Unico American Corp. Reports $1.1M in Q1 Net Revenue

Woodland Hills, Calif.-based Unico American Corp. announced its revenue for the three months ended March 31, 2011, was $8.6 million and net income was $1.1 million, compared with revenue of $9.9 million and net income of $0.5 million for the three months ended March 31, 2010.

As of March 31, 2011, the company had cash and investments (at amortized cost) of $128.3 million. $122.4 million, or 95 percent of these investments were fixed maturity investments, and 78 percent of those fixed maturity investments were U.S. treasury securities.

Stockholders’ equity was $74.1 million as of March 31, 2011, or $13.89 per common share including unrealized after-tax investment gains of $1.9 million, compared to stockholders’ equity of $73.4 million as of December 31, 2010, or $13.75 per common share including unrealized after-tax investment gains of $2.3 million.

Unico is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and through its other subsidiaries provides insurance premium financing and membership association services. Unico has conducted the majority of its operations through its subsidiary Crusader Insurance Co. since 1985.