Book value per share increased $.13 per share during the fourth quarter, after the payment of $.25 per share in regular cash dividends. For the year, book value per share increased $1.76, after the payment of cash dividends to shareholders of $1.00 per share, with the combination of the increase in book value and dividends representing a 12.9% total return on beginning book value.

Conference Call Information:

Baldwin & Lyons, Inc. has scheduled a conference call for Thursday, January 31, 2013, at 11:00 AM ET (New York time) to discuss results for the fourth quarter ended December 31, 2012.

To participate via teleconference, investors may dial 1-888-417-8533 (U.S./Canada) or 1-719-457-2083 (International or local) at least five minutes prior to the beginning of the call. A replay of the call will be available through February 7, 2013 by calling 1-877-870-5176 or 1-858-384-5517 and referencing passcode 2143826. Investors and interested parties may also listen to the call via a live webcast, accessible on the company's web site via a link at the top of the main Investor Relations page. To participate in the webcast, please register at least fifteen minutes prior to the start of the call. The webcast will be archived on this site until January 31, 2014. The webcast may be accessed directly at: http://public.viavid.com/index.php?id=102928

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 Twelve Months Ended
  December 31 December 31
  2012 2011 2012 2011
         
Operating revenue $ 65,468 $ 68,354 $ 253,113 $ 261,397
Net investment gains (losses) 302 3,088 9,011 (17,803)
         
Total revenue $ 65,770 $ 71,442 $ 262,124 $ 243,594
         
Operating income (loss) $ 4,480 $ 3,491 $ 26,062 $ (16,603)
Net investment gains (losses), net of federal income taxes 196 2,007 5,857 (11,572)
         
Net income (loss) $ 4,676 $ 5,498 $ 31,919 $ (28,175)
         
Per share data - diluted:        
Average number of shares 14,886 14,845 14,868 14,818
         
Operating income (loss) $ .30 $ .24 $ 1.75 $ (1.12)
Net investment gains (losses) .01 .13 .40 (.78)
         
Net income (loss) $ .31 $ .37 $ 2.15 $ (1.90)
         
Dividends paid to shareholders $ .25 $ .25 $ 1.00 $ 1.00
         
Annualized return on average shareholders' equity:        
Operating income (loss) 5.8% 4.8% 8.6% -5.3%
         
Net income (loss) 6.0% 7.5% 10.6% -9.0%
         
Consolidated combined ratio of insurance subsidiaries (GAAP basis):        
Without fee income 93.8% 99.5% 88.9% 118.3%
Including fee income 93.0% 98.6% 88.0% 117.1%
         

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.
CONTACT: Press Contact:          G. Patrick Corydon         (317) 636-9800         corydon@baldwinandlyons.com

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