Segment Reporting

9 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Segment Reporting

NOTE 7 – SEGMENT REPORTING

ASC 280 establishes standards for the way information is reported about operating segments in financial statements. The Company has identified its insurance company operation as its primary reporting segment. Revenues from this segment comprised 91% and 90% of consolidated revenues for the three and nine months ended September 30, 2014, respectively, compared to 89% of consolidated revenues for the three and nine months ended September 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						Nine Months Ended
	September 30						September 30
	2014			2013			2014			2013
Revenues
Insurance company operation	$	7,033,911		$	6,868,031		$	20,563,416		$	20,827,596
Other insurance operations		3,006,639			2,976,559			8,997,484			9,169,331
Intersegment eliminations (1)		(2,275,767	)		(2,161,863	)		(6,734,238	)		(6,601,183	)
Total other insurance operations		730,872			814,696			2,263,246			2,568,148
Total revenues	$	7,764,783		$	7,682,727		$	22,826,662		$	23,395,744
Income (Loss) Before Income Taxes
Insurance company operation	$	507,163		$	(15,105	)	$	2,854,676		$	1,196,749
Other insurance operations		(449,040	)		(528,757	)		(1,487,895	)		(1,298,362	)
Total income (loss) before income taxes	$	58,123		$	(543,862	)	$	1,366,781		$	(101,613	)

		As of			As of
		September 30			December 31
		2014			2013
Assets
Insurance company operation	$	122,310,914		$	118,996,312
Intersegment eliminations (2)		(1,553,126	)		(482,624	)
Total insurance company operation		120,757,788			118,513,688
Other insurance operations		14,611,140			14,339,500
Total assets	$	135,368,928		$	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 from Unifax and Unifax payables to Crusader.