Segment Reporting

9 Months Ended

Sep. 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 92% and 91% of total revenues for the three and nine months ended September 30, 2015, compared to 91% and 90% of total revenues for the three and nine months ended September 30, 2014, respectively. 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						Nine Months Ended
	September 30						September 30
	2015			2014			2015			2014
Revenues
Insurance company operation	$	7,761,310		$	7,033,911		$	22,480,580		$	20,563,416
Other insurance operations		3,191,814			3,006,639			9,715,760			8,997,484
Intersegment eliminations (1)		(2,501,621	)		(2,275,767	)		(7,598,947	)		(6,734,238	)
Total other insurance operations		690,193			730,872			2,116,813			2,263,246
Total revenues	$	8,451,503		$	7,764,783		$	24,597,393		$	22,826,662
Income (Loss) Before Income Taxes
Insurance company operation	$	863,488		$	507,163		$	861,422		$	2,854,676
Other insurance operations		(1,831,128	)		(449,040	)		(2,237,426	)		(1,487,895	)
Total income (loss) before income taxes	$	(967,640	)	$	58,123		$	(1,376,004	)	$	1,366,781

	As of
	September 30			December 31
	2015			2014
Assets
Insurance company operation	$	123,364,104		$	123,048,404
Intersegment eliminations (2)		(1,461,734	)		(1,657,750	)
Total insurance company operation		121,902,370			121,390,654
Other insurance operations		15,632,108			14,624,915
Total assets	$	137,534,478		$	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.