Unico American Corp

Unico American Corp. is a holding company, which engages in the provision of underwriting property and casualty insurance through its subsidiary. It also offers insurance premium financing and membership association services. The company was founded by Erwin Cheldin in 1969 and is headquartered in Calabasas, CA.

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Unico American (NASDAQ: UNAM ) stock is falling on Tuesday after the company entered into conservatorship as a result of its poor financial condition. This has the Insurance Commissioner of the State of California taking control of the company.

Why Is Unico American (UNAM) Stock Down 24% Today?

CALABASAS, CA / ACCESSWIRE / June 8, 2023 / Unico American Corporation (the "Company") announced that the Insurance Commissioner of the State of California (the "Commissioner") was appointed Conservator of its principal and only operating subsidiary, Crusader Insurance Company ("Crusader"), on June 7, 2023. The Superior Court of California, Los Angeles County, Department 32 (the "Court"), entered an order (the "Order") appointing the Commissioner as Conservator (the "Conservator").

Unico American Corporation's Principal Subsidiary, Crusader Insurance Company Placed in Conservation Unico Receives Notice of Delisting from Nasdaq effective June 15. 2023

CALABASAS, CA / ACCESSWIRE / June 2, 2023 / Unico American Corporation (the "Company") announced that the Company was notified on June 1, 2023 that the Insurance Commissioner of the State of California (the "Commissioner") filed a Verified Petition For Order Appointing the Insurance Commissioner as the Conservator of the principal operating subsidiary of the Company, Crusader Insurance Company ("Crusader"), on May 31, 2023 (the "Petition"). Crusader is a California insurance company and its principal regulator is the Commissioner.

California Insurance Commissioner Moves to Place Crusader Insurance Company, Principal Subsidiary of Unico American Corporation into Conservation

CALABASAS, CA / ACCESSWIRE / May 25, 2023 / Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company") filed a Current Report on Form 8-K with the Securities and Exchange Commission (the "SEC") announcing the Company's receipt of an additional notice (the "Additional Notice") from Nasdaq notifying the Company that, because its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the "Form 10-Q") had not been filed with the SEC by the required due date, the Company is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the "Rule"). Today the Company issued a press release concerning its receipt of the Additional Notice from Nasdaq.

Unico American Corporation Receives Notification from Nasdaq Related to Delayed Quarterly Report on Form 10-Q

Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company") announced today that its press release issued under the headline "UNICO AMERICAN CORPORATION Receives Notification From Nasdaq Related To Delayed ANNUAL Report on Form 10-K" on May 24, 2022, included certain errors. The corrected headline and press release is set forth in its entirety below.

Correction Notice to Press Release Announcing Unico American Corporation Receives Notification From Nasdaq Related to Delayed Annual Report on Form 10-K

CALABASAS, CA / ACCESSWIRE / April 11, 2022 / On April 6, 2022, Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company") filed a Current Report on Form 8-K with the Securities and Exchange Commission (the "SEC") announcing the Company's receipt of a notice (the "Notice") from Nasdaq notifying the Company that, because its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "Form 10-K") had not been filed with the SEC by the required due date of March 31, 2022, the Company is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the "Rule"). Today the Company issued a press release concerning its receipt of the Notice from Nasdaq.

Unico American Corporation Receives Notification From Nasdaq Related To Delayed Annual Report On Form 10-K

CALABASAS, CA / ACCESSWIRE / September 7, 2021 / Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company") today announced its Board of Directors has authorized a review of strategic alternatives for the Company aimed at enhancing shareholder value. TigerRisk Capital Markets & Advisory has been retained as exclusive financial advisor to the Board of Directors.

Unico American Corporation Announces Review of Strategic Alternatives

CALABASAS, CA / ACCESSWIRE / August 17, 2021 / Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company"), announced today its consolidated financial results for the three and six months ended June 30, 2021. For the three months ended June 30, 2021, net loss was $1,406,811 ($0.27 diluted loss per share) compared to net loss of $434,814 ($0.08 diluted loss per share) for the three months ended June 30, 2020.

Unico American Corporation Reports Second Quarter 2021 Financial Results

CALABASAS, CA / ACCESSWIRE / May 17, 2021 / Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company"), announced today its consolidated financial results for the three months ended March 31, 2021. For the three months ended March 31, 2021, net income was $2,267,703 ($0.43 diluted income per share) compared to net loss of $1,043,826 ($0.20 diluted loss per share) for the three months ended March 31, 2020.

Unico American Corporation Reports First Quarter 2021 Financial Results

CALABASAS, CA / ACCESSWIRE / March 1, 2021 / Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company"), announced today its consolidated financial results for the three and twelve months ended December 31, 2020. For the three months ended December 31, 2020, net loss was $2,071,985 ($0.39 diluted loss per share) compared to net loss of $2,380,419 ($0.45 diluted loss per share) for the three months ended December 31, 2019.

Unico American Corporation Reports Fourth Quarter and Full Year 2020 Financial Results

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Crusader Insurance Company are unchanged by the recent announcement regarding the appointment of Michael Budnitsky, on an interim basis, to the positions of president and CEO, effective Feb. 11, 2021. Concurrently, the Long-Term ICR of “bb” of Unico American Corporation (Unico) [NASDAQ: UNAM] remains unchanged. The outlook of t

AM Best Comments on Credit Ratings of Crusader Insurance Company and Its Parent, Unico American Corporation, Following Leadership Change Announcement

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