Unico American Corp
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Business: Insurance Symbol: UNAM Shares Outstanding: 5.8 million Market: NASDAQ Closing Price on 3/29/93: $4.88 Qtrly Profit (loss) for Dec. 1992: $733,000 Qtrly Revenue for Dec. 1992: $6.65 million *
Unico American Corp., based in Woodland Hills, is an insurance holding company that provides property, casualty, health and life insurance through several subsidiaries. Its biggest unit is Crusader Insurance Co., which provides property/casualty insurance to 8,000 small businesses in California, including about 2,000 in central Los Angeles and another 1,500 in the San Fernando Valley. Unico was incorporated in 1969, and has been
consistently profitable in recent years--with one notable exception.
In its quarter that ended June 30, Unico posted a staggering loss of $8.6 million, because Crusader was hit with $21 million in claims related to last spring’s Los Angeles riots. Since then, Crusader has asked the California Dept. of Insurance to allow it to raise premium rates 25% for customers in riot-affected areas.
Source: Unico American Corp.
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