-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WJ939mUxaJZbwV47LtLjJGvMPuE5gEFlZW6tTnMmjrc2oP0uXDwd7Qj39e3KXxk1 RfQP9C1m6SY8OeP55WWz9A== 0001299933-09-005074.txt : 20091230 0001299933-09-005074.hdr.sgml : 20091230 20091230164749 ACCESSION NUMBER: 0001299933-09-005074 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20091223 ITEM INFORMATION: Other Events FILED AS OF DATE: 20091230 DATE AS OF CHANGE: 20091230 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANCINSURANCE CORP CENTRAL INDEX KEY: 0000276400 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 310790882 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08738 FILM NUMBER: 091266892 BUSINESS ADDRESS: STREET 1: 250 EAST BROAD STREET STREET 2: 7TH FLOOR CITY: COLUMBUS STATE: OH ZIP: 43215 BUSINESS PHONE: 614-220-5200 MAIL ADDRESS: STREET 1: 250 EAST BROAD STREET STREET 2: 7TH FLOOR CITY: COLUMBUS STATE: OH ZIP: 43215 8-K 1 htm_35670.htm LIVE FILING Bancinsurance Corporation (Form: 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):   December 23, 2009

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, 7th 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 8.01 Other Events.

As previously reported, Bancinsurance Corporation, through its wholly owned subsidiary Ohio Indemnity Company (collectively, the "Company"), entered into an arbitration proceeding in 2005 with Highlands Insurance Company ("Highlands"), one of the insurance carriers that participated in the discontinued bond program. Highlands had been placed in receivership in 2003. Through this arbitration, the Company was seeking rescission of the reinsurance agreement and other appropriate relief. Highlands was seeking to recover certain of its losses from the Company under the reinsurance agreement.

In October 2009, the Company reached an agreement in principle with Highlands to settle its dispute for $3.0 million, which was subject to the approval of the Texas receivership court. On December 22, 2009, the settlement received this approval. On December 23, 2009, the Company entered into a written settlement agreement with Highlands resolving all disputes between the Company and Highlands relating to the discon tinued bond program. The settlement also relieves the Company from any potential future liabilities with respect to bonds issued by Highlands. As of September 30, 2009, the Company had reserved $4.8 million for Highlands. As a result of the settlement, the Company reduced its reserve to $3.0 which will result in an increase in pre-tax income of approximately $1.8 million ($1.2 million after tax) during the fourth quarter of 2009.





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
          
December 30, 2009   By:   /s/ Matthew C. Nolan
       
        Name: Matthew C. Nolan
        Title: Vice President, Chief Financial Officer, Treasurer and Secretary
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