Segment Reporting

3 Months Ended

Mar. 31, 2014

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 months ended March 31, 2014 and 2013, 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
	March 31
	2014			2013
Revenues
Insurance company operation	$	6,674,939		$	7,044,512
Other insurance operations		2,822,373			3,054,560
Intersegment eliminations (1)		(2,057,201	)		(2,149,289	)
Total other insurance operations		765,172			905,271
Total revenues	$	7,440,111		$	7,949,783
Income before Income Taxes
Insurance company operation	$	1,615,934		$	381,038
Other insurance operations		(709,597	)		(324,860	)
Total income before income taxes	$	906,337		$	56,178

	As of
	March 31			December 31
	2014			2013
Assets
Insurance company operation	$	120,129,069		$	118,996,312
Intersegment eliminations (2)		(1,376,374	)		(482,624	)
Total insurance company operation		118,752,695			118,513,688
Other insurance operations		14,208,121			14,339,500
Total assets	$	132,960,816		$	132,853,188

(1) Intersegment revenue eliminations reflect commissions 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.