Segment Reporting

9 Months Ended

Sep. 30, 2013

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 89% of consolidated revenues for the three and nine months ended September 30, 2013, compared to 90% of consolidated revenues for the three and nine months ended September 30, 2012, respectively. 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						Nine Months Ended
	September 30						September 30
	2013			2012			2013			2012
Revenues
Insurance company operation	$	6,868,031		$	7,385,390		$	20,827,596		$	22,233,819
Other insurance operations		2,976,559			3,084,781			9,169,331			9,428,709
Intersegment eliminations (1)		(2,161,863	)		(2,241,707	)		(6,601,183	)		(6,832,043	)
Total other insurance operations		814,696			843,074			2,568,148			2,596,666
Total revenues	$	7,682,727		$	8,228,464		$	23,395,744		$	24,830,485
Income (loss) before income taxes
Insurance company operation	$	(15,105)		$	1,571,586		$	1,196,749		$	3,947,115
Other insurance operations		(528,757	)		(437,157	)		(1,298,362	)		(1,840,836	)
Total income (loss) before income taxes	$	(543,862	)	$	1,134,429		$	(101,613	)	$	2,106,279

	As of
	September 30			December 31
	2013			2012
Assets
Insurance company operation	$	120,683,527		$	124,503,134
Intersegment eliminations (2)		(918,979	)		(828,309	)
Total insurance company operation		119,764,548			123,674,825
Other insurance operations		16,345,368			16,333,201
Total assets	$	136,109,916		$	140,008,026

(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.