<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.