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Cover - shares | 3 Months Ended | |
---|---|---|
Mar. 31, 2022 | Aug. 19, 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 | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
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, #100 | |
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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The loss before tax of $3,463,461 for the three months ended March 31, 2022, compared to income before taxes of $2,542,339 for the three months ended March 31, 2021, was due primarily to the $1,154,708 (-17%) decrease in the net earned premium, increase in incurred losses and loss adjustment expenses, the $3,693,858 gain realized in February 2021 on the sale of the building previously owned by Crusader, and $365,981 (31%) increase in other operating expenses, and $180,069 net unrealized investment losses on equity securities during the quarter ended March 31, 2022 compared to $151,667 net unrealized investment gains on equity securities during the quarter ended March 31, 2022, partially offset by $736,324 (-72%) decrease in the policy acquisition costs and $269,686 (-24%) decrease in employee salaries and employee benefits.
The CA DOI may accept Crusader's revised 2022 RBC Plan to correct the conditions that lead to the 2022 Company Action Event, or it may request that an additional revised plan be submitted, or it may take no action with respect to the 2022 RBC Plan.
41 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 $185,941 (-36%) to $328,782 for the three months ended March 31, 2022, compared to $514,723 for the three months ended March 31, 2021.
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.
The 2020 Program was effective immediately and replaced the Company's existing share repurchase program that was adopted by the Board of Directors on December 19, 2008 (the "2008 Program") to acquire, from time to time, up to an aggregate of 500,000 shares of the Company's common stock.
The decrease in revenue was...Read more
39 The Company has remaining...Read more
USIC was permitted to request...Read more
On March 24, 2021 Crusader...Read more
The CA DOI found the...Read more
On July 2, 2021, the...Read more
A summary of estimated fair...Read more
Effective January 2022, the Company...Read more
If the claims costs that...Read more
The following table provides an...Read more
The Special Examiner has recently...Read more
The Special Examiner has recently...Read more
Gross written premium (direct and...Read more
Under the Company's investment guidelines,...Read more
Estimates are based on a...Read more
The decrease in gross earned...Read more
Effective September 30, 2021, Crusader...Read more
As a result of the...Read more
As a result of the...Read more
The variability of Crusader's losses...Read more
As a result of the...Read more
The variability of the Company's...Read more
The action further alleges that...Read more
These reinsurance treaties help protect...Read more
The decrease in revenues of...Read more
The fixed maturity securities previously...Read more
The Company started depreciating the...Read more
Ceded earned premium Ceded earned...Read more
AAQHC is a third-party administrator...Read more
As a result of the...Read more
Effective August 2, 2021, the...Read more
The insurance company operation, generated...Read more
47 The preparation of the...Read more
Additionally, Unico may have to...Read more
The decrease in gross written...Read more
Termination of Reinsurance Arrangement On...Read more
After the Plans are submitted,...Read more
As of March 31, 2022,...Read more
The increases in other operating...Read more
The Company may incur additional...Read more
From June 2021 through 2022,...Read more
Additionally, on December 16, 2021,...Read more
Gross earned premium Gross earned...Read more
(2) Expense ratio is defined...Read more
The Company annually reevaluates its...Read more
To address its liquidity concerns...Read more
No action was taken by...Read more
Crusader submitted its 2022 RBC...Read more
However, in light of the...Read more
Other operating expenses Other operating...Read more
Finance charges and fees earned...Read more
30 Work Force Reduction In...Read more
While the coronavirus pandemic is...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 Company's subsidiaries Unifax Insurance...Read more
Actions to wind down operations...Read more
These operations accounted for approximately...Read more
Unico has a history of...Read more
Further, there may be impacts...Read more
Investment expenses are expected to...Read more
Brokerage fee income decreased $115,430...Read more
These decreases in commissions to...Read more
Depending on the scope and...Read more
Crusader's obligations under the Reinsurance...Read more
The decrease in the salaries...Read more
The decrease in the membership...Read more
This decrease in investment income...Read more
32 On August 31, 2021,...Read more
The Company's investments in U.S....Read more
Fluctuations in cash flows from...Read more
Commission income increased $6,966 (4%)...Read more
The comparison in gross commission...Read more
The loss ratio is expected...Read more
The RBC Level when coupled...Read more
There can be no assurances...Read more
The accompanying consolidated financial statements...Read more
The accompanying consolidated financial statements...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
Unico has a history of...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: 0001654954-22-011657
Submitted to the SEC: Mon Aug 22 2022 4:51:15 PM EST
Accepted by the SEC: Mon Aug 22 2022
Period: Thursday, March 31, 2022
Industry: Fire Marine And Casualty Insurance