Baldwin & Lyons, Inc.
Protective Insurance Company
Sagamore Insurance Company
B & L Insurance, Ltd. (Bermuda)
1099 North Meridian Street
Indianapolis, IN 46204
(317) 636-9800
Subj: Baldwin & Lyons, Inc. April 30, 2009
Unaudited First Quarter Financial Statements Press Contact: G. Patrick Corydon
(317) 636-9800
corydon@baldwinandlyons.com
BALDWIN & LYONS ANNOUNCES RESULTS FOR QUARTER
Indianapolis, Indiana, April 30, 2009—Baldwin & Lyons, Inc. (NASDAQ: BWINA, BWINB)
today announced first quarter operating income, defined as net income before investment gains and
losses, of $6.2 million or $.42 per share, reduced by first quarter investment losses of $.8 million or
$.05 per share, resulting in a net income for the quarter of $5.4 million or $.37 per share. This
compares to operating income of $.28 per share, investment losses of $.58 per share and net loss of
$.30 per share for the first quarter of 2008. Investment results during the current quarter were
impacted by the ongoing loss of value in the global equity markets.
Premiums written by the Company’s insurance subsidiaries for the current quarter increased 6%
compared to the 2008 period, reflecting 23% volume increases in the Company’s property
reinsurance and private passenger automobile products.
Net premium earned decreased by 2% to $44.2 million for the first quarter of 2009. The changes in
net premium earned, compared to premium written, reflect the increased utilization of reinsurance on
fleet transportation products.
The company’s quarterly consolidated combined ratio was 89.0%, producing an underwriting gain of
$4.9 million, compared to last year’s underwriting gain of $.6 million on a quarterly consolidated
combined ratio of 98.5%. The current quarter combined ratio reflects an 11 point decrease in the
consolidated loss ratio attributable to higher reserve savings on the closing of prior year losses as
well as a decline in current year losses incurred in the fleet transportation products. The consolidated
expense ratio was 1.7 points higher primarily as the result of the impact of the increased use of
reinsurance on net premium earned.
Pre-tax investment income decreased 22% for the current year first quarter, while net investment
income, after tax, decreased 19%. Both pre-tax and after tax investment income were down as the
result of lower available rates on all investments classes, particularly short-term interest rates which
have fallen to historic lows.
Shareholder’s equity decreased $4.4 million in the first quarter, including a $5.0 million decline in
unrealized gains, cash dividends paid of $3.7 million ($.25 per share) and $.9 million used to
repurchase company stock on the open market. Book value overall decreased $.22 per share as a

result of the above. The company repurchased 53,000 of Class B common stock at an average price
of $16.48 durng the quarter, reducing total shares outstanding to 14,733,000. Nearly 2.5 million
shares remain in the company’s repurchase authorization.
Conference Call Information:
Baldwin & Lyons, Inc. has scheduled a conference call for Thursday, April 30, 2009 at 11:00 AM ET
(New York time) to discuss results for the first quarter ended March 31, 2009.
To participate via teleconference, investors may dial 888-205-6786 (U.S./Canada) or 913-312-0731
(International or local) at least five minutes prior to the beginning of the call. A replay of the call will be
available through May 7, 2009 by calling 888-203-1112 or 719-457-0820 and referencing passcode
7622314.
The conference call will also be webcast. Interested parties may access the webcast through a link on
the top of the Corporate Profile page on the investor relations section of our web site at
www.baldwinandlyons.com. The webcast will be archived on the site until May 1, 2010.
Also available on the investor relations section of our web site are complete interim financial
statements and copies of our filings with the Securities and Exchange Commission.

Financial Highlights (unaudited)
Baldwin & Lyons, Inc. and Subsidiaries
(In thousands, except per share data) Three Months Ended
March 31
2008
2009
Operating revenue $ 50,588
$ 48,992
Net investment losses (13,575)
(1,232)
$ 37,013
Total revenue $ 47,760
Operating income $ 4,216
$ 6,242
Net investment losses,
net of federal income taxes (8,824)
(801)
($ 4,608)
Net income (loss) $ 5,441
Per share data - diluted:
Average number of shares 15,243
14,767
Operating income $ .28
$ .42
Net investment losses (.58)
(.05)
($ .30)
Net income (loss) $ .37
Dividends paid to shareholders $ .25
$ .25
Annualized return on average
shareholders' equity:
Operating income 5.0%
8.0%
Net income (loss) -5.4%
7.0%
Consolidated combined ratio of
insurance subsidiaries (GAAP basis):
Without fee income 98.5%
89.0%
Including fee income 96.9%
87.6%
Forward-looking statements in this report are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve inherent risks
and uncertainties. Readers are encouraged to review the Company's annual report for its full statement regarding
forward-looking information.

Baldwin & Lyons, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share data)
December 31
March 31
2008
2009
(Unaudited)
Assets
Investments 1 :
Fixed maturities ($347,251) $ 364,280
$ 353,791
Equity securities ($40,263) 63,200
55,968
Limited partnerships, at equity 59,864
58,595
Short-term 2 33,820
18,280
521,164
486,634
Cash and cash equivalents 16,657
37,454
Accounts receivable 29,701
29,167
Reinsurance recoverable 159,989
161,458
Notes receivable from employees 2,199
2,121
Deferred federal income taxes 10,590
13,983
Other assets 37,443
34,912
$ 777,743
$ 765,729
Liabilities and shareholders' equity
Reserves for losses and loss expenses $ 389,558
$ 377,876
Reserves for unearned premiums 17,183
20,140
Short term borrowings 9,000
9,000
Accounts payable and accrued expenses 29,938
31,148
Current federal income taxes 1,997
1,916
447,676
440,080
Shareholders' equity:
Common stock-no par value 631
629
Additional paid-in capital 46,312
46,117
Unrealized net gains on investments 19,410
14,459
Retained earnings 263,714
264,444
330,067
325,649
$ 777,743
$ 765,729
Number of common and common
14,786
14,733
equivalent shares outstanding
$22.32
$22.10
Book value per outstanding share
1
2009 cost in parentheses
2
Approximates cost

Baldwin & Lyons, Inc. and Subsidiaries
Unaudited Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended
March 31
2008
2009
Revenues
Net premiums earned $ 45,087
$ 44,164
Net investment income 4,200
3,259
Net realized losses on investments (13,575)
(1,232)
Commissions and other income 1,301
1,569
37,013
47,760
Expenses
Losses and loss expenses incurred 29,461
23,888
Other operating expenses 15,640
16,916
45,101
40,804
(8,088)
Income (loss) before federal income taxes 6,956
Federal income taxes (benefits) (3,480)
1,515
($ 4,608)
Net income (loss) $ 5,441
Per share data - diluted:
Income before net losses on investments $ .28
$ .42
Net losses on investments (.58)
(.05)
($ .30)
Net income (loss) $ .37
Dividends $ .25
$ .25
Reconciliation of shares outstanding:
Average shares outstanding - basic and diluted 15,243
14,767

Baldwin & Lyons, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(dollars in thousands)
Three Months Ended
March 31
2009 2008
Net cash used in operating activities ($ 1,582) ($ 6,274)
Investing activities:
Purchases of long-term investments (41,502) (149,244)
Proceeds from sales or maturities
or long-term investments 53,408 115,821
Net sales of short-term investments 15,541 23,815
Other investing activities (494) 1,379
Net cash provided by (used in) investing activities 26,953 (8,229)
Financing activities:
Dividends paid to shareholders (3,694) (3,811)
Cost of treasury stock (880) -
Net cash used in financing activities (4,574) (3,811)
Increase (decrease) in cash and cash equivalents 20,797 (18,314)
Cash and cash equivalents at beginning of period 16,657 82,137
Cash and cash equivalents at end of period $ 37,454 $ 63,823

Baldwin & Lyons, Inc. and Subsidiaries
Notes to Unaudited Consolidated Financial Statements
(1) The accompanying unaudited condensed financial statements have been prepared in accordance with the
instructions to Form 10-Q and do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been
included. Operating results for the interim periods are not necessarily indicative of the results that may be
expected for the year ended December 31, 2009. Interim financial statements should be read in conjunction
with the Company’s annual audited financial statements.
(2) Forward-looking statements in this report are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve
inherent risks and uncertainties. Readers are encouraged to review the Company's annual report for its full
statement regarding forward-looking information.
(3) Total realized and unrealized income for the quarter ended March 31, 2009 was $154 and compares to total
realized and unrealized loss of $7,598 for the quarter ended March 31, 2008.
(4) The following table provides underwriting information for each of the Company’s segments. The amounts and
ratios presented below do not consider net fee income, primarily from Sagamore’s private passenger
automobile product. If such fees were considered to be premium revenue, the overall combined ratios for the
first quarters of 2009 and 2008 would be lower by 1.4 and 1.6 percentage points, respectively.

Direct and
Assumed Net Net
Premium Premium Premium Loss & Expense Combined
Written Written Earned LAE Ratio Ratio Ratio
Underwriting Operations:
Quarter ended March 31, 2009
Property & Casualty Insurance $ 49,236 $ 37,935 $ 34,976 57.5 % 38.0 % 95.5 %
Property Reinsurance 9,839 9,188 9,188 41.1 % 23.2 % 64.3 %
Totals $ 59,075 $ 47,123 $ 44,164 54.1 % 34.9 % 89.0 %
Quarter ended March 31, 2008
Property & Casualty Insurance $ 47,865 $ 38,264 $ 37,277 72.5 % 35.8 % 108.3 %
Property Reinsurance 8,015 7,810 7,810 31.0 % 21.0 % 52.0 %
Totals $ 55,880 $ 46,074 $ 45,087 65.3 % 33.2 % 98.5 %
Direct and
Assumed Net Net
Premium Premium Premium Loss &
Written Written Earned LAE Ratio
Selected Product Data:
Quarter ended March 31, 2009
Fleet Transportation $ 40,370 $ 29,135 $ 29,503 55.9 %
Private Passenger Automobile 8,723 8,658 5,289 65.6 %
Residual Market and All Other 143 142 184 NM
Total Property & Casualty Insurance $ 49,236 $ 37,935 $ 34,976 57.5 %
Quarter ended March 31, 2008
Fleet Transportation $ 40,690 $ 31,187 $ 31,364 72.0 %
Private Passenger Automobile 7,093 6,995 5,829 70.4 %
82 82 84 NM
Residual Market and All Other
Total Property & Casualty Insurance $ 47,865 $ 38,264 $ 37,277 72.5 %
NM - Not meaningful
December
March
2008
2009
Net GAAP loss and loss expense reserves $ 231,633
$ 217,953
Net statutory loss and loss expense reserves 235,773
222,093
Consolidated statutory surplus 315,879
311,387