Segment Reporting

3 Months Ended

Mar. 31, 2012

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 89% of consolidated revenues for the threemonths ended March 31, 2012, compared to 88% of consolidated revenues for the three months ended March 31, 2011. The Company’s remaining operations constitute a variety of specialty insurance services, each with unique characteristics and individually insignificant to consolidated revenues.

Revenues, income before income taxes, and assets by segment are as follows:

	Three Months Ended
	March 31
	2012			2011
Revenues
Insurance company operation	$	7,409,197		$	7,578,846
Other insurance operations		3,139,003			3,222,420
Intersegment eliminations (1)		(2,213,014	)		(2,193,421	)
Total other insurance operations		925,989			1,028,999
Total revenues	$	8,335,186		$	8,607,845
Income before Income Taxes
Insurance company operation	$	1,577,585		$	2,133,259
Other insurance operations		(804,607	)		(407,085	)
Total income before income taxes	$	772,978		$	1,726,174

	As of
	March 31			December 31
	2012			2011
Assets
Insurance company operation	$	138,057,727		$	138,622,429
Intersegment eliminations (2)		(2,737,175	)		(1,063,558	)
Total insurance company operation		135,320,552			137,558,871
Other insurance operations		14,049,165			12,816,174
Total assets	$	149,369,717		$	150,375,045

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

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