Subsequent Events	3 Months Ended
Mar. 31, 2020
Notes to Financial Statements
Subsequent Events	NOTE 11 – SUBSEQUENT EVENTS The Company evaluated its March 31, 2020, consolidated financial statements for subsequent events through the date the consolidated financial statements were issued. As a result of the spread of the recent coronavirus outbreak, economic uncertainties have arisen which impacted and may continue to impact the fair value of investments, day to day administration of the Company’s business and the Company’s revenue. The effects of that outbreak were a major contributor to the decrease in fair value of the Company’s fixed income and equity investments during the three months ended March 31, 2020, due primarily to the volatility and economic uncertainty caused by the outbreak, affecting various sectors of the Company’s investment portfolio. Although the outbreak did not have a significant impact on Crusader’s direct written premium during the three months ended March 31, 2020, it experienced, in the second half of March 2020, a decrease in new business submissions and renewals, particularly in its Bar/Taverns market sector niche, as a result of government regulations, such as shelter-in-place orders, which the Company believes may adversely impact its direct written premium in future periods. The Company’s financial results for the three months ended March 31, 2020, do not fully reflect the potential adverse impacts that the coronavirus outbreak has had or will have on its business as the Company’s business first experienced the impact of the resulting economic slowdown at the end of the three months ended March 31, 2020. While the Company does not believe it is exposed to substantial risk from coronavirus related claims under the insurance policies written by Crusader, it is possible that the fair value of its investment portfolio will be further adversely affected by the severe disruption and volatility in the capital markets, as well as general economic conditions as a result of the coronavirus and governmental responses to the outbreak. Additionally, related disruptions to the business of the Company’s subsidiaries and their customers could further adversely affect the demand for the Company’s subsidiaries’ insurance products and otherwise adversely impact the Company’s results of operations or financial condition. The financial impact of these uncertainties is unknown at this time but could result in a material adverse effect on the Company’s business, results of operations, financial condition and prospects. On April 28, 2020, Crusader declared a cash dividend of $2,000,000 to Unico, its parent and sole shareholder, to be paid to Unico on or before May 22, 2020. This dividend is intended to be used primarily for general corporate purposes. Based on Crusader’s statutory surplus for the year ended December 31, 2019, the maximum dividend that could be made by Crusader to Unico without prior regulatory approval in 2020 is $ 4,649,896.

Subsequent Events

3 Months Ended

Mar. 31, 2020

NOTE 11 – SUBSEQUENT EVENTS

The Company evaluated its March 31, 2020, consolidated financial statements for subsequent events through the date the consolidated financial statements were issued. As a result of the spread of the recent coronavirus outbreak, economic uncertainties have arisen which impacted and may continue to impact the fair value of investments, day to day administration of the Company’s business and the Company’s revenue. The effects of that outbreak were a major contributor to the decrease in fair value of the Company’s fixed income and equity investments during the three months ended March 31, 2020, due primarily to the volatility and economic uncertainty caused by the outbreak, affecting various sectors of the Company’s investment portfolio. Although the outbreak did not have a significant impact on Crusader’s direct written premium during the three months ended March 31, 2020, it experienced, in the second half of March 2020, a decrease in new business submissions and renewals, particularly in its Bar/Taverns market sector niche, as a result of government regulations, such as shelter-in-place orders, which the Company believes may adversely impact its direct written premium in future periods. The Company’s financial results for the three months ended March 31, 2020, do not fully reflect the potential adverse impacts that the coronavirus outbreak has had or will have on its business as the Company’s business first experienced the impact of the resulting economic slowdown at the end of the three months ended March 31, 2020. While the Company does not believe it is exposed to substantial risk from coronavirus related claims under the insurance policies written by Crusader, it is possible that the fair value of its investment portfolio will be further adversely affected by the severe disruption and volatility in the capital markets, as well as general economic conditions as a result of the coronavirus and governmental responses to the outbreak. Additionally, related disruptions to the business of the Company’s subsidiaries and their customers could further adversely affect the demand for the Company’s subsidiaries’ insurance products and otherwise adversely impact the Company’s results of operations or financial condition. The financial impact of these uncertainties is unknown at this time but could result in a material adverse effect on the Company’s business, results of operations, financial condition and prospects.

On April 28, 2020, Crusader declared a cash dividend of $2,000,000 to Unico, its parent and sole shareholder, to be paid to Unico on or before May 22, 2020. This dividend is intended to be used primarily for general corporate purposes. Based on Crusader’s statutory surplus for the year ended December 31, 2019, the maximum dividend that could be made by Crusader to Unico without prior regulatory approval in 2020 is $ 4,649,896.