Segment Reporting

6 Months Ended

Jun. 30, 2011

Segment Reporting

NOTE 6 – SEGMENT REPORTING

ASC 280 establishes standards for the way information about operating segments are reported in financial statements. The Company has identified its insurance company operation as its primary reporting segment. Revenues from this segment comprised 89% of consolidated revenues for the three and six months ended June 30, 2011, compared to 87% of consolidated revenues for the three and six months ended June 30, 2010. The Company’s remaining operations constitute a variety of specialty insurance services, each with unique characteristics and individually insignificant to consolidated revenues.

Revenues, income before income taxes:

	Three Months Ended						Six Months Ended
	June 30						June 30
	2011			2010			2011			2010
Revenues
Insurance company operation	$	7,645,727		$	8,171,193		$	15,224,573		$	16,731,804
Other insurance operations		3,252,034			3,558,680			6,474,454			7,217,979
Intersegment eliminations (1)		(2,318,762	)		(2,342,838	)		(4,512,183	)		(4,664,935	)
Total other insurance operations		933,272			1,215,842			1,962,271			2,553,044
Total revenues	$	8,578,999		$	9,387,035		$	17,186,844		$	19,284,848
Income (Loss) Before Income Taxes
Insurance company operation	$	1,555,339		$	1,562,823		$	3,688,598		$	2,794,636
Other insurance operations		(467,653	)		(928,152	)		(874,738	)		(1,395,534	)
Total income before income taxes	$	1,087,686		$	634,671		$	2,813,860		$	1,399,102

Assets by segment are as follows:

	As of
	June 30			December 31
	2011			2010
Assets
Insurance company operation	$	131,289,096		$	140,555,882
Intersegment eliminations (2)		(2,268,751	)		(600,113	)
Total insurance company operation		129,020,345			139,955,769
Other insurance operations		26,257,630			17,718,951
Total assets	$	155,277,975		$	157,674,720

(1)Intersegment revenue eliminations reflect commission 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 and Unifax payables.