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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 consolidated financial results for the three and nine months ended Sept. 30, 2008.

Revenues were $11.5 million and net income was $1.4 million ($0.26 diluted income per share) for the quarter ended Sept. 30, 2008, compared with revenues of $12.5 million and net income of $1.5 million ($0.27 diluted income per share) for the quarter ended Sept. 30, 2007. For the nine months ended Sept. 30, 2008, revenues were $35.6 million and net income was $3.2 million ($0.56 diluted income per share) compared with revenues of $38.1 million and net income of $4.9 million ($0.87 diluted income per share) for the nine months ended Sept. 30, 2007.

The company said decrease in revenues was largely the result of lower premiums earned, caused by the company’s selective risk underwriting stance during the quarter, in the face of what it perceived to be intense competition and inadequate rates offered by its competitors in many niche markets.

Net premium earned was $8.4 million or 73 percent of revenues for the third quarter ended Sept. 30, 2008, compared to net premium earned of $9.2 million or 74 percent of revenues for the third quarter ended Sept. 30, 2007.

Total insurance company revenues were $10.0 million or 87 percent of total revenues for the third quarter ended Sept. 30, 2008, compared to total insurance company revenues of $10.9 million or 88 percent of revenues for the third quarter ended Sept. 30, 2007.

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Source: Unico American

Topics Profit Loss