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Cover - shares | 9 Months Ended | |
---|---|---|
Sep. 30, 2021 | Mar. 23, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | UNICO AMERICAN CORPORATION | |
Entity Central Index Key | 0000100716 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-20 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Entity Common Stock Shares Outstanding | 5,304,863 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-03978 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 95-2583928 | |
Entity Address Address Line 1 | 5230 Las Virgenes Road | |
Entity Address City Or Town | Calabasas | |
Entity Address State Or Province | CA | |
Entity Address Postal Zip Code | 91302 | |
City Area Code | 818 | |
Local Phone Number | 591‑9800 | |
Security 12b Title | Common Stock, No Par Value | |
Trading Symbol | UNAM | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
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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 2022 10-K Annual Report includes:
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Crusader submitted to the CA DOI a comprehensive Risk Based Capital Plan (the "RBC Plan") to increase the adjusted capital above 300% and to address the actions that Crusader will take to correct the conditions that resulted in the Company Action Level Event and on July 2, 2021, submitted a revised RBC Plan which addressed questions raised by the CA DOI.
The Company repurchased its shares under the 2020 Program and 2008 Program in unsolicited transactions as follows: The Company has remaining authority under the 2020 Program to repurchase up to $4,995,406 of the currently outstanding shares of the Company's common stock as of September 30, 2021.
46 A tabular presentation of Crusader's 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 $49,901 (10%) to $427,244 and $16,489 (1%) to $1,470,846 for the three and nine months ended September 30, 2021, respectively, compared to $477,145 and $1,487,335 for the three and nine months ended September 30, 2020, respectively.
The increase in the ultimate incurred losses and loss adjustment expenses manifested primarily through higher IBNR reserves for 2018, 2019, and 2020 accident year claims pertaining to Buildings and Transportation liability coverages during the three months ended September 30, 2020.
43 On August 10, 2020, the Board authorized a share repurchase program (the "2020 Program") for the repurchase of up to $5,000,000 of the currently outstanding shares of the Company's common stock.
45 Gross earned premium Gross...Read more
The 2020 Program was effective...Read more
44 The increase in revenues...Read more
Ceded earned premium Ceded earned...Read more
The decreases in other operating...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 $8,017,701 provision for insured...Read more
A summary of estimated fair...Read more
Under the Company's investment guidelines,...Read more
Estimates are based on a...Read more
Effective September 30, 2021, Crusader...Read more
As a result of the...Read more
As a result of the...Read more
The increase in the ceded...Read more
The variability of Crusader's losses...Read more
The Company's subsidiary Crusader Insurance...Read more
During the three months ended...Read more
As a result of the...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 Company implemented another retention...Read more
These reinsurance treaties help protect...Read more
The Company started depreciating the...Read more
AAQHC is a third-party administrator...Read more
In light of the net...Read more
The preparation of the Company's...Read more
Additionally, Unico may have to...Read more
Termination of Reinsurance Arrangement On...Read more
On September 24, 2021, A.M....Read more
The CA DOI may request...Read more
As of September 30, 2021,...Read more
Effective August 6, 2021, the...Read more
51 The $20,529,747 provision for...Read more
The Company may incur additional...Read more
The insurance company operation, excluding...Read more
Additionally, on December 16, 2021,...Read more
(2) Expense ratio is defined...Read more
The Company annually reevaluates its...Read more
To address its liquidity concerns...Read more
For the three and nine...Read more
In addition, the recent decline...Read more
As of the date of...Read more
Total revenues for the three...Read more
Total revenues for the nine...Read more
However, in light of the...Read more
Work Force Reduction In connection...Read more
While the coronavirus pandemic is...Read more
Other operating expenses Other operating...Read more
However, if the claims costs...Read more
Like many companies in the...Read more
Like many companies in the...Read more
Losses and loss adjustment expenses...Read more
Many other factors, including changes...Read more
As a result of Crusader's...Read more
The decreases in the membership...Read more
Actions to wind down operations...Read more
49 The comparison in gross...Read more
Unico has a history of...Read more
Further, there may be impacts...Read more
The loss before tax of...Read more
Brokerage fee income decreased $26,791...Read more
These decreases in commissions to...Read more
Due to the current interest...Read more
Crusader's obligations under the Reinsurance...Read more
The decrease in the salaries...Read more
The increase in revenues was...Read more
As of September 30, 2021,...Read more
On August 31, 2021, as...Read more
The Company's investments in U.S....Read more
The decrease in other income...Read more
Fluctuations in cash flows from...Read more
The increase in gross written...Read more
These operations accounted for approximately...Read more
Also, contributing to the increase...Read more
The Company recognized a gain...Read more
There can be no assurances...Read more
In connection with the October...Read more
At December 31, 2020, the...Read more
The accompanying condensed consolidated financial...Read more
The accompanying condensed consolidated financial...Read more
Average yields on the Company's...Read more
Amortized costs of the short-term...Read more
In connection with its runoff,...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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: 0001654954-22-003993
Submitted to the SEC: Tue Mar 29 2022 1:17:05 PM EST
Accepted by the SEC: Tue Mar 29 2022
Period: Thursday, September 30, 2021
Industry: Fire Marine And Casualty Insurance