Bancinsurance Corporation . a specialty insurance holding company located in Columbus, Ohio, completed the purchase of 560,000 common shares from various members of the Si Sokol family (280,000 shares), the Saul Sokol family (30,000 shares) and the Milton Lustnauer, Sr. family (250,000 shares) in privately negotiated transactions.
These purchases were made at a price of $5.00 per common share, a price below the then current market price, and in accordance with the terms of the company’s repurchase program adopted by the board of directors on April 25. The repurchased shares were placed in treasury and may subsequently be reissued in connection with acquisitions and/or the company’s stock option plans.
On May 23, the board increased the aggregate number of common shares authorized under the repurchase program to 700,000 common shares from 600,000 common shares originally approved on April 25. This repurchase program will expire on December 31.
Bancinsurance Corporation is principally engaged through its property/casualty insurance subsidiary, Ohio Indemnity Company, in underwriting specialty insurance.
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