Unico American Corp. Reports Second Quarter 2008 Financial Results

Unico American Corp., an insurance holding company based in Woodland Hills, Calif., that, through its subsidiaries, including Crusader Insurance Co., offers a variety of property and casualty insurance products and services, announced its financial results for the second quarter ended June 30, 2008. Revenues were $11.8 million and net income was $0.8 million ($0.14 diluted income per share) compared with revenues of $12.7 million and net income of $1.7 million ($0.29 diluted income per share) for the quarter ended June 30, 2007. For the six months ended June 30, 2008, revenues were $24.1 million and net income was $1.7 million ($0.31 diluted income per share) compared with revenues of $25.6 million and net income of $3.4 million ($0.60 diluted income per share) for the six months ended June 30, 2007.

In the second quarter ended June 30, 2008, revenues were $11.8 million and net income was $0.8 million ($0.14 diluted income per share) compared with revenues of $12.7 million and net income of $1.7 million ($0.29 diluted income per share) for the quarter ended June 30, 2007. The decrease in revenues was largely the result of lower premiums earned, caused by the company’s selective risk underwriting stance in the face of what it perceived to be intense competition and inadequate rates in many niche markets, the company said.

Net premium earned was $8.6 million or 73 percent of revenues, compared to net premium earned of $9.5 million or 75 percent of revenues in the second quarter of 2007.

Total insurance company revenues were $10.3 million or 87 percent of total revenues, compared to total insurance company revenues of $11.2 million or 88 percent of revenues in the second quarter of 2007.

The company’s combined ratio for the three months ended June 30, 2008 was 100.9 percent, compared to a combined ratio of 87.6 percent for the same period a year ago.

For more information, please visit www.crusaderinsurance.com.

Topics Profit Loss