Segment Reporting

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Segment Reporting

NOTE 7 – SEGMENT REPORTING

ASC Topic 280, “Segment Reporting,” establishes standards for the way information about operating segments is reported 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 months ended March 31, 2015 and 2014, 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 (loss) before income taxes, and assets by segment are as follows:

	Three Months Ended
	March 31
	2015			2014
Revenues
Insurance company operation	$	7,124,681		$	6,674,939
Other insurance operations		3,141,640			2,822,373
Intersegment eliminations (1)		(2,434,122	)		(2,057,201	)
Total other insurance operations		707,518			765,172
Total revenues	$	7,832,199		$	7,440,111
Income (Loss) before Income Taxes
Insurance company operation	$	(256,581	)	$	1,615,934
Other insurance operations		(334,456	)		(709,597	)
Total income (loss) before income taxes	$	(591,037	)	$	906,337

	As of
	March 31			December 31
	2015			2014
Assets
Insurance company operation	$	122,742,701		$	123,048,404
Intersegment eliminations (2)		(2,026,853	)		(1,657,750	)
Total insurance company operation		120,715,848			121,390,654
Other insurance operations		14,839,859			14,625,915
Total assets	$	135,555,707		$	136,015,569

(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.