Segment Reporting

6 Months Ended

Jun. 30, 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% of consolidated revenues for the three and sixmonths ended June 30, 2014, compared to 89% of consolidated revenues for the three and six months ended June 30, 2013. 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
	2014			2013			2014			2013
Revenues
Insurance company operation	$	6,854,566		$	6,915,053		$	13,529,505		$	13,959,565
Other insurance operations		3,168,472			3,138,212			5,990,845			6,192,772
Intersegment eliminations (1)		(2,401,270	)		(2,290,031	)		(4,458,471	)		(4,439,320	)
Total other insurance operations		767,202			848,181			1,532,374			1,753,452
Total revenues	$	7,621,768		$	7,763,234		$	15,061,879		$	15,713,017
Income before Income Taxes
Insurance company operation	$	731,578		$	830,816		$	2,347,512		$	1,211,854
Other insurance operations		(329,257	)		(444,745	)		(1,038,854	)		(769,605	)
Total income before income taxes	$	402,321		$	386,071		$	1,308,658		$	442,249

		As of			As of
		June 30			December 31
		2014			2013
Assets
Insurance company operation	$	122,296,810		$	118,996,312
Intersegment eliminations (2)		(2,232,696	)		(482,624	)
Total insurance company operation		120,064,114			118,513,688
Other insurance operations		14,852,484			14,339,500
Total assets	$	134,916,598		$	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.