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): February 17, 2005

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: 614-228-2800

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 7.01. Regulation FD Disclosure.

On February 17, 2005, Bancinsurance Corporation (the "Company") announced that Merlinos & Associates, Inc. has been engaged to provide actuarial consulting services to Ohio Indemnity Company, a wholly owned subsidiary of the Company. Merlinos & Associates, Inc. will perform an analysis and issue a statement of actuarial opinion concerning Ohio Indemnity’s loss reserves as of December 31, 2004. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On February 18, 2005, the Company announced Kirkpatrick & Lockhart Nicholson Graham LLP has been engaged by the Audit Committee of the Company to conduct a thorough review of each of the concerns raised by the Company's independent registered public accounting firm, Ernst & Young LLP. A copy of this press release is attached as Exhibit 99.2 hereto and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1 Press release dated February 17, 2005
99.2 Press release dated February 18, 2005

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
February 24, 2005	By:	/s/ John S. Sokol
		Name: John S. Sokol
		Title: President

Exhibit Index

Exhibit No.	Description
99.1	Press release dated February 17, 2005.
99.2	Press release dated February 18, 2005.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE For Additional Information

Contact: John S. Sokol
President
(614) 220-5200

BANCINSURANCE CORPORATION ANNOUNCES

APPOINTMENT OF ACTUARIAL CONSULTANT

COLUMBUS, Ohio (February 17, 2005) Bancinsurance Corporation (NASDAQ: BCISE) announced today that Merlinos & Associates, Inc. has been engaged to provide actuarial consulting services to Ohio Indemnity Company, a wholly owned subsidiary of Bancinsurance Corporation. Merlinos and Associates, Inc. will perform an analysis and issue a statement of actuarial opinion concerning Ohio Indemnity’s loss reserves as of December 31, 2004.

John Sokol, President, commented “We are very pleased with Merlinos & Associates’ professional qualifications regarding product lines in which Ohio Indemnity specializes. Specifically, Merlinos & Associates has experience with collateral protection, surety and bail bond products. We believe these capabilities will provide the Company with a high quality review of our loss reserves.”

Merlinos & Associates, Inc.

Merlinos & Associates, Inc. is headquartered in Norcross, Georgia. They provide property/casualty and health actuarial consulting services to the insurance industry. Eight of the firm’s fourteen professionals are members of the Casualty Actuarial Society and have extensive property/casualty insurance consulting experience.

Bancinsurance Corporation

Bancinsurance Corporation, headquartered in Columbus, Ohio, is principally engaged through its property/casualty insurance subsidiary, Ohio Indemnity Company, in underwriting specialty insurance. Lender/Dealer insurance products include our ULI, CPI and GAP 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. The Company’s unemployment compensation products are utilized by not-for-profit entities that elect to not pay the unemployment compensation tax and instead reimburse the state unemployment agencies for benefits paid by the agencies to the entities’ former employees. Other Specialty products include our waste surety bond program and run off of the bail bond reinsurance program.

Exhibit 99.2

FOR IMMEDIATE RELEASE For Additional Information

Contact: John S. Sokol
President
(614) 220-5200

LAW FIRM SELECTED TO REPRESENT AUDIT COMMITTEE

IN REVIEW OF CONCERNS RAISED BY ERNST & YOUNG LLP

COLUMBUS, Ohio (February 18, 2005) Bancinsurance Corporation (NASDAQ: BCISE) announced today Kirkpatrick & Lockhart Nicholson Graham LLP has been engaged by the Audit Committee of the Company to conduct a thorough review of each of the concerns raised by Ernst & Young LLP.

Bancinsurance Corporation’s Audit Committee is expected to recommend whatever action may be necessary to resolve these issues. The Company’s objective is to have the withdrawn audit reports re-issued or replaced and to have the 2004 audit completed as soon as practicable.

Kirkpatrick & Lockhart Nicholson Graham LLP

Kirkpatrick & Lockhart Nicholson Graham LLP (“K&LNG”) comprises two limited liability partnerships, each named Kirkpatrick & Lockhart Nicholson Graham LLP. One is qualified in Delaware in the U.S. and practices from offices located in Boston, Dallas, Harrisburg, Los Angeles, Miami, Newark, New York, Pittsburgh, San Francisco and Washington, and one is incorporated in England and practices from its London office. Together they have nearly 1,000 lawyers. The firm represents entrepreneurs, growth and middle-market companies and leading global corporations in every major industry group.

Bancinsurance Corporation

Bancinsurance Corporation, headquartered in Columbus, Ohio, is principally engaged through its property/casualty insurance subsidiary, Ohio Indemnity Company, in underwriting specialty insurance. Lender/Dealer insurance products include our ULI, CPI and GAP 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. The Company’s unemployment compensation products are utilized by not-for-profit entities that elect to not pay the unemployment compensation tax and instead reimburse the state unemployment agencies for benefits paid by the agencies to the entities’ former employees. Other Specialty products include our waste surety bond program and run off of the bail bond reinsurance program.