Segment Reporting

6 Months Ended

Jun. 30, 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% of total revenues for the three and six months ended June 30, 2015, compared to 90% of total revenues for the three and six months ended June 30, 2014. The Company’s remaining operations constitute a variety of specialty insurance services, each with unique characteristics and individually insignificant to total revenues.

Revenues, income (loss) before income taxes, and assets by segment are as follows:

	Three Months Ended						Six Months Ended
	June 30						June 30
	2015			2014			2015			2014
Revenues
Insurance company operation	$	7,594,589		$	6,854,566		$	14,719,270		$	13,529,505
Other insurance operations		3,382,306			3,168,472			6,523,946			5,990,845
Intersegment eliminations (1)		(2,663,204	)		(2,401,270	)		(5,097,326	)		(4,458,471	)
Total other insurance operations		719,102			767,202			1,426,620			1,532,374
Total revenues	$	8,313,691		$	7,621,768		$	16,145,890		$	15,061,879
Income (Loss) Before Income Taxes
Insurance company operation	$	254,512		$	731,578		$	(2,068	)	$	2,347,512
Other insurance operations		(71,839	)		(329,257	)		(406,296	)		(1,038,854	)
Total income (loss) before income taxes	$	182,673		$	402,321		$	(408,364	)	$	1,308,658

	As of
	June 30			December 31
	2015			2014
Assets
Insurance company operation	$	121,456,170		$	123,048,404
Intersegment eliminations (2)		(634,205	)		(1,657,750	)
Total insurance company operation		120,821,965			121,390,654
Other insurance operations		16,181,512			14,624,915
Total assets	$	137,003,477		$	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.