Segment Reporting

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Segment Reporting

NOTE 6 – SEGMENT REPORTING

ASC 280 establishes standards for the way information about operating segments are reported in financial statements. The Company has identified its insurance company operation as its primary reporting segment. Revenues from this segment comprised 90% and 89% of consolidated revenues for the three and nine months ended September 30, 2011, respectively, compared to 87% of consolidated revenues for the three and nine months ended September 30, 2010. The Company’s remaining operations constitute a variety of specialty insurance services, each with unique characteristics and individually insignificant to consolidated revenues.

Revenues and income before income taxes are as follows:

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2011			2010			2011			2010
Revenues
Insurance company operation	$	8,180,266		$	7,936,476		$	23,404,839		$	24,668,280
Other insurance operations		3,010,115			3,378,259			9,484,569			10,596,238
Intersegment eliminations (1)		(2,112,562	)		(2,225,921	)		(6,624,745	)		(6,890,856	)
Total other insurance operations		897,553			1,152,338			2,859,824			3,705,382
Total revenues	$	9,077,819		$	9,088,814		$	26,264,663		$	28,373,662
Income (Loss) Before Income Taxes
Insurance company operation	$	2,846,242		$	1,516,934		$	6,534,840		$	4,311,570
Other insurance operations		(899,888	)		(829,613	)		(1,774,626	)		(2,225,147	)
Total income before income taxes	$	1,946,354		$	687,321		$	4,760,214		$	2,086,423

Assets by segment are as follows:

	As of
	September 30			December 31
	2011			2010
Assets
Insurance company operation	$	139,506,977		$	140,555,882
Intersegment eliminations (2)		(2,313,009	)		(600,113	)
Total insurance company operation		137,193,968			139,955,769
Other insurance operations		14,990,485			17,718,951
Total assets	$	152,184,453		$	157,674,720

(1)Intersegment revenue eliminations reflect commission paid by Crusader to Unifax Insurance Systems, Inc., (Unifax) a wholly owned subsidiary of Unico.

(2)Intersegment asset eliminations reflect the elimination of Crusader receivables and Unifax payables.