[BANCINSURANCE CORPORATION LOGO]                                      EXHIBIT 99





FOR IMMEDIATE RELEASE                        For Additional Information
                                             Contact:  John Sokol
                                                       President
                                                       (614) 228-2800

                       BANCINSURANCE CORPORATION ANNOUNCES
                 SUCCESSFUL COMPLETION OF TRUST PREFERRED ISSUE

COLUMBUS, Ohio (December 4, 2002) Bancinsurance Corporation (NASDAQ: BCIS), a
specialty insurance holding company, announced today that it raised $8 million
of capital through the issuance of floating rate trust preferred securities by
BIC Statutory Trust I, a special purpose business trust subsidiary formed by
Bancinsurance. The floating rate trust preferred securities were issued in
connection with a pooled private placement offering. Keefe, Bruyette & Woods,
Inc. and FTN Financial Capital Markets were the placement agents.

The floating rate trust preferred securities pay interest quarterly at a rate
equal to 3-month LIBOR plus 400 basis points, are redeemable at par on or after
December 4, 2007 and mature on December 4, 2032. Under the terms of the
transaction, Bancinsurance has guaranteed the payments due under the floating
rate trust preferred securities.

Bancinsurance President John S. Sokol stated that the proceeds will be used for
general corporate purposes, which may include increasing the capital of
Bancinsurance's property/casualty insurance subsidiary, Ohio Indemnity Company.

The floating rate trust preferred securities were issued pursuant to an
exemption from registration under the Securities Act of 1933, as amended.
Accordingly, these securities may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements of the Securities Act.

Bancinsurance Corporation, headquartered in Columbus, Ohio, is principally
engaged through its property/casualty insurance subsidiary, Ohio Indemnity
Company, in underwriting specialty insurance. Lender insurance products and
guaranteed auto protection 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. The Company's surety
products include bonds for unemployment insurance servicing commitments for
national administrative firms that perform services for non-profit organizations
as well as bail bond coverage.

With the exception of historical information, this press release includes
forward-looking statements that involve risks and uncertainties, including, but
not limited to, items which have been detailed from time to time in the
Company's Securities and Exchange Commission filings, including the Company's
Form 10-K for the year ended December 31, 2001. Actual results may differ
materially from management's expectations. All forward-looking statements made
in this news release are based on information presently available to management
of the Company. The Company assumes no obligation to update any forward-looking
statements.


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