<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>3
<FILENAME>l86921aex21.txt
<DESCRIPTION>EXHIBIT 21
<TEXT>

<PAGE>   1

                  EXHIBIT 21 -- SUBSIDIARIES OF THE COMPANY
<TABLE>
<CAPTION>
                                               --------------------------------
                                                        BANCINSURANCE
                                                         CORPORATION
                                               --------------------------------

 -----------------------   ----------------------------------  -----------------------------------  --------------------------------
          100%                            100%                                 100%                              100%
<S>                          <C>                               <C>                                   <C>
 OHIO INDEMNITY COMPANY      AMERICAN LEGAL PUBLISHING CORP.     PAUL BOARDWAY & ASSOCIATES, INC.        BIC MANAGEMENT, INC.
 (An Insurance Company)          (A Publishing Company)             (An Insurance Agency)           (A Cost Containment Provider)
  Incorporated in Ohio            Incorporated in Ohio             Incorporated in New York            Incorporated in Nevada
 -----------------------   ----------------------------------  -----------------------------------  --------------------------------
</TABLE>
</TEXT>
</DOCUMENT>