Exhibit 99



[LOGO] BANCINSURANCE
         CORPORATION


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

                       BANCINSURANCE CORPORATION ANNOUNCES
                 SUCCESSFUL COMPLETION OF TRUST PREFERRED ISSUE

COLUMBUS, Ohio (October 1, 2003) Bancinsurance Corporation (NASDAQ: BCIS), a
specialty insurance holding company, announced today that it raised $7 million
of capital through the issuance of floating rate trust preferred securities by
BIC Statutory Trust II, 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.

The floating rate trust preferred securities pay interest quarterly at a rate
equal to 3-month LIBOR plus 405 basis points, are redeemable at par on or after
September 30, 2008 and mature on September 30, 2033. Under the terms of the
transaction, Bancinsurance has guaranteed the payments due under the floating
rate trust preferred securities.

Bancinsurance President John S. Sokol commented, "This financing is a
cost-effective method to provide additional capital to Ohio Indemnity Company,
our property/casualty subsidiary, to continue implementing the company's growth
strategy."

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. The Company's ultimate loss,
creditor placed insurance 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, 2002. 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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