EXHIBIT 99.1

COLUMBUS, Ohio (April 30, 2004) Bancinsurance Corporation (NASDAQ: BCIS), a
specialty insurance holding company, today reported results for the three months
ended March 31, 2004. Net income increased 12.6% to $1,158,593, or $0.22 per
diluted share, for the first quarter 2004 from $1,029,003, or $0.20 per diluted
share, for the same period last year.

The first quarter 2004 results were particularly influenced by improved margins
in the Company's property/casualty insurance segment and an increase in net
realized gains on investments.

John Sokol, President, commented, "The first quarter financial results represent
a solid beginning for 2004. We continue to benefit from an expanding line of
lender/dealer products and our commitment to achieve financial returns
commensurate with business risk. However, initial signs of improvement in the
national economy have not yet been experienced by many of our customers, which
contributes to continuation of sluggish market conditions and margin pressures.
As a result, our performance during the remainder of the year will be influenced
by these factors."

First Quarter Results

Net premiums earned for the first quarter 2004 benefited from strong growth in
creditor placed insurance ("CPI") and guaranteed auto protection insurance
("GAP"). These increases were partially offset by a decline in ULTIMATE LOSS
INSURANCE(R) ("ULI") compared to the prior year. CPI net premiums earned grew
128.0% to $1,579,663 for the first quarter 2004 from $692,792 for the same
period last year as the product was introduced in the fourth quarter 2002. Net
premiums earned for GAP were $1,065,360 for the first quarter 2004 versus
$443,124 a year ago, an increase of 140.4%. This growth was due to the purchase
of GAP coverage by two large financial institution customers in the first half
of 2003 and increased volume with existing customers. ULI net premiums earned
declined 12.4% to $7,592,278 for the first quarter 2004 from $8,670,179 a year
ago as a result of a fourth quarter 2003 producer-owned reinsurance transaction
whereby the Company ceded 100% of the premiums (along with the associated risk)
for an existing lender/dealer customer. Producer-owned reinsurance involves an
insurance producer forming a reinsurance company to realize the underwriting
profits and investment income from the insurance premiums generated by that
producer. Excluding the impact of the reinsurance transaction, ULI net premiums
earned for the first quarter 2004 were similar to the same period last year.

First quarter 2004 net premiums earned for unemployment compensation and bail
bond products (collectively, "UC") declined 6.2% to $1,270,266 from $1,354,881
in the first quarter 2003. This was primarily due to discontinuation of the
bonded service program at the end of 2003, which was replaced by the Company's
UCassure product at the beginning of 2004. UCassure provides the Company with
more control in the distribution and expense management of this product.

Other revenue improved 13.9% to $1,835,041 for the first quarter 2004 compared
to the same period last year. The most significant factors included an increase
of $109,837 in net realized gains on investments and growth in codification and
subscription fees of $113,745 from printing services provided to an existing
customer. The first quarter growth in other revenue was partially offset by a
$95,119 decline in management fees compared to the first quarter 2003. Higher
unemployment compensation obligations related to increased unemployment
experience was the primary reason for the lower management fees compared to the
same period last year.

Losses and loss adjustment expenses increased 2.9% to $6,315,626 for the first
quarter 2004 from $6,138,910 in the first quarter 2003. CPI and GAP losses and
loss adjustment expenses increased $924,098 and $407,487, respectively, which is
consistent with the growth in business. ULI losses and loss adjustment expenses
declined 14.4% to $4,318,082 for the first quarter 2004 from $5,045,502 a year
ago primarily due to favorable loss development within this product line. UC
losses and loss adjustment expenses declined $427,449 to $120,052 for the first
quarter 2004 principally due to a book of business cancelled at the end of 2003.

(more)

Operating expenses, which excludes losses and loss adjustment expenses and
interest expense, increased 2.2% to $5,196,941 for the first quarter 2004
compared to a year ago. The most significant factors included experience rating
adjustments, commission expense and codification and subscription expenses.
Experience rating adjustments declined $1,038,211 in the first quarter 2004
compared to last year as a result of the fourth quarter 2003 producer-owned
reinsurance transaction. Experience rating adjustments are primarily influenced
by ULI policy experience-to-date and premium growth. Commission expense
increased $51.8% to $2,112,529 for the first quarter 2004 primarily due to
higher commission rates associated with the CPI product line combined with a
reduction in ceding commissions. CPI commission rates tend to be higher compared
to the Company's other lender/dealer lines due to additional costs incurred by
producers providing tracking services for customers. Ceding commissions declined
in the first quarter 2004 versus a year ago due to the cancellation of a 100%
producer-owned reinsurance arrangement at the end of 2003. Codification and
subscription expenses rose 35.7% to $990,837 for the first quarter 2004 compared
to last year due to higher salaries, outside printing and consulting expenses.

Interest expense increased $116,771 to $226,603 for first quarter 2004 compared
to a year ago as a result of the $7.2 million trust preferred debt offering in
September 2003. The proceeds from this financing provided additional financial
flexibility for the Company.

Combined Ratio

The Company's specialty insurance products are underwritten by its wholly-owned
subsidiary, Ohio Indemnity Company, whose results represent the Company's
combined ratio. For the three months ended March 31, 2004, the combined ratio
improved 3.8% (380 basis points) to 90.0% from 93.8% the prior year. The loss
ratio declined to 60.1% for the first quarter 2004 from 69.1% a year ago
principally due to the decrease in experience rating adjustments associated with
the fourth quarter 2003 producer-owned reinsurance transaction. The expense
ratio increased to 29.9% for the first quarter 2004 from 24.7% a year ago,
primarily due to a higher amount of CPI commissions and lower ceding
commissions.

Investment Portfolio

Total investments were $72,629,659 at March 31, 2004 compared to $73,979,835 at
December 31, 2003. Short-term investments increased $2,547,705 during the first
three months of 2004, while available for sale fixed maturities and common stock
investments were $3,447,390 and $434,138, respectively, below year-end 2003.

Net realized gains on investments were $343,872 for the first quarter 2004
compared to $234,035 the prior year. This included $86,696 in impairment charges
for the first quarter 2004 versus no impairment charges a year ago.

Net investment income increased 16.1% to $410,835 for the first quarter 2004
compared to the first quarter 2003. This improvement was due to a solid growth
in invested assets during the past twelve months, which was partially offset by
lower interest rates and yields on the investment portfolio.

Shareholders' Equity

Shareholders' equity was $34,356,588 at March 31, 2004 compared to $33,365,028
at December 31, 2003. The $1,158,593 increase in retained earnings was partially
offset by a $167,033 decline in net unrealized gains on investments. Book value
per diluted share increased to $6.98 at March 31, 2004 compared to $6.78 at
December 31, 2003.

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 UC 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. The Company also assumes bail bond coverage.

This press release includes forward-looking statements, within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause actual results to differ materially from the forward-looking
information in this press release. Such risks, uncertainties and other factors,
include but are not limited to, changes in the retail market place, changes in
underwriting results affected by economic conditions and other factors described
from time to time in the Company's Securities and Exchange Commission filings,
including the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2003. All forward-looking statements made in this press release are
based on information presently available to management of the Company. The
Company assumes no obligation to update any forward-looking statements.

BANCINSURANCE CORPORATION
AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)

Three Months Ended
March 31,
2004 2003
----------- -----------

Revenues:
Net premiums earned ................... $11,507,567 $11,160,976
Net investment income ................. 410,835 353,769
Net realized gains on investments ..... 343,872 234,035
Codification and subscription fees .... 993,461 879,716
Management fees ....................... 32,997 128,116
Other income .......................... 53,876 14,889
----------- -----------
Total revenues ................... 13,342,608 12,771,501
----------- -----------

Expenses:
Losses and loss adjustment expenses ... 6,315,626 6,138,910
Experience rating adjustments ......... 535,920 1,574,131
Commission expense .................... 2,112,529 1,391,250
Other insurance operating expenses .... 1,335,783 1,216,163
Codification and subscription expenses 990,837 730,224
General and administrative expenses ... 221,872 173,456
Interest expense ...................... 226,603 109,832
----------- -----------
Total expenses ................... 11,739,170 11,333,966
----------- -----------

Income before federal income taxes 1,603,438 1,437,535

Federal income tax expense ............... 444,845 408,532
----------- -----------

Net income ....................... $ 1,158,593 $ 1,029,003
=========== ===========

Net income per common share:
Basic ................................. $ .24 $ .21
Diluted ............................... $ .22 $ .20

BANCINSURANCE CORPORATION
AND SUBSIDIARIES

Consolidated Balance Sheet Data

March 31, December 31,
Assets 2004 2003
------------- -------------
Investments: (Unaudited)

Held to maturity:
Fixed maturities ........................................................... $ 4,855,659 $ 4,872,012

Available for sale:
Fixed maturities ........................................................... 25,470,759 28,918,149
Equity securities .......................................................... 9,801,720 10,235,858

Short-term investments ...................................................... 31,452,385 28,904,680
Other invested assets ....................................................... 1,049,136 1,049,136
------------- -------------

Total investments ......................................................... 72,629,659 73,979,835
------------- -------------

Cash ......................................................................... 2,998,891 2,949,627
Premiums receivable .......................................................... 8,470,460 10,661,766
Accounts receivable, net ..................................................... 827,611 993,093
Reinsurance recoverables ..................................................... 3,689,455 4,926,446
Prepaid reinsurance premiums ................................................. 10,164,555 12,244,588
Deferred policy acquisition costs ............................................ 5,278,384 4,962,150
Estimated earnings in excess of billings on uncompleted codification contracts 220,311 283,336
Loans to affiliates .......................................................... 768,995 770,466
Goodwill ..................................................................... 753,737 753,737
Intangible assets, net ....................................................... 901,419 920,048
Accrued investment income .................................................... 475,760 541,519
Other assets ................................................................. 1,860,679 1,883,125
------------- -------------

Total assets .............................................................. 109,039,918 115,869,736
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Liabilities and Shareholders' Equity
Reserve for unpaid losses and loss adjustment expenses ....................... 11,816,922 14,385,919
Unearned premiums ............................................................ 24,445,864 25,124,137
Ceded reinsurance premiums payable ........................................... -- 1,721,963
Experience rating adjustments payable ........................................ 8,698,114 6,997,784
Retrospective premium adjustments payable .................................... 1,777,482 5,370,273
Funds held under reinsurance treaties ........................................ 1,703,770 2,646,693
Contract funds on deposit .................................................... 2,962,088 1,908,184
Taxes, licenses and fees payable ............................................. 358,444 1,315,443
Current federal income taxes ................................................. 490,990 511,091
Deferred federal income taxes ................................................ 776,523 852,625
Deferred ceded commissions ................................................... 976,907 1,224,938
Commissions payable .......................................................... 2,574,102 2,660,979
Billings in excess of estimated earnings on uncompleted codification contracts 201,424 143,888
Notes payable ................................................................ 653,757 53,276
Other liabilities ............................................................ 1,781,943 2,122,515
Trust preferred debt issued to affiliates .................................... 15,465,000 15,465,000
------------- -------------

Total liabilities ......................................................... 74,683,330 82,504,708
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Shareholders' equity:
Common shares ............................................................... 1,794,141 1,794,141

Additional paid-in capital .................................................. 1,337,138 1,337,138
Accumulated other comprehensive income ...................................... 1,753,232 1,920,265
Retained earnings ........................................................... 35,497,925 34,339,332
------------- -------------
40,382,436 39,390,876

Less: Treasury shares ...................................................... (6,025,848) (6,025,848)
------------- -------------

Total shareholders' equity ................................................ 34,356,588 33,365,028
------------- -------------

Total liabilities and shareholders' equity ................................ $ 109,039,918 $ 115,869,736
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