Segment Reporting

6 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Segment Reporting

NOTE 7 – 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 sixmonths ended June 30, 2012, respectively, compared to 89% of consolidated revenues for the three and six months ended June 30, 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						Six Months Ended
	June 30						June 30
	2012			2011			2012			2011
Revenues
Insurance company operation	$	7,439,232		$	7,645,727		$	14,848,429		$	15,224,573
Other insurance operations		3,204,925			3,252,034			6,343,928			6,474,454
Intersegment eliminations (1)		(2,377,322	)		(2,318,762	)		(4,590,336	)		(4,512,183	)
Total other insurance operations		827,603			933,272			1,753,592			1,962,271
Total Revenues	$	8,266,835		$	8,578,999		$	16,602,021		$	17,186,844
Income (Loss) Before Income Taxes
Insurance company operation	$	797,944		$	1,555,339		$	2,375,529		$	3,688,598
Other insurance operations		(599,072	)		(467,653	)		(1,403,679	)		(874,738	)
Total Income Before Income Taxes	$	198,872		$	1,087,686		$	971,850		$	2,813,860

	As of
	June 30			December 31
	2012			2011
Assets
Insurance company operation	$	134,859,380		$	138,622,429
Intersegment eliminations (2)		(1,966,933	)		(1,063,558	)
Total Insurance Company Operation		132,892,447			137,558,871
Other insurance operations		15,226,532			12,816,174
Total Assets	$	148,118,979		$	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.