1. Baldwin & Lyons (BWINB-BWINA) Christian Gabis Yuange Yang

2.  Fleet Insurance (Protective)  Auto Insurance (Sagamore)  Insure Companies Like FedEx

3.  Combined Ratio  The combined ratio of BWINB has been around 70%. This is a good thing!  They are very conservative about their underwriting. They write for profit and not for market share.

4.  Fixed Income (Bonds) Majority  Some Equity Investments  Some Limited Partnership Investments  Overall They Have Invested Quite Profitably

5.  There has been some insider buying in the $16 range  Large holders account for over 47% of outstanding shares  The company has been buying back shares aggressively since it is selling below book value  This will increase book value!

6.  A.M. Best top rating of A+  Market Price: $17.87  Market Cap: $267 Million  Near 6% Dividend ($1 per share last year)  Earnings will be cyclical for this company  Average Earnings appear to be about $2 per share  Combined Ratio of approximately 70%

7.  This company could pay out a dividend of around $260 Million (Market Cap of $267!)  It is selling at 80% of book value  No Analyst Coverage  Apply a PE of 10 and you can get $20 a share  No LT Debt!