BANCINSURANCE CORPORATION ANNOUNCES CEO RETIREMENT
COLUMBUS, Ohio (June 28, 2007)- Bancinsurance Corporation, a specialty property and casualty insurance holding company, today announced the retirement of Si Sokol, the Company’s Chairman of the Board and Chief Executive Officer. Mr. Sokol also retired from the same positions with Ohio Indemnity Company, a wholly-owned subsidiary. Mr. Sokol’s retirement ends a 37-year career with Bancinsurance Corporation. He served as Chairman of the Board since the Company was formed in 1970 and as its Chief Executive Officer since 1980.
The Board of Directors elected John S. Sokol, Bancinsurance Corporation’s President to the additional positions of Chairman of the Board and Chief Executive Officer, effective immediately. Since 1999, John Sokol has served as the President of the Company and Ohio Indemnity. Prior to that, he was Executive Vice President of the Company and Ohio Indemnity from June 1996 until June 1999. From 1993 to 1996, John Sokol was Vice President of the Company and Ohio Indemnity. John Sokol joined the Company in 1993 after serving as an officer of Chemical Bank, a national provider of banking and financial services.
John Sokol commented, “On behalf of myself, the Board of Directors and the entire Bancinsurance team, we are extremely grateful for Si’s outstanding leadership and dedication to the Company over nearly four decades. He was instrumental in building Bancinsurance into the strong organization it is today. We are committed to continuing his legacy and pursuing his vision for Bancinsurance.”
About Bancinsurance Corporation
Bancinsurance Corporation, headquartered in Columbus, Ohio, is principally engaged through its property and casualty insurance subsidiary, Ohio Indemnity Company, in underwriting specialty insurance. Automobile lender/dealer 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.
Forward-Looking Statements
Certain statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, we may make other written or oral communications from time to time that contain forward-looking statements. Forward-looking statements convey our current expectations or forecast future events. All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements include statements regarding our future financial position, results of operations, business strategy, budgets, projected costs and plans and objectives of management for future operations. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “anticipate” and similar expressions generally identify forward-looking statements but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those statements. Risk factors that might cause actual results to differ from those statements include, without limitation, changes in underwriting results affected by adverse economic conditions, fluctuations in the investment markets, changes in the retail marketplace, changes in the laws or regulations affecting the operations of the Company, changes in the business tactics or strategies of the Company, the financial condition of the Company’s business partners, changes in market forces, litigation, developments in the discontinued bond program and related Highlands arbitration, the ongoing SEC private investigation and the concentrations of ownership of the Company’s common shares by members of the Sokol family, and other risk factors identified in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2006, any one of which might materially affect our financial condition and/or results of operations. Any forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.
CONTACT:
John S. Sokol
Chairman, Chief Executive Officer and President
jsokol@bancins.com
614-220-5200
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