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June 2023
June 2023
May 2023
May 2023
May 2023
April 2023
April 2023
March 2023
November 2022
October 2022
|
Three Months
Ended March 31
|
|||
|
|
|
Increase
(Decrease)
|
|
|
2021
|
2020
|
$
|
%
|
|
|
|
|
|
Gross written
premium
|
$10,482,545
|
$9,206,886
|
$1,275,659
|
14%
|
Net realized gains
on real estate sale
|
$3,693,858
|
-
|
$3,693,858
|
100%
|
Net investment
income
|
$514,723
|
$520,692
|
$(5,969)
|
(1)%
|
Gross commissions
and fees
|
$433,461
|
$469,069
|
$(35,608)
|
(8)%
|
Losses and loss
adjustment expenses
|
$5,585,213
|
$5,877,385
|
$(292,172)
|
(5)%
|
Policy acquisition
costs
|
$1,021,965
|
$1,144,425
|
$(122,460)
|
(11)%
|
Salaries and
employee benefits
|
$1,128,090
|
$1,122,499
|
$5,591
|
0%
|
Other operating
expenses
|
$1,173,479
|
$980,415
|
$193,064
|
20%
|
Income tax benefit
(expense)
|
$(274,636)
|
$101,672
|
$(376,308)
|
(370)%
|
|
Three Months
Ended
March
31
|
|
|
2021
|
2020
|
|
|
|
Direct written
premium
|
$10,176,863
|
$9,206,886
|
Assumed written
premium
|
305,682
|
-
|
Less:
written premium ceded to reinsurers
|
(2,779,992)
|
(1,979,127)
|
Net written
premium
|
7,702,553
|
7,227,759
|
Change
in direct unearned premium
|
(883,694)
|
(297,061)
|
Change
in assumed unearned premium
|
(211,216)
|
-
|
Change
in ceded unearned premium
|
(3,883)
|
(19,564)
|
Net
earned premium
|
$6,603,760
|
$6,911,134
|
|
March
31
|
December
31
|
|
2021
|
2020
|
|
(Unaudited)
|
|
ASSETS
|
|
|
Investments
|
|
|
Available-for-sale:
|
|
|
Fixed
maturities, at fair value (amortized cost: $86,520 at March 31, 2021, and
$80,071 at December 31,
2020)
|
$88,550
|
$83,409
|
Held-to-maturity:
|
|
|
Fixed
maturities, at amortized cost (fair value: $798 at
March
31, 2021, and $798 at December 31, 2020)
|
798
|
798
|
Equity
securities, at fair value (cost: $2,834 at March 31, 2021, and
$2,548 at December 31, 2020)
|
3,184
|
2,747
|
Short-term
investments, at fair value
|
2,950
|
200
|
Total
Investments
|
95,482
|
87,154
|
Cash and cash
equivalents
|
7,773
|
3,958
|
Accrued investment
income
|
498
|
402
|
Receivables,
net
|
3,587
|
3,321
|
Reinsurance
recoverable:
|
|
|
Paid
losses and loss adjustment expenses
|
78
|
621
|
Unpaid
losses and loss adjustment expenses
|
22,133
|
22,254
|
Deferred policy
acquisition costs
|
3,568
|
3,503
|
Real estate held
for sale, net
|
-
|
|
Property and
equipment, net
|
2,228
|
10,374
|
Deferred income
taxes
|
-
|
-
|
Other
assets
|
256
|
314
|
Total
Assets
|
$135,603
|
$131,901
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
||
|
|
|
LIABILITIES
|
|
|
Unpaid losses and
loss adjustment expenses
|
$74,402
|
$74,894
|
Unearned
premiums
|
19,283
|
18,188
|
Advance premium and
premium deposits
|
143
|
209
|
Accrued expenses
and other liabilities
|
5,507
|
3,577
|
Total
Liabilities
|
99,335
|
96,868
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY
|
|
|
Common stock, no
par value – authorized 10,000,000 shares; 5,304,885 shares
issued and outstanding at March 31, 2021, and December 31,
2020
|
3,772
|
3,772
|
Accumulated other
comprehensive income
|
1,604
|
2,637
|
Retained
earnings
|
30,892
|
28,624
|
Total
Stockholders’ Equity
|
36,268
|
35,033
|
|
|
|
Total Liabilities
and Stockholders' Equity
|
$135,603
|
$131,901
|
|
Three Months
Ended
|
|
|
March
31
|
|
|
2021
|
2020
|
REVENUES
|
|
|
Insurance company
operation:
|
|
|
Net
earned premium
|
$6,604
|
$6,911
|
Net
investment income
|
515
|
520
|
Net
realized investment gains
|
55
|
1
|
Net
realized gains on real estate sale
|
3,694
|
-
|
Net
unrealized investment gains (losses) on equity
securities
|
152
|
(45)
|
Other
income (loss)
|
(27)
|
82
|
Total
Insurance Company Operation
|
10,993
|
7,469
|
|
|
|
Other insurance
operations:
|
|
|
Gross
commissions and fees
|
433
|
469
|
Finance
charges and fees earned
|
45
|
67
|
Other
income
|
1
|
-
|
Total
Revenues
|
11,472
|
8,005
|
|
|
|
EXPENSES
|
|
|
Losses and loss
adjustment expenses
|
5,585
|
5,877
|
Policy acquisition
costs
|
1,022
|
1,144
|
Salaries and
employee benefits
|
1,128
|
1,123
|
Commissions to
agents/brokers
|
21
|
26
|
Other operating
expenses
|
1,174
|
981
|
Total
Expenses
|
8,930
|
9,151
|
|
|
|
Income (Loss)
before taxes
|
2,542
|
(1,146)
|
Income tax benefit
(expense)
|
(274)
|
102
|
Net
Income (Loss)
|
$2,268
|
$(1,044)
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA:
|
|
|
Basic
|
|
|
Income
(Loss) per share
|
$0.43
|
$(0.20)
|
Weighted
average shares
|
5,304,885
|
5,306,720
|
Diluted
|
|
|
Income
(Loss) per share
|
$0.43
|
$(0.20)
|
Weighted
average shares
|
5,304,885
|
5,306,720
|
|
Three Months
Ended
|
|
|
March
31
|
|
|
2021
|
2020
|
Cash flows from
operating activities:
|
|
|
Net
Income (Loss)
|
$2,268
|
$(1,044)
|
Adjustments
to reconcile net loss to net cash from operations:
|
|
|
Depreciation
and amortization
|
105
|
189
|
Bond
amortization, net
|
(332)
|
(7)
|
Bad
debt expense
|
6
|
-
|
Net
realized investment gains
|
(98)
|
(1)
|
Net
realized gains on real estate sale
|
(3,694)
|
-
|
Net
unrealized investment losses (gains) on equity
securities
|
(152)
|
45
|
Changes
in assets and liabilities:
|
|
|
Net
receivables and accrued investment income
|
(367)
|
(74)
|
Reinsurance
recoverable
|
663
|
(353)
|
Deferred
policy acquisitions costs
|
(64)
|
(68)
|
Other
assets
|
58
|
(39)
|
Unpaid
losses and loss adjustment expenses
|
(491)
|
1,073
|
Unearned
premium
|
1,095
|
297
|
Advance
premium and premium deposits
|
(65)
|
126
|
Accrued
expenses and other liabilities
|
1,929
|
(48)
|
Income
taxes current/deferred
|
274
|
(103)
|
Net Cash Provided
(Used) by Operating Activities
|
1,135
|
(7)
|
|
|
|
Cash flows from
investing activities:
|
|
|
Purchase of fixed
maturity investments
|
(11,009)
|
(1,736)
|
Purchase of equity
securities
|
(286)
|
(503)
|
Proceeds from
maturity of fixed maturity investments
|
3,492
|
1,328
|
Proceeds from sale
or call of fixed maturity investments
|
1,498
|
604
|
Purchase of
short-term investments
|
(2,750)
|
(1)
|
Proceeds
from sale of real estate held for sale
|
12,029
|
-
|
Purchase of
property and equipment
|
(294)
|
(185)
|
Net Cash Provided
(Used) by Investing Activities
|
2,680
|
(493)
|
|
|
|
Cash flows from
financing activities:
|
|
|
Repurchase of
common stock
|
-
|
(6)
|
Net Cash Used by
Financing Activities
|
-
|
(6)
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
3,815
|
(506)
|
Cash and cash
equivalents at beginning of period
|
3,958
|
5,782
|
Cash and Cash
Equivalents at End of Period
|
$7,773
|
$5,276
|
|
|
|
Supplemental Cash
Flow Information
|
|
|
Cash paid during
the period for:
|
|
|
Interest
|
$-
|
$-
|
Income
taxes
|
$-
|
$9
|
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Unico American Corp.
Unico American Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
Rating
Learn More
The $6,757,564 provision for insured events of current year for the three months ended March 31, 2021, was $1,596,388 higher than the $5,161,176 provision for insured events of current year for the three months ended March 31, 2020, due primarily to higher severity of property claims related to Crusaders underwriting activities in the Building and Mainsteet verticals, associated with fire losses during the three months ended March 31, 2021, with five such fire-related property losses totaling approximately $1,400,000 during such three month period.
In this context, social inflation is generally described by the rising costs of insurance claims due to societal trends which results in increased litigation, broader definitions of liability and contractual interpretations, plaintiff friendly legal decisions, larger compensatory jury awards, and larger awards for non-economic damages Crusader has experienced increased costs due to social inflation in all three of its largest programs, Long-haul Transportation, Residential Apartment Buildings, and Bars/Taverns, resulting in higher-than-expected frequency and severity of third-party liability claims.
A tabular presentation of Crusaders direct, assumed, ceded and net earned premium is as follows: Net Investment Income, Net Realized Investment Gains and Losses, and Net Unrealized Investment Losses on Equity Securities Investment income decreased $5,969 (1%) to $514,723 for the three months ended March 31, 2021, compared to $520,692 for the three months ended March 31, 2020.
The increase in the ultimate incurred losses and loss adjustment expenses manifested primarily through higher IBNR reserves as of December 31, 2020, for 2018, 2019, and 2020 accident year claims pertaining to Buildings and Transportation liability coverages during the three months ended September 30, 2020.
On August 10, 2020, the Board authorized a share repurchase program (the 2020 Program) for up to $5,000,000 of the currently outstanding shares of the Companys common stock.
The 2020 Program was effective...Read more
28 Gross earned premium Gross...Read more
Salaries and employee benefits incurred...Read more
Ceded earned premium Ceded earned...Read more
If the claims costs that...Read more
The increase in gross earned...Read more
This reevaluation and the use...Read more
The following table provides an...Read more
The other loss was comprised...Read more
A summary of estimated fair...Read more
Under the Company?s investment guidelines,...Read more
Estimates are based on a...Read more
The increase in the ceded...Read more
The variability of Crusader?s losses...Read more
Currently, the Company?s subsidiary Crusader...Read more
The increase in net income...Read more
The increase in revenues of...Read more
The variability of the Company?s...Read more
The action further alleges that...Read more
The preparation of the Company?s...Read more
These reinsurance treaties help protect...Read more
Due to the inability to...Read more
AAQHC is a third party...Read more
On March24, 2021, Crusader submitted...Read more
The insurance company operation, excluding...Read more
In light of the net...Read more
The Company repurchased its shares...Read more
The Company believes the losses...Read more
As of March 31, 2021,...Read more
Crusader?s total gross written premium...Read more
The fixed maturity securities previously...Read more
This decrease in investment income...Read more
The decrease in commissions to...Read more
(2) Expense ratio is defined...Read more
The Company annually reevaluates its...Read more
This decrease in investment income...Read more
In addition, the recent decline...Read more
Total revenues for the three...Read more
Other operating expenses Other operating...Read more
During the three months ended...Read more
While the coronavirus pandemic is...Read more
For the three months ended...Read more
However, if the claims costs...Read more
Like many companies in the...Read more
Losses and loss adjustment expenses...Read more
34 Policy acquisition costs Policy...Read more
Many other factors, including changes...Read more
Crusader has sufficient excess of...Read more
In light of the significant...Read more
These operations accounted for approximately...Read more
Further, there may be impacts...Read more
Brokerage fee income decreased $25,148...Read more
33 Repeated and sustained underwriting...Read more
Due to the current interest...Read more
For the year ended December...Read more
The income before tax of...Read more
The Company?s investments in U.S...Read more
Fluctuations in cash flows from...Read more
Income tax benefit Income tax...Read more
The Company recognized a gain...Read more
The increase in other operating...Read more
Management believes disclosure of underwriting...Read more
Salaries and employee benefits Salaries...Read more
The increase in gross written...Read more
29 Average annualized yields on...Read more
Amortized costs of the short-term...Read more
31 The comparison in gross...Read more
21 USIC and Unifax entered...Read more
Material Contracts, Statements, Certifications & more
Unico American Corp provided additional information to their SEC Filing as exhibits
Ticker: UNAM
CIK: 100716
Form Type: 10-Q Quarterly Report
Accession Number: 0001654954-21-005917
Submitted to the SEC: Mon May 17 2021 5:21:54 PM EST
Accepted by the SEC: Mon May 17 2021
Period: Wednesday, March 31, 2021
Industry: Fire Marine And Casualty Insurance