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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
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
------------
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1) Names of Reporting Persons S.S. or I.R.S. Identification Nos. of Above
Persons
V. Prem Watsa
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(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 (6) Shared Voting Power 775,900
Person With ----------------------------------------------------
(7) Sole Dispositive Power -0-
-----------------------------------------------------
(8) Shared Dispositive Power 775,900
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9) Aggregate Amount Beneficially Owned by Each Reporting Person 775,900
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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 6.9%
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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
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(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 (6) Shared Voting Power 775,900
Person With -----------------------------------------------------
(7) Sole Dispositive Power -0-
-----------------------------------------------------
(8) Shared Dispositive Power 775,900
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9) Aggregate Amount Beneficially Owned by Each Reporting Person 775,900
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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 6.9%
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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.
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(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 775,900
Person With ---------------------------------------------------------
(7) Sole Dispositive Power -0-
---------------------------------------------------------
(8) Shared Dispositive Power 775,900
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9) Aggregate Amount Beneficially Owned by Each Reporting Person 775,900
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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 6.9%
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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
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(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 (6) Shared Voting Power 775,900
Person With ---------------------------------------------------
(7) Sole Dispositive Power -0-
---------------------------------------------------
(8) Shared Dispositive Power 775,900
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9) Aggregate Amount Beneficially Owned by Each Reporting Person 775,900
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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 6.9%
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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.
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(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 (6) Shared Voting Power 775,900
Person With -----------------------------------------------------
(7) Sole Dispositive Power -0-
-----------------------------------------------------
(8) Shared Dispositive Power 775,900
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9) Aggregate Amount Beneficially Owned by Each Reporting Person 775,900
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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 6.9%
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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,
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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
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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.
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(e) [ ] Investmnent 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.
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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:
775,900
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(b) Percent of Class:
6.9%
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(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 775,900
(iii) sole power to dispose or to direct the disposition -0-
(iv) shared power to dispose or to direct the disposition of 775,900
ITEM 5
Ownership of Five Percent or Less of a Class.
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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 [ ].
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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.
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ITEM 6
Ownership of More than Five Percent on Behalf of Another Person.
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Not applicable.
ITEM 7
Identification Classification of Subsidiary Which Acquired the Security Being
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Reported on By the Parent Holding Company.
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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)
Odyssey America Reinsurance Corporation ("Odyssey") which owns 524,000 of the
Class B Common shares of the Issuer, (2) Sphere Drake Holdings Limited ("Sphere
Drake") which owns 251,900 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 Odyssey
and Sphere Drake, shares the power to vote, and the power to dispose of, 775,900
Class B Common shares of the Issuer. Exhibit A attached hereto states the
identity and Item 3 classification of Odyssey Sphere Drake and Hamblin.
ITEM 8
Identification and Classification of Members of the Group.
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Not applicable.
ITEM 9
Notice of Dissolution of Group.
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Not applicable.
ITEM 10
Certification
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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.
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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 5, 1998
/s/ V. Prem Watsa
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Signature
V. Prem Watsa
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Name
THE SIXTY TWO INVESTMENT COMPANY
LIMITED
By: /s/ V. Prem Watsa
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Signature
V. Prem Watsa, President
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Name / Title
810679 ONTARIO LTD.
By: /s/ V. Prem Watsa
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Signature
V. Prem Watsa, President
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Name / Title
FAIRFAX FINANCIAL HOLDINGS LIMITED
By: /s/ Eric P. Salsberg
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Signature
Eric P. Salsberg, V.P. Corporate Affairs
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Name / Title
HAMBLIN WATSA INVESTMENT COUNSEL LTD.
By: /s/ A.F. Hamblin
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Signature
A.F. Hamblin, President
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Name / Title
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EXHIBIT A
TO SCHEDULE 13G FILED BY
FAIRFAX FINANCIAL HOLDINGS LIMITED AND OTHERS
Relevant Subsidiary Item 3 Classification
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Sphere Drake Holdings Limited (c) Insurance Company
Odyssey American Reinsurance
Corporation (c) Insurance Company
Hamblin Watsa Investment
Counsel Ltd. (e) Investment Advisor
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