<UNICOA> TO MERGE INTO ITS UNITED INSURANCE UNIT
  Unicoa Corp said it agreed to a merger
  with its wholly-owned subsidiary, United Insurance Co of
  America.
      Under the agreement, each outstanding share of Unicoa
  common stock will be converted into one share of United common
  stock.
      The agreement is subject to shareholder and regulatory
  approval. Teledyne Inc <TDY> owns about 98.4 pct of Unicoa's
  outstanding shares. A shareholder meeting is expected to be
  held in August.