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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ______)*
Baldwin & Lyons Inc.
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(Name of Issuer)
Class B Common
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(Title of Class of Securities)
057755209
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act.
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CUSIP NO. 057755209
-------------
- -------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification
Nos. of Above Persons
V. Prem Watsa
-----------------------------------------------------------
(No S.S. or I.R.S. Identification Nos.)
- -------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . .
(b) X . . . . . . . . . . . . . . . . . . . . . . .
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3) SEC Use Only . . . . . . . . . . . . . . . . . . . . . .
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4) Citizenship or Place of Organization Canada
------------------------
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Number of Shares (5) Sole Voting Power -0-
Beneficially Owned ------------------
by Each Reporting -------------------------------------------
Person With (6) Shared Voting Power 745,500
--------------
-------------------------------------------
(7) Sole Dispositive Power -0-
-------------
-------------------------------------------
(8) Shared Dispositive Power 745,500
-----------
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9) Aggregate Amount Beneficially Owned by Each Reporting Person
745,500
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10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) . . . . . . . . . . . . . . . . .
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11) Percent of Class Represented by Amount in Row 9 6.5%
------------
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12) Type of Reporting Person (See Instructions) IN (Canadian)
-----------------
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2(1)
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CUSIP NO. 057755209
--------------------
- -------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification
Nos. of Above Persons
The Sixty Two Investment Company Limited
-----------------------------------------------------------
(No S.S. or I.R.S. Identification Nos.)
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2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . .
(b) X . . . . . . . . . . . . . . . . . . . . . . . .
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3) SEC Use Only . . . . . . . . . . . . . . . . . . . . . . .
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4) Citizenship or Place of Organization
British Columbia, Canada
------------------------
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Number of Shares (5) Sole Voting Power -0-
Beneficially Owned -----------------
by Each Reporting -------------------------------------------
Person With (6) Shared Voting Power 745,500
----------------
-------------------------------------------
(7) Sole Dispositive Power -0-
-------------
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(8) Shared Dispositive Power 745,500
-----------
- -------------------------------------------------------------------------------
9) Aggregate Amount Beneficially Owned by Each Reporting Person
745,500
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10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
11) Percent of Class Represented by Amount in Row 9 6.5%
------------
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12) Type of Reporting Person (See Instructions) CO (Canadian)
----------------
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2(2)
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CUSIP NO. 057755209
----------
- -------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification
Nos. of Above Persons
810679 Ontario Ltd.
-----------------------------------------------------------
(No S.S. or I.R.S. Identification Nos.)
- -------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . .
(b) X . . . . . . . . . . . . . . . . . . . . . . . .
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3) SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . .
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4) Citizenship or Place of Organization Ontario, Canada
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Number of Shares (5) Sole Voting Power -0-
Beneficially Owned -----------------
by Each Reporting (6) Shared Voting Power 745,500
Person With ----------------
(7) Sole Dispositive Power -0-
-------------
(8) Shared Dispositive Power 745,500
------------
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9) Aggregate Amount Beneficially Owned by Each Reporting Person
745,500
- -------------------------------------------------------------------------------
10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
11) Percent of Class Represented by Amount in Row 9 6.5%
------------
12) Type of Reporting Person (See Instructions) CO (Canadian)
----------------
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2(3)
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CUSIP NO. 057755209
----------
- -------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification
Nos. of Above Persons
Fairfax Financial Holdings Limited
-----------------------------------------------------------
(No S.S. or I.R.S. Identification Nos.)
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2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . .
(b) X . . . . . . . . . . . . . . . . . . . . . . . .
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3) SEC Use Only . . . . . . . . . . . . . . . . . . . . . . .
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4) Citizenship or Place of Organization Canada
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Number of Shares (5) Sole Voting Power -0-
Beneficially Owned ------------------
by Each Reporting -------------------------------------------
Person With (6) Shared Voting Power 745,500
----------------
-------------------------------------------
(7) Sole Dispositive Power -0-
-------------------------------------------
(8) Shared Dispositive Power 745,500
-----------
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9) Aggregate Amount Beneficially Owned by Each Reporting Person
745,500
- -------------------------------------------------------------------------------
10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) . . . . . . . . . . . . . . . . .
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11) Percent of Class Represented by Amount in Row 9 6.5%
------------
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12) Type of Reporting Person (See Instructions) HC (Canadian)
----------------
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2(4)
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CUSIP NO. 057755209
---------
- -------------------------------------------------------------------------------
1) Names of Reporting Persons S.S. or I.R.S. Identification
Nos. of Above Persons
Hamblin Watsa Investment Counsel Ltd.
-----------------------------------------------------------
(No S.S. or I.R.S. Identification Nos.)
- -------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) . . . . . . . . . . . . . . . . . . . . . . . . .
(b) X . . . . . . . . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
3) SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
4) Citizenship or Place of Organization Canada
-----------------------
- -------------------------------------------------------------------------------
Number of Shares (5) Sole Voting Power -0-
Beneficially Owned ------------------
by Each Reporting -------------------------------------------
Person With (6) Shared Voting Power 745,500
----------------
-------------------------------------------
(7) Sole Dispositive Power -0-
-------------------------------------------
(8) Shared Dispositive Power 745,500
- -------------------------------------------------------------------------------
9) Aggregate Amount Beneficially Owned by Each Reporting Person
745,500
- -------------------------------------------------------------------------------
10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) . . . . . . . . . . . . . . . . .
- -------------------------------------------------------------------------------
11) Percent of Class Represented by Amount in Row 9 6.5%
------------
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12) Type of Reporting Person (See Instructions)
CO and IA (Canadian)
---------------------
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2(5)
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ITEM 1(a)
Name of Issuer: Baldwin & Lyons Inc.
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ITEM 1(b)
Address of Issuer's Principal Executive Offices: 1099 North Meridian Street,
-------------------------------
Indianapolis, Indiana 46204
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ITEM 2(a)
Names of Persons Filing: V. Prem Watsa, The Sixty Two Investment Company
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Limited, 810679 Ontario Ltd., Fairfax Financial Holdings Limited and Hamblin
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Watsa Investment Counsel Ltd. (See Note 1 below)
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ITEM 2(b)
Address of Principal Business Office or, if none, Residence:
95 Wellington Street West, Suite 802, Toronto, Ontario, Canada M5J 2N7
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ITEM 2(c)
Citizenship: Canada
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ITEM 2(d)
Title of Class of Securities: Class B Common
--------------------------------------------------
ITEM 2(e)
CUSIP Number: 057755209
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ITEM 3
If this statement is filed pursuant to Rule 13d-1(b), check whether the person
filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act
(d) [ ] Investment Company registered under Section 8 of the
Investment Company
Act
- --------
Note 1: Mr. Watsa, The Sixty Two Investment Company Limited,
810679 Ontario Ltd. and Hamblin Watsa Investment Counsel
Ltd. are filing this Schedule 13G pursuant to a no-action
letter dated June 8, 1994 from the Commission to Fairfax
Financial Holdings Limited.
3
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<TABLE>
<S> <C> <C>
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act
of 1974 or Endowment Fund; see Section 240.13d-1(b)(1)(ii)(F)
(g) [X] Parent Holding Company, in accordance with Section
240.13d-1(b)(ii)(G) (See Note 2 below)
(h) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(H)
ITEM 4
Ownership.
- ----------
If the percent of the class owned, as of December 31 of the year
covered by the statement, or as of the last day of any month described in Rule
13d-1(b)(2), if applicable, exceeds five percent, provide the following
information as of that date and identify those shares which there is a right to
acquire.
(a) Amount Beneficially Owned:
745,500
-------------------------------------------------------------
(b) Percent of Class:
6.5%
-------------------------------------------------------------
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote -0-
------------------------------
(ii) shared power to vote or to direct the vote 745,500
-----------------------------
(iii) sole power to dispose or to direct the disposition -0-
---------------------
(iv) shared power to dispose or to direct the disposition of 745,500
----------------
ITEM 5
Ownership of Five Percent or Less of a Class.
- ---------------------------------------------
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [ ].
- -----------------
Note 2: The filing of this Schedule 13G and the statements
therein shall not be construed as an admission
that Mr. Watsa, The Sixty Two Investment Company
Limited, 810679 Ontario Ltd. or Fairfax Financial
Holdings Limited are for the purposes of Sections
13(d) or 13(g) of the Securities Exchange Act of
1934 the beneficial owners of the Issuer's Common
Stock or have any pecuniary interest therein.
</TABLE>
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ITEM 6
Ownership of More than Five Percent on Behalf of Another Person.
- ----------------------------------------------------------------
Not applicable.
ITEM 7
Identification Classification of Subsidiary Which Acquired the Security Being
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Reported on By the Parent Holding Company.
- ------------------------------------------
Mr. Watsa, directly, and indirectly through The Sixty Two Investment
Company Limited and 810679 Ontario Ltd., owns the controlling equity voting
interest of Fairfax Financial Holdings Limited ("Fairfax"). Fairfax is filing
this Schedule 13G on behalf of three of Fairfax's subsidiary corporations, (1)
Ranger Insurance Company ("Ranger") which owns 240,000 of the Class B Common
shares of the Issuer, (2) Odyssey America Reinsurance Corporation ("Odyssey")
which owns 505,500 of the Class B Common shares of the Issuer, and (3) Hamblin
Watsa Investment Counsel Ltd., a Canadian investment adviser ("Hamblin").
Hamblin, through its investment advisory agreements with Ranger and Odyssey,
shares the power to vote, and the power to dispose of, 745,500 Class B Common
shares of the Issuer. Exhibit A attached hereto states the identity and Item 3
classification of Ranger, Odyssey and Hamblin.
ITEM 8
Identification and Classification of Members of the Group.
- ----------------------------------------------------------
Not applicable.
ITEM 9
Notice of Dissolution of Group.
- -------------------------------
Not applicable.
ITEM 10
Certification.
- --------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
5
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February _____, 1996
-----------------------------------
Signature
V. Prem Watsa
-----------------------------------
Name
THE SIXTY TWO INVESTMENT COMPANY
LIMITED
By:
-----------------------------------
Signature
V.Prem Watsa, President
-----------------------------------
Name / Title
810679 ONTARIO LTD.
By:
-----------------------------------
Signature
V.Prem Watsa, President
-----------------------------------
Name / Title
FAIRFAX FINANCIAL HOLDINGS LIMITED
By:
-----------------------------------
Signature
Eric P. Salsberg, V.P. Corporate Affairs
----------------------------------------
Name / Title
HAMBLIN WATSA INVESTMENT COUNSEL LTD.
By:
-----------------------------------
Signature
A.F. Hamblin, President
-----------------------------------
Name / Title
6
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EXHIBIT A
TO SCHEDULE 13G FILED BY
FAIRFAX FINANCIAL HOLDINGS LIMITED AND OTHERS
Relevant Subsidiary Item 3 Classification
- ------------------- ---------------------
Ranger Insurance Company (c) Insurance Company
Odyssey America Reinsurance
Corporation (c) Insurance Company
Hamblin Watsa Investment
Counsel (e) Investment Advisor
7
