class B); ) and (d) Emlin Cosmetics, Inc. (3,884 shares of Class A). Beneficial ownership is shared by the undersigned and other family members for all shares owned by these entities.