8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): June 28, 2007

Bancinsurance Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

Ohio	0-8738	31-0790882
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
250 East Broad Street, 10th Floor, Columbus, Ohio		43215
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 614-220-5200

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective June 28, 2007, Si Sokol retired as the Chairman of the Board and Chief Executive Officer of Bancinsurance Corporation (the "Company") and the Company’s wholly-owned subsidiary, Ohio Indemnity Company ("OIC"). On June 28, 2007, the Board of Directors of the Company appointed John S. Sokol, the Company’s current President and acting Chief Executive Officer and a Director, as the Chairman of the Board and Chief Executive Officer of the Company. He will also continue to serve as the Company’s President. In addition, the Board of Directors of OIC elected John S. Sokol as OIC’s Chairman of the Board and Chief Executive Officer. He will also continue to serve as OIC’s President.

John S. Sokol, age 45, has served as the Company's acting Chief Executive Officer since March 2007 and President since June 1999. Prior to that, he was Executive Vice President of the Company from June 1996 until June 1999. From 1993 to June 1996, John S. Sokol was Vice President o f the Company. He joined the Company in 1993 after serving as an officer of Chemical Bank, a national provider of banking and financial services. John S. Sokol is the son of Si Sokol. The Company’s executive officers are elected by the Board of Directors and serve at the pleasure of the Board.

On June 28, 2007, the Company issued a press release announcing the retirement of Si Sokol and the appointment of John S. Sokol as his successor. A copy of this press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
99.1 Press Release dated June 28, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Bancinsurance Corporation
June 28, 2007	By:	/s/ Matthew C. Nolan
		Name: Matthew C. Nolan
		Title: Vice President, Chief Financial Officer, Treasurer and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated June 28, 2007

EX-99.1

BANCINSURANCE CORPORATION ANNOUNCES CEO RETIREMENT

COLUMBUS, Ohio (June 28, 2007) - Bancinsurance Corporation, a specialty property and casualty insurance holding company, today announced the retirement of Si Sokol, the Company’s Chairman of the Board and Chief Executive Officer. Mr. Sokol also retired from the same positions with Ohio Indemnity Company, a wholly-owned subsidiary.  Mr. Sokol’s retirement ends a 37-year career with Bancinsurance Corporation.  He served as Chairman of the Board since the Company was formed in 1970 and as its Chief Executive Officer since 1980.

The Board of Directors elected John S. Sokol, Bancinsurance Corporation’s President to the additional positions of Chairman of the Board and Chief Executive Officer, effective immediately.  Since 1999, John Sokol has served as the President of the Company and Ohio Indemnity.  Prior to that, he was Executive Vice President of the Company and Ohio Indemnity from June 1996 until June 1999.  From 1993 to 1996, John Sokol was Vice President of the Company and Ohio Indemnity.  John Sokol joined the Company in 1993 after serving as an officer of Chemical Bank, a national provider of banking and financial services.

John Sokol commented, “On behalf of myself, the Board of Directors and the entire Bancinsurance team, we are extremely grateful for Si’s outstanding leadership and dedication to the Company over nearly four decades.  He was instrumental in building Bancinsurance into the strong organization it is today. We are committed to continuing his legacy and pursuing his vision for Bancinsurance.”

About Bancinsurance Corporation

Bancinsurance Corporation, headquartered in Columbus, Ohio, is principally engaged through its property and casualty insurance subsidiary, Ohio Indemnity Company, in underwriting specialty insurance.  Automobile lender/dealer insurance products include our ULTIMATE LOSS INSURANCE®, creditor placed insurance and guaranteed auto protection insurance products.  These products protect banks and other lenders against risk arising from theft or damage to certain loan collateral where the borrower has failed to secure or maintain adequate insurance coverage. Unemployment compensation products are utilized by qualified entities that elect not to pay the unemployment compensation taxes and instead reimburse state unemployment agencies for benefits paid by the agencies to the entities’ former employees.  Our waste industry products consist of surety bonds produced and administered by a general insurance agent whereby the Company both assumes and cedes business through quota share reinsurance arrangements.  Other specialty products consist primarily of vehicle service contracts, other surety products and run-off of the discontinued bond program.

Forward-Looking Statements

Certain statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, we may make other written or oral communications from time to time that contain forward-looking statements. Forward-looking statements convey our current expectations or forecast future events. All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include statements regarding our future financial position, results of operations, business strategy, budgets, projected costs and plans and objectives of management for future operations. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “anticipate” and similar expressions generally identify forward-looking statements but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those statements. Risk factors that might cause actual results to differ from those statements include, without limitation, changes in underwriting results affected by adverse economic conditions, fluctuations in the investment markets, changes in the retail marketplace, changes in the laws or regulations affecting the operations of the Company, changes in the business tactics or strategies of the Company, the financial condition of the Company’s business partners, changes in market forces, litigation, developments in the discontinued bond program and related Highlands arbitration, the ongoing SEC private investigation and the concentrations of ownership of the Company’s common shares by members of the Sokol family, and other risk factors identified in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2006, any one of which might materially affect our financial condition and/or results of operations. Any forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.

CONTACT:

John S. Sokol

Chairman, Chief Executive Officer and President

jsokol@bancins.com

614-220-5200