Semi-Random Crunch - Ashnar's Shield Swarm

My Living Enworld character Ashnar (one of currently two) is a lawful evil wizard specialized in evocation, but the school of abjuration is close to his heart as well (necromancy may be as well, but that's not the topic).
However, he hasn't been much of a protector yet, but I hope to propose a spell that helps with that once ENWorld comes back up.

Ashnar's Shield Swarm
Abjuration [Force]
Level: Sor/Wiz 2
Components: V, S
Casting Time: 1 standard action
Range: Close (25 ft. + 5 ft./2 levels)
Target: Up to 1 ally/level
Duration: 1 minute/level (D)
Saving Throw: Will negates (harmless)
Spell Resistance: Yes (harmless)
Small shields of force start hovering around the targets, intercepting attacks made against him or her.
You create one shield per caster level, to a maximum of ten shields, and distribute them among you and your allies as you wish, except that no character may have more than five of these shields. Affected allies gain a shield bonus to their Armor Class equal to the number of shields distributed to them. This bonus applies against incorporeal touch attacks, since it is a force effect. The shields have no armor check penalty or arcane spell failure chance.
Shields that cannot be distributed are lost.

Obviously based on the shield spell, this spell offers the possibility to ward multiple characters in the same action, but probably with a lower bonus than shield or mage armor. Also, it cannot stop magic missile like the standard shield spell. It is second level because I do think that on the whole, it is still stronger than shield. I'm looking forward to what Rystil Arden, who is pretty much a balance expert over at ENWorld, has to say about the spell. ;)