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): March 5, 2008

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.

On March 5, 2008, the Board of Directors (the "Board") of Ohio Indemnity Company (the "Ohio Indemnity"), a subsidiary of Bancinsurance Corporation, elected Daniel J. Stephan, age 47, as President of OIC Lender Services, a division of Ohio Indemnity. Mr. Stephan was Senior Vice President of Ohio Indemnity from June 2003 until March 2008. He was Vice President of Ohio Indemnity from May 2000 until June 2003. From 1999 until May 2000, he owned and operated Promark Specialty Insurance, an independent insurance agency and consulting firm. From 1997 until 1999, he served as the General Manager of the Lender Products Division of Markel American Insurance Company, a property/casualty insurance company. From 1993 until 1997, he served as the Product Manager for Progressive Corporation, a property/casualty insurance company, where he directed sales and marketing for insurance products and services. On March 7, 2008, Ohio Indemnity issued a press release announcing Mr. Stephan’s election to President of OI C Lender Services. A copy of this press release is attached hereto as Exhibit 99.1.

On March 5, 2008, Ohio Indemnity’s Board also elected Margo A. Noreen, age 43, as Vice President of Technology of Ohio Indemnity. Mrs. Noreen joined Ohio Indemnity in 2006 and served as Technology Director from 2006 until March 2008. From 2003 until December 2005, she served as the Chief Information Officer for Real Living, Inc, a national residential real estate company. From 1999 until 2003, she served as a consultant in the technology industry.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated March 7, 2008.

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
March 7, 2008	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 March 7, 2008.

EX-99.1

FOR IMMEDIATE RELEASE	For Additional Information
	Contact:	Matt Nolan Chief Financial Officer Ohio Indemnity Company (614) 228-2800

OHIO INDEMNITY COMPANY ELECTS DANIEL J. STEPHAN
PRESIDENT OF OIC LENDER SERVICES

COLUMBUS, Ohio (March 7, 2008) The Board of Directors of Ohio Indemnity Company, a subsidiary of Bancinsurance Corporation (OTC BB: BCIS) today announced that Daniel J. Stephan has been elected President of OIC Lender Services.

John Sokol commented, “We are pleased to elect Dan to this new position, which reflects both our commitment to this business and his achievements during the past eight years. He has helped to grow our product portfolio and also led efforts this past year to introduce a specialized insurance product for equipment manufacturers. We look forward to increasing our presence in these markets by continuing to work closely with our customers and agents.”

Under Dan Stephan’s leadership, OIC Lender Services has grown from one product with less than $20 million of annual written premiums to four products totaling more than $60 million in annual written premiums. Dan has more than two decades of experience providing insurance products to automobile lenders. During the past eight years, he has expanded insurance product lines for the company’s automobile lenders and recently added products for equipment manufacturers. Dan is a recognized industry expert in the company’s specialty products, which include ULTIMATE LOSS INSURANCE®, which offers blanket vendor single interest coverage to automobile dealers and financial institutions; guaranteed Auto Protection (GAP), which insures the difference between the outstanding balance of a customer’s loan or lease and the amount of primary insurance coverage if a vehicle is damaged beyond repair or is stolen and not recovered; and, creditor placed insurance (CPI), which provides an alternative to the company’s traditional blanket vendor single interest product.

Dan has served as Senior Vice President of Lender Services since 2003. He joined the company as Vice President in 2000 and continued in that position until 2003. Prior to joining the company, Dan held various Manager positions at Markel American Insurance Company and Progressive Corporation.

About Ohio Indemnity

Ohio Indemnity Company is principally engaged in underwriting specialty insurance. Lender service 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.

About OIC Lender Services

OIC Lender Services is a division of Ohio Indemnity Company. For more than 50 years, we have met the insurance needs of lenders by helping them protect their loan portfolio, reduce charge-offs and enhance profits.