0000100716-19-000049.txt : 20191114 0000100716-19-000049.hdr.sgml : 20191114 20191114173036 ACCESSION NUMBER: 0000100716-19-000049 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNICO AMERICAN CORP CENTRAL INDEX KEY: 0000100716 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 952583928 STATE OF INCORPORATION: NV FISCAL YEAR END: 1219 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03978 FILM NUMBER: 191221784 BUSINESS ADDRESS: STREET 1: 26050 MUREAU ROAD CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8185919800 MAIL ADDRESS: STREET 1: 26050 MUREAU ROAD CITY: CALABASAS STATE: CA ZIP: 91302 FORMER COMPANY: FORMER CONFORMED NAME: UNIVERSAL COVERAGE CORP DATE OF NAME CHANGE: 19730823 10-Q 1 form10-q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2019 or

[ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ____ to ____.

Commission File No. 000-03978

UNICO AMERICAN CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Nevada	95-2583928
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

26050 Mureau Road, Calabasas, California	91302
(Address of Principal Executive Offices)	(Zip Code)

Registrant's telephone number, including area code: (818) 591-9800

No Change

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, No Par Value	UNAM	Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No __

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X No__

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer __ Accelerated filer __

Non-accelerated filer __ Smaller reporting company X Emerging growth company __

(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. __

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No X

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at November 14, 2019
Common Stock, no par value per share	5,306,720

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UNICO AMERICAN CORPORATION

INDEX TO FORM 10-Q

	Page No.
Cautionary Note Regarding Forward-Looking Statements		3
Part I - Financial Information		4
Item 1. Financial Statements		4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		16
Item 3. Quantitative and Qualitative Disclosures About Market Risk		30
Item 4. Controls and Procedures		30
Part II - Other Information		30
Item 1. Legal Proceedings		30
Item 1A. Risk Factors		30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		30
Item 3. Defaults Upon Senior Securities		30
Item 4. Mine Safety Disclosures		30
Item 5. Other Information		30
Item 6. Exhibits		30
Signatures		31

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q, and the documents incorporated by reference in this document, our press releases and oral statements made from time to time by us or on our behalf, may contain “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (or “the Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (or “the Exchange Act”). In this context, forward-looking statements are not historical facts and include statements about our plans, objectives, beliefs and expectations. Forward-looking statements include statements preceded by, followed by, or that include the words “believes,” “expects,” “anticipates,” “seeks,” “plans,” “estimates,” “intends,” “projects,” “targets,” “should,” “could,” “may,” “will,” “can,” “can have,” “likely,” the negatives thereof or similar words and expressions. These forward-looking statements are contained throughout this Form 10-Q, including, but not limited to, statements found in Part I – Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Forward-looking statements are only predictions and are not guarantees of future performance. These statements are based on current expectations and assumptions involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. These predictions are also affected by known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from those expressed or implied by any forward-looking statement. Many of these factors are beyond our ability to control or predict. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors. Such factors include, but are not limited to, the following:

failure to meet minimum capital and surplus requirements;

vulnerability to significant catastrophic property loss;

a change in accounting standards issued by the Financial Accounting Standards Board;

ability to adjust claims accurately;

insufficiency of loss and loss adjustment expense reserves to cover future losses;

changes in federal or state tax laws;

ability to realize deferred tax assets;

ability to accurately underwrite risks and charge adequate premium;

ability to obtain reinsurance or collect from reinsurers and or losses in excess of reinsurance limits;

extensive regulation and legislative changes;

reliance on subsidiaries to satisfy obligations;

downgrade in financial strength rating by A.M. Best;

changes in interest rates;

investments subject to credit, prepayment and other risks;

geographic concentration;

reliance on independent insurance agents and brokers;

insufficient reserve for doubtful accounts;

litigation;

enforceability of exclusions and limitations in policies;

reliance on information technology systems;

ability to prevent or detect acts of fraud with disclosure controls and procedures;

change in general economic conditions;

dependence on key personnel;

ability to attract, develop and retain employees and maintain appropriate staffing levels;

insolvency, financial difficulties, or default in performance of obligations by parties with significant contracts or relationships;

ability to effectively compete;

maximization of long-term value and no focus on short-term earnings expectations;

control by a small number of shareholders;

limited trading of stock;

failure to maintain effective system of internal controls; and

difficulty in effecting a change of control or sale of any subsidiaries.

Please see Part I - Item 1A – “Risk Factors” in the Company’s 2018 Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission (“SEC”), as well as other documents we file with the SEC from time-to-time, for other important factors that could cause our actual results to differ materially from our current expectations and from the forward-looking statements discussed herein. Because of these and other risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. In addition, these statements speak only as of the date of this Form 10-Q and, except as may be required by law, we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30		December 31
	2019		2018
	(Unaudited)
ASSETS
Investments
Available-for-sale:
Fixed maturities, at fair value (amortized cost: $80,599,961 at September 30, 2019, and $78,302,588 at December 31, 2018)	$	82,117,804	$	76,910,137
Held-to-maturity:
Fixed maturities, at amortized cost (fair value: $2,292,000 at September 30, 2019, and $7,126,000 at December 31, 2018)		2,292,000		7,126,000
Short-term investments, at fair value		200,000		4,690,954
Total Investments		84,609,804		88,727,091
Cash and cash equivalents		7,527,937		4,917,762
Accrued investment income		526,146		393,782
Receivables, net		4,397,764		3,933,068
Reinsurance recoverable:
Paid losses and loss adjustment expenses		1,347,275		(1,319	)
Unpaid losses and loss adjustment expenses		13,799,868		9,531,602
Deferred policy acquisition costs		3,798,508		3,489,728
Property and equipment, net		10,034,945		9,692,325
Deferred income taxes		3,875,323		4,375,484
Other assets		292,235		557,443
Total Assets	$	130,209,805	$	125,616,966

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Unpaid losses and loss adjustment expenses	$	51,655,993	$	51,657,155
Unearned premiums		18,386,614		15,964,589
Advance premium and premium deposits		411,339		234,442
Accrued expenses and other liabilities		2,278,709		1,845,358
Total Liabilities		72,732,655		69,701,544

Commitments and contingencies

STOCKHOLDERS' EQUITY
Common stock, no par value – authorized 10,000,000 shares; 5,306,747 and 5,307,103 shares issued and outstanding at September 30, 2019, and December 31, 2018, respectively		3,772,682		3,772,857
Accumulated other comprehensive income (loss)		1,199,097		(1,100,036	)
Retained earnings		52,505,371		53,242,601
Total Stockholders’ Equity		57,477,150		55,915,422

Total Liabilities and Stockholders' Equity	$	130,209,805	$	125,616,966

See notes to condensed consolidated financial statements (unaudited).

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UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2019		2018			2019			2018
REVENUES
Insurance company operation:
Net earned premium	$	6,978,698	$	6,924,444		$	19,760,961		$	21,969,016
Investment income		518,108		487,538			1,581,482			1,384,748
Net realized investments gains (losses)		—		11			(12,661	)		148
Other income		114,531		125,958			22,660			293,847
Total Insurance Company Operation		7,611,337		7,537,951			21,352,442			23,647,759

Other insurance operations:
Gross commissions and fees		581,100		578,485			1,656,371			1,856,592
Investment income		3		21			12			216
Finance charges and fees earned		66,526		44,575			169,896			97,051
Other income		—		2			10,818			9,759
Total Revenues		8,258,966		8,161,034			23,189,539			25,611,377

EXPENSES
Losses and loss adjustment expenses		5,137,974		5,638,620			15,351,368			18,369,580
Policy acquisition costs		1,194,870		1,375,222			3,571,065			4,512,203
Salaries and employee benefits		1,021,597		1,142,827			3,062,251			3,557,408
Commissions to agents/brokers		40,946		43,381			132,144			125,262
Other operating expenses		532,853		773,125			1,896,386			2,383,965
Total Expenses		7,928,240		8,973,175			24,013,214			28,948,418

Income (loss) before taxes		330,726		(812,141	)		(823,675	)		(3,337,041	)
Income tax expense (benefit)		118,259		(150,216	)		(88,391	)		(636,161	)
Net Income (Loss)	$	212,467	$	(661,925	)	$	(735,284	)	$	(2,700,880	)



PER SHARE DATA:
Basic
Earnings (loss) per share	$	0.04	$	(0.12	)	$	(0.14	)	$	(0.51	)
Weighted average shares		5,306,747		5,307,113			5,306,929			5,307,126
Diluted
Earnings (loss) per share	$	0.04	$	(0.12	)	$	(0.14	)	$	(0.51	)
Weighted average shares		5,306,747		5,307,113			5,306,929			5,307,126

See notes to condensed consolidated financial statements (unaudited).

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UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2019		2018			2019			2018


Net income (loss)	$	212,467	$	(661,925	)	$	(735,284	)	$	(2,700,880	)
Changes in unrealized gains (losses) on securities classified as available-for-sale arising during the period, net of income tax		359,110		(211,144	)		2,299,133			(1,350,543	)
Comprehensive Income (Loss)	$	571,577	$	(873,069	)	$	1,563,849		$	(4,051,423	)

See notes to condensed consolidated financial statements (unaudited).

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UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)


							Accumulated
	Common Shares						Other
	Issued and						Comprehensive			Retained
	Outstanding			Amount			Loss			Earnings			Total

Balance – December 31, 2017		5,307,133		$	3,772,872		$	(239,896	)	$	56,412,361		$	59,945,337

Change in comprehensive loss, net of deferred income tax		—			—			(1,139,399	)		—			(1,139,399	)
Net loss		—			—			—			(2,038,955	)		(2,038,955	)
Balance – June 30, 2018		5,307,133		$	3,772,872		$	(1,379,295	)	$	54,373,406		$	56,766,983

Shares repurchased		(30	)		(15	)		—			(201	)		(216	)
Change in comprehensive loss, net of deferred income tax		—			—			(211,144	)		—			(211,144	)
Net loss		—			—			—			(661,925	)		(661,925	)
Balance – September 30, 2018		5,307,103		$	3,772,857		$	(1,590,439	)	$	53,711,280		$	55,893,698


							Accumulated
	Common Shares						Other
	Issued and						Comprehensive			Retained
	Outstanding			Amount			Income (Loss)			Earnings			Total

Balance – December 31, 2018		5,307,103		$	3,772,857		$	(1,100,036	)	$	53,242,601		$	55,915,422

Shares repurchased		(356	)		(175	)		—			(1,946	)		(2,121	)
Change in comprehensive income, net of deferred income tax		—			—			1,940,023			—			1,940,023
Net loss		—			—			—			(947,751	)		(947,751	)
Balance – June 30, 2019		5,306,747		$	3,772,682		$	839,987		$	52,292,904		$	56,905,573

Shares repurchased		—			—			—			—			—
Change in comprehensive income, net of deferred income tax		—			—			359,110			—			359,110
Net income		—			—			—			212,467			212,467
Balance – September 30, 2019		5,306,747		$	3,772,682		$	1,199,097		$	52,505,371		$	57,477,150

See notes to condensed consolidated financial statements (unaudited).

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UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended
	September 30
	2019			2018
Cash flows from operating activities:
Net loss	$	(735,284	)	$	(2,700,880	)
Adjustments to reconcile net loss to net cash from operations:
Depreciation and amortization		402,769			417,261
Bond amortization, net		24,192			160,724
Bad debt expense		(20,766	)		384
Net realized investment losses (gains)		12,661			(148	)
Changes in assets and liabilities:
Net receivables and accrued investment income		(576,294	)		1,874,900
Reinsurance recoverable		(5,616,860	)		77,156
Deferred policy acquisition costs		(308,780	)		558,841
Other assets		265,208			51,589
Unpaid losses and loss adjustment expenses		(1,162	)		163,351
Unearned premiums		2,422,025			(2,610,489	)
Advance premium and premium deposits		176,897			159,445
Accrued expenses and other liabilities		433,351			(367,520	)
Deferred income taxes		(111,000	)		(647,727	)
Net Cash Used by Operating Activities		(3,633,043	)		(2,863,113	)

Cash flows from investing activities:
Purchase of fixed maturity investments		(8,286,568	)		(21,034,427	)
Proceeds from maturity of fixed maturity investments		7,313,548			16,121,354
Proceeds from sale or call of fixed maturity investments		3,472,794			1,270,296
Net decrease in short-term investments		4,490,954			1,647,778
Additions to property and equipment		(745,389	)		(95,947	)
Net Cash Provided (Used) by Investing Activities		6,245,339			(2,090,946	)

Cash flows from financing activities:
Repurchase of common stock		(2,121	)		(216	)
Net Cash Used by Financing Activities		(2,121	)		(216	)

Net increase (decrease) in cash and cash equivalents		2,610,175			(4,954,275	)
Cash and cash equivalents at beginning of period		4,917,762			9,366,944
Cash and Cash Equivalents at End of Period	$	7,527,937		$	4,412,669

Supplemental cash flow information
Cash paid during the period for:
Interest		—			—
Income taxes	$	8,800		$	8,800

See notes to condensed consolidated financial statements (unaudited).

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UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

SEPTEMBER 30, 2019

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Unico American Corporation is an insurance holding company whose subsidiaries underwrite and market property and casualty insurance, and transact health insurance, insurance premium financing and membership association services. Unico American Corporation is referred to herein as the "Company" or "Unico" and such references include both the corporation and its subsidiaries, all of which are wholly owned. Unico was incorporated under the laws of Nevada in 1969.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Unico American Corporation and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X for smaller reporting companies. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Quarterly condensed financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Certain reclassifications have been made to prior period amounts to conform to current quarter presentation.

Use of Estimates in the Preparation of the Financial Statements

The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect its reported amounts of assets and liabilities and its disclosure of any contingent assets and liabilities at the date of its financial statements, as well as its reported amounts of revenues and expenses during the reporting period. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to losses and loss adjustment expenses. While every effort is made to ensure the integrity of such estimates, actual results may differ.

Fair Value of Financial Instruments

The Company employs a fair value hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial assets and financial liabilities recorded on the Condensed Consolidated Balance Sheets at fair value are categorized based on the reliability of inputs for the valuation techniques (see Note 7).

The Company has used the following methods and assumptions in estimating its fair value disclosures for instruments carried at fair value:

Short-term investments and investment securities, excluding long-term certificates of deposit – Fair values are obtained from widely accepted third party vendors.

The Company has used the following methods and assumptions for estimating fair value for other financial instruments not carried at fair value:

Cash and cash equivalents– The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments.

Long-term certificates of deposit – The carrying amounts reported in the Condensed Consolidated Balance Sheets for these instruments are at amortized cost which approximates their fair value.

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Receivables, net – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments.

Accrued expenses and other liabilities – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate the fair values given the short-term nature of these instruments.

Cash Equivalents

Cash equivalents are comprised of highly liquid investments with initial maturity of 90 days or less. Cash equivalents include, but not limited to, custodial trust, bank money market and savings accounts.

NOTE 2 – REPURCHASE OF COMMON STOCK – EFFECTS ON STOCKHOLDERS’ EQUITY

On December 19, 2008, the Board of Directors authorized a stock repurchase program to acquire from time to time up to an aggregate of 500,000 shares of the Company’s common stock. This program has no expiration date and may be terminated by the Board of Directors at any time. As of September 30, 2019, and December 31, 2018, the Company had remaining authority under the 2008 program to repurchase up to an aggregate of 188,269 and 188,625 shares of its common stock, respectively. The 2008 program is the only program under which there is authority to repurchase shares of the Company’s common stock. The Company did not repurchase any stock during the three months ended September 30, 2019. The Company repurchased 356 shares of stock during the nine months ended September 30, 2019, in unsolicited transactions at a cost of $2,121 of which $175 was allocated to capital and $1,946 was allocated to retained earnings. The Company repurchased 30 shares of stock during the three and nine months ended September 30, 2018, in unsolicited transactions at a cost of $216 of which $15 was allocated to capital and $201 was allocated to retained earnings. The Company has retired or will retire all stock repurchased.

NOTE 3 – EARNINGS (LOSS) PER SHARE

The following table represents the reconciliation of the Company's basic earnings (loss) per share and diluted earnings (loss) per share computations reported on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30					Nine Months Ended September 30
	2019		2018			2019			2018
Basic Earnings (Loss) Per Share
Net income (loss)	$	212,467	$	(661,925	)	$	(735,284	)	$	(2,700,880	)

Weighted average shares outstanding		5,306,747		5,307,113			5,306,929			5,307,126

Basic earnings (loss) per share	$	0.04	$	(0.12	)	$	(0.14	)	$	(0.51	)

Diluted Earnings (Loss) Per Share
Net income (loss)	$	212,467	$	(661,925	)	$	(735,284	)	$	(2,700,880	)

Weighted average shares outstanding		5,306,747		5,307,113			5,306,929			5,307,126
Diluted shares outstanding		5,306,747		5,307,113			5,306,929			5,307,126

Diluted earnings (loss) per share	$	0.04	$	(0.12	)	$	(0.14	)	$	(0.51	)

Basic earnings per share exclude the impact of common share equivalents and are based upon the weighted average common shares outstanding. Diluted earnings per share utilize the average market price per share when applying the treasury stock method in determining common share dilution. When outstanding stock options are dilutive, they are treated as common share equivalents for purposes of computing diluted earnings per share and represent the difference between basic and diluted weighted average shares outstanding. In loss periods, stock options are excluded from the calculation of diluted loss per share, as the inclusion of stock options would have an anti-dilutive effect.

NOTE 4 – RECENTLY ISSUED ACCOUNTING STANDARDS

Recently adopted standards

In February 2016, the FASB issued ASU 2016-02 “Leases.” ASU 2016-02 requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by all leases, including those historically accounted for as operating leases. The Company adopted ASU 2016-02 effective January 1, 2019. The adoption of ASU 2016-02 did not have a material impact to the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets.

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Standards not yet adopted

In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 replaces the current incurred loss methodology for recognizing credit losses with a current expected credit loss model, which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 also requires enhanced disclosures for better understanding of significant estimates and judgments used in estimating credit losses. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's consolidated financial statements, but expects the primary changes to be (i) the use of the expected credit loss model for its premium receivables and reinsurance recoverables and (ii) the presentation of credit losses within the available-for-sale fixed maturities portfolio through an allowance method rather than as a direct write-down. ASU 2016-13 will primarily impact the Company’s available-for-sale fixed maturities portfolio and reinsurance recoverables. ASU 2016-13 will become effective for fiscal years beginning after December 31, 2019. Since the Company’s fixed income portfolio is invested primarily in higher rated bonds (as of September 30, 2019, 80.1% of available-for-sale fixed maturities, at fair value, were rated “A” or better) and the reinsurance is purchased from financially strong reinsurers, the Company believes the adoption of ASU 2016-13 will not have a material impact to the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets.

NOTE 5 – ACCOUNTING FOR TAXES

The Company and its wholly owned subsidiaries file consolidated federal and state income tax returns. Pursuant to a tax allocation agreement, the Company’s subsidiaries, Crusader Insurance Company (“Crusader”) and American Acceptance Corporation (“AAC”), are allocated taxes or tax credits in the case of losses, at current corporate rates based on their own taxable income or loss. The Company files income tax returns under U.S. federal and various state jurisdictions. The Company is subject to examination by U.S. federal income tax authorities for tax returns filed starting at taxable year 2015 and California state income tax authorities for tax returns filed starting at taxable year 2014. There are no ongoing examinations of income tax returns by federal or state tax authorities.

As of September 30, 2019, and December 31, 2018, the Company had no unrecognized tax benefits or liabilities and, therefore, had not accrued interest and penalties related to unrecognized tax benefits or liabilities. However, if interest and penalties would need to be accrued related to unrecognized tax benefits or liabilities, such amounts would be recognized as a component of federal income tax expense.

As a California based insurance company, Crusader is obligated to pay a premium tax on gross premiums written in all states that Crusader is admitted. Premium taxes are deferred and amortized as the related premiums are earned. The premium tax is in lieu of state franchise taxes and is not included in the provision for state taxes.

NOTE 6 – PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

	September 30			December 31
	2019			2018

Building and leasehold improvements located in Calabasas, California	$	8,400,775		$	8,398,275
Furniture, fixtures, and equipment		2,100,976			2,063,549
Computer software		365,330			363,016
Accumulated depreciation and amortization		(3,454,274	)		(3,051,505	)
Computer software under development		834,653			131,505
Land located in Calabasas, California		1,787,485			1,787,485
Property and equipment, net	$	10,034,945		$	9,692,325

Depreciation on the Calabasas building, owned by Crusader, is computed using the straight line method over 39 years. Depreciation on furniture, fixtures, and equipment in the Calabasas building is computed using the straight line method over 3 to 15 years. Amortization of leasehold improvements in the Calabasas building is being computed using the shorter of the useful life of the leasehold improvements or the remaining years of the lease. Depreciation and amortization expense on all property and equipment for the three and nine months ended September 30, 2019, was $132,664 and $402,769, respectively, and for the three and nine months ended September 30, 2018, was $135,544 and $417,261, respectively.

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For the three and nine months ended September 30, 2019, the Calabasas building has generated rental revenue from non-affiliated tenants in the amount of $43,158 and $125,545, respectively, and for the three and nine months ended September 30, 2018, rental revenue from non-affiliated tenants in the amount of $89,211 and $264,329, respectively, which is included in “Other income” from insurance company operation in the Company’s Condensed Consolidated Statements of Operations.

For the three and nine months ended September 30, 2019, the Calabasas building incurred operating expenses (including depreciation) in the amount of $126,962 and $482,257, respectively, and $217,263 and $591,372 for the three and nine months ended September 30, 2018, respectively, which are included in “Other operating expenses” in the Company’s Condensed Consolidated Statements of Operations.

The total square footage of the Calabasas building is 46,884, including common areas. As of September 30, 2019, 5,092 square feet of the Calabasas building was leased to non-affiliated entities and 9,389 square feet was vacant and available to be leased to non-affiliated entities.

The Company capitalizes certain computer software costs purchased from outside vendors for internal use or incurred internally to upgrade the existing systems. These costs also include configuration and customization activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrade and enhancements are capitalized if it is probable that such expenditure will result in additional functionality. The capitalized costs are not depreciated until the software is placed into production.

NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS

In determining the fair value of its financial instruments, the Company employs a fair value hierarchy that prioritizes the inputs for the valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial assets and financial liabilities recorded on the Condensed Consolidated Balance Sheets at fair value are categorized based on the reliability of inputs for the valuation techniques as follows:

Level 1 – Financial assets and financial liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities as of the reporting date.

Level 2 – Financial assets and financial liabilities whose values are based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in non-active markets; or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability as of the reporting date.

Level 3 – Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities as of the reporting date.

The hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Thus, a Level 3 fair value measurement may include inputs that are observable (Level 1 or Level 2) or unobservable (Level 3). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The following table presents information about the Company’s consolidated financial instruments and their estimated fair values, which are measured on a recurring basis and are allocated among the three levels within the fair value hierarchy, as of September 30, 2019, and December 31, 2018:

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	Level 1		Level 2		Level 3		Total
September 30, 2019
Financial instruments:
Available-for-sale fixed maturities:
U.S. treasury securities	$	15,229,977	$	—	$	—	$	15,229,977
Corporate securities		—		43,061,430		—		43,061,430
Agency mortgage backed securities		—		23,826,397		—		23,826,397
Short-term investments		200,000		—		—		200,000
Total financial instruments at fair value	$	15,429,977	$	66,887,827	$	—	$	82,317,804

		Level 1		Level 2		Level 3		Total
December 31, 2018
Financial instruments:
Available-for-sale fixed maturities:
U.S. treasury securities	$	16,619,619	$	—	$	—	$	16,619,619
Corporate securities		—		40,003,723		—		40,003,723
Agency mortgage backed securities		—		20,286,795		—		20,286,795
Short-term investments		4,690,954		—		—		4,690,954
Total financial instruments at fair value	$	21,310,573	$	60,290,518	$	—	$	81,601,091

Fair value measurements are not adjusted for transaction costs. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. The Company did not have any transfers between Levels 1, 2, and 3 of the fair value hierarchy during the three and nine months ended September 30, 2019 and 2018.

NOTE 8 – INVESTMENTS

A summary of investment income, net of investment expenses, is as follows:

	Three Months Ended September 30						Nine Months Ended September 30
	2019			2018			2019			2018

Fixed maturities	$	532,307		$	498,656		$	1,626,843		$	1,430,323
Short-term investments and cash equivalents		16,811			14,284			53,278			33,872
Gross investment income		549,118			512,940			1,680,121			1,464,195
Less: investment expenses		(31,007	)		(25,381	)		(98,627	)		(79,231	)
Net investment income	$	518,111		$	487,559		$	1,581,494		$	1,384,964

The amortized cost and estimated fair values of investments in fixed maturities by category are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
September 30, 2019
Available-for-sale fixed maturities:
U.S. treasury securities	$	15,091,142	$	144,814	$	(5,979	)	$	15,229,977
Corporate securities		41,959,625		1,104,193		(2,388	)		43,061,430
Agency mortgage-backed securities		23,549,194		280,259		(3,056	)		23,826,397
Held-to-maturity fixed securities:
Certificates of deposits		2,292,000		—		—			2,292,000
Total fixed maturities	$	82,891,961	$	1,529,266	$	(11,423	)	$	84,409,804

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	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2018
Available-for-sale fixed maturities:
U.S. treasury securities	$	16,746,832	$	16,069	$	(143,282	)	$	16,619,619
Corporate securities		40,804,425		50,422		(851,124	)		40,003,723
Agency mortgage-backed securities		20,751,331		7,757		(472,293	)		20,286,795
Held-to-maturity fixed securities:
Certificates of deposits		7,126,000		—		—			7,126,000
Total fixed maturities	$	85,428,588	$	74,248	$	(1,466,699	)	$	84,036,137

A summary of the unrealized gains (losses) on investments in fixed maturities carried at fair value and the applicable deferred federal income taxes is shown below:

	September 30			December 31
	2019			2018

Gross unrealized gains on fixed maturities	$	1,529,266		$	74,248
Gross unrealized losses on fixed maturities		(11,423	)		(1,466,699	)
Net unrealized gains (losses) on fixed maturities		1,517,843			(1,392,451	)
Deferred federal tax benefit (expense)		(318,746	)		292,415
Net unrealized gains (losses), net of deferred income taxes	$	1,199,097		$	(1,100,036	)

A summary of estimated fair value, gross unrealized losses, and number of securities in a gross unrealized loss position by the length of time in which the securities have continually been in that position is shown below:

	Less than 12 Months							12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
September 30, 2019
U.S. treasury securities	$	1,093,984	$	(1,351	)		1	$	1,998,768	$	(4,628	)		2
Corporate securities		498,404		(1,596	)		1		1,698,824		(792	)		2
Agency mortgage-backed securities		3,085,390		(3,056	)		3		—		—			—
Total	$	4,677,778	$	(6,003	)		5	$	3,697,592	$	(5,420	)		4

	Less than 12 Months							12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
December 31, 2018
U.S. treasury securities	$	1,760,491	$	(20,181	)		2	$	8,496,069	$	(123,101	)		6
Corporate securities		10,878,381		(272,515	)		17		21,189,487		(578,609	)		27
Agency mortgage-backed securities		—		—			—		17,034,086		(472,293	)		15
Total	$	12,638,872	$	(292,696	)		19	$	46,719,642	$	(1,174,003	)		48

The Company closely monitors its investments. If an unrealized loss is determined to be other-than-temporary, it is written off as a realized loss through the Condensed Consolidated Statements of Operations. The Company’s methodology of assessing other-than-temporary impairments is based on security-specific analysis, performed by the Company’s independent investment advisor, as of the balance sheet date and considers various factors including the length of time to maturity and the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. The unrealized losses as of September 30, 2019, and December 31, 2018, were determined to be temporary.

Although the Company does not intend to sell its fixed maturity investments prior to maturity, the Company may sell investment securities from time to time in response to cash flow requirements, economic, regulatory, and/or market conditions or investment securities may be called by their issuers prior to the securities’ maturity. The Company did not sell or have any calls of investment securities and there were no realized investment gains or losses during the three months ended September 30, 2019. The Company had one call of an investment security during the three months ended September 30, 2018 and realized a net investment gain of $11 on this call. The Company sold three securities, with amortized cost of $2,997,098, and had one call of an investment security during the nine months ended September 30, 2019. The Company realized net investment losses of $12,661 on these sales and call for the nine months ended September 30, 2019. The Company had two calls of investment securities during the nine months ended September 30, 2018 and realized net investment gains of $148 on these calls. The Company did not sell any investment securities during the three and nine months ended September 30, 2018. The unrealized gains or losses from fixed maturities are reported as “Accumulated other comprehensive income or loss,” which is a separate component of stockholders’ equity, net of any deferred tax effect.

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The Company’s investment in certificates of deposit was $2,292,000 and $7,126,000 as of September 30, 2019, and December 31, 2018, respectively. All of the Company’s certificates of deposit are within the FDIC insured permissible limits. Due to the nature of the Company’s business, certain bank accounts may exceed FDIC insured permissible limits.

The following securities from three different banks represent statutory deposits that are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for writing certain lines of insurance in California and for admission to transact insurance business in the state of Nevada.

	September 30		December 31
	2019		2018

Certificates of deposit	$	200,000	$	200,000
Short-term investments		200,000		200,000
Total state held deposits	$	400,000	$	400,000

Short-term investments have an initial maturity of one year or less and consist of the following:

	September 30		December 31
	2019		2018
U.S. treasury bills	$	—	$	4,490,954
Certificate of deposit		200,000		200,000
Total short-term investments	$	200,000	$	4,690,954

NOTE 9 – UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES

The following table provides an analysis of Crusader’s loss and loss adjustment expense reserves, including a reconciliation of the beginning and ending balance sheet liability for the periods indicated:

	Nine Months Ended September 30
	2019		2018

Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance	$	51,657,155	$	49,076,991
Less reinsurance recoverable on unpaid losses and loss adjustment expenses		9,531,602		8,393,550
Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance		42,125,553		40,683,441

Incurred losses and loss adjustment expenses:
Provision for insured events of current year		13,984,532		15,501,620
Development of insured events of prior years		1,366,836		2,867,960
Total incurred losses and loss adjustment expenses		15,351,368		18,369,580

Loss and loss adjustment expense payments:
Attributable to insured events of the current year		4,531,844		4,781,651
Attributable to insured events of prior years		15,088,952		13,322,413
Total payments		19,620,796		18,104,064

Reserve for unpaid losses and loss adjustment expenses at September 30 – net of reinsurance		37,856,125		40,948,957
Reinsurance recoverable on unpaid losses and loss adjustment expenses		13,799,868		8,291,385
Reserve for unpaid losses and loss adjustment expenses at September 30 – gross of reinsurance	$	51,655,993	$	49,240,342

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Some lines of insurance are commonly referred to as "long-tail" lines because of the extended time required before claims are ultimately settled. Lines of insurance in which claims are settled relatively quickly are called "short-tail" lines. It is generally more difficult to estimate loss reserves for long-tail lines because of the long period of time that elapses between the occurrence of a claim and its final disposition and the difficulty of estimating the settlement value of the claim. Crusader’s short-tail lines consist of its property coverages, and its long-tail lines consist of its liability coverages. However, Crusader’s long-tail liability claims tend to be settled relatively quicker than other long-tail lines not underwritten by Crusader, such as workers’ compensation, professional liability, umbrella liability, and medical malpractice. Since trends develop over longer periods of time on long-tail lines of business, the Company generally gives credibility to those trends more slowly than for short-tail or less volatile lines of business.

NOTE 10 – CONTINGENCIES

The Company, by virtue of the nature of the business conducted by it, becomes involved in numerous legal proceedings as either plaintiff or defendant. From time to time, the Company is required to resort to legal proceedings against vendors providing services to the Company or against customers or their agents to enforce collection of premiums, commissions, or fees. These routine items of litigation do not materially affect the Company and are handled on a routine basis by the Company through its counsel.

The Company establishes reserves for lawsuits, regulatory actions, and other contingencies for which the Company is able to estimate its potential exposure and believes a loss is probable. For loss contingencies believed to be reasonably possible, the Company discloses the nature of the loss contingency, an estimate of the possible loss, a range of loss, or a statement that such an estimate cannot be made.

Likewise, the Company is sometimes named as a cross-defendant in litigation, which is principally directed against an insured who was issued a policy of insurance directly or indirectly through the Company. Incidental actions related to disputes concerning the issuance or non-issuance of individual policies are sometimes brought by customers or others. These items are also handled on a routine basis by counsel, and they do not generally affect the operations of the Company. Management is confident that the ultimate outcome of pending litigation should not have an adverse effect on the Company's consolidated results of operations or financial position. The Company vigorously defends itself unless a reasonable settlement appears appropriate.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

General

Unico American Corporation, referred to herein as the "Company” or “Unico," is an insurance holding company. Currently, the Company’s subsidiary Crusader Insurance Company (“Crusader”) underwrites commercial property and casualty insurance, the Company’s subsidiaries Unifax Insurance Systems, Inc. (“Unifax”) and American Insurance Brokers, Inc. (“AIB”) provide marketing and various underwriting support services related to property, casualty, health and life insurance, the Company’s subsidiary American Acceptance Company (“AAC”) provides insurance premium financing, and the Company’s subsidiary Insurance Club, Inc., dba AAQHC, an Administrator (“AAQHC”) provides membership association services.

Total revenues for the three months ended September 30, 2019, were $8,258,966 compared to $8,161,034 for the three months ended September 30, 2018, an increase of $97,932 (1%). Total revenues for the nine months ended September 30, 2019, were $23,189,539 compared to $25,611,377 for the nine months ended September 30, 2018, a decrease of $2,421,838 (10%). The Company had net income of $212,467 for the three months ended September 30, 2019, compared to net loss of $661,925 for the three months ended September 30, 2018. The Company had net loss of $735,284 for the nine months ended September 30, 2019, compared to net loss of $2,700,880 for the nine months ended September 30, 2018.

This overview discusses some of the relevant factors that management considers in evaluating the Company's performance, prospects, and risks. It is not all inclusive and is meant to be read in conjunction with the entirety of the management discussion and analysis, the Company's consolidated financial statements and notes thereto, and all other items contained within the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission.

The Company’s financial performance has suffered in recent years, and the Company has reported net losses for each fiscal year beginning with the year ended December 31, 2015. While losses in recent years have been driven primarily by losses from Crusader’s policies and Crusader’s high loss ratios, management believes that other contributing factors include (1) flat or declining revenues due to intense competition, (2) the somewhat-fixed nature of many of the Company’s expenses relative to flat or declining revenues, (3) the failure to have replaced or upgraded the Company’s legacy IT system in order to process Crusader’s smaller premium accounts more efficiently, and (4) the failure to have shifted focus to larger premium accounts and fee-for-service operations.

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In 2018, the Company determined that the cost to replace its legacy IT system would be between $4,000,000 and $8,000,000, and the installation of such a system would take between two to four years. After weighing the time and expense involved against the anticipated benefit from such an investment, the Company opted for what it then perceived to be a less expensive upgrade to its legacy system, an upgrade that then seemed to offer more incremental benefits in a shorter timeframe. While initially expected to be completed by the end of 2019, at a cost of approximately $300,000, excluding costs of Unico's employees involved in the upgrade, the system upgrade is now expected to be completed by the end of 2020, at a cost of approximately $1,200,000, excluding costs of Unico's employees involved in the upgrade, due to unexpected technical challenges. In light of the significant delays and increases in cost associated with its legacy upgrade project, the Company has deployed additional resources toward the management of this project and has renegotiated the relationship that it has with the non-affiliated vendor working on this project.

To improve Crusader's loss ratios, beginning in January 2017, the Company made significant changes in its staffing and in its pricing and risk selection practices. To improve revenues the Company is working to improve its sales in the markets that it has historically served, to gain access to markets that it has not previously served, and to generate new sources of revenue on a fee-for-service basis. For example, the Unifax operations are seeking opportunities to transact admitted and non-admitted business with non-affiliated insurers, where Crusader will not be underwriting the risk, providing Unifax with a wider range of possibilities for their products and services; also, the Company re-activated its US Risk Managers, Inc. subsidiary so that it can provide claims adjustment services to non-affiliated insurers and to self-insurers on a fee-for-service basis (i.e., where Crusader will not be underwriting the risk), providing the potential for an alternative revenue source to the Company; also, the Company plans to execute a "fronting" agreement with a non-admitted, non-affiliated insurer that is rated "A-" or better by A.M. Best Company thereby providing Unifax and Crusader with a wider range of possibilities for their products and services.

Revenue and Income Generation

The Company receives its revenues primarily from earned premium derived from the insurance company operations, commission and fee income generated from the insurance agency operations, finance charges and fee income from the premium finance operations, and investment income from funds generated primarily from the insurance company operation. The insurance company operation generated approximately 92% of consolidated revenues for the three and nine months ended September 30, 2019, compared to 92% of consolidated revenues for the three and nine months ended September 30, 2018. None of the Company’s other operations is individually material to consolidated revenues.

Insurance Company Operation

As of September 30, 2019, Crusader was licensed as an admitted insurance carrier in the states of Arizona, California, Nevada, Oregon, and Washington. From 2004 until September 2014, all of Crusader’s business was written in the state of California. Crusader’s business remains concentrated in California (99.8% of direct written premium, which represents written premium before cession to reinsurers, during the three and nine months ended September 30, 2019 and 99.6% of direct written premium during the three and nine months ended September 30, 2018).

Crusader’s total direct written premium, as reported on Crusader’s statutory financial statements, was produced geographically as follows:

	Three Months Ended September 30							Nine Months Ended September 30
	2019		2018			Change		2019			2018		Change

California	$	9,444,753	$	7,846,050		$	1,598,703	$	27,397,892		$	24,226,389	$	3,171,503
Arizona		—		(660	)		660		31,593			54,899		(23,306	)
Washington		—		—			—		(1,149	)		6,444		(7,593	)
Total direct written premium	$	9,444,753	$	7,845,390		$	1,599,363	$	27,428,336		$	24,287,732	$	3,140,604

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Crusader believes that it can grow its sales and profitability through improved specialization and sales incentives. Crusader currently focuses in four underwriting verticals: (1) Transportation, (2) Food, Beverage & Entertainment, (3) Garage & Mercantile, and (4) Apartments & Commercial Buildings. Crusader also is evaluating the possibility of expanding its operations geographically, on an admitted or non-admitted basis, so as to offer similar products in other states, but the timing of any such expansion is not yet determined.

Written premium is a non-GAAP financial measure that is defined, under the statutory accounting practices prescribed or permitted by the California Department of Insurance, as the contractually determined amount charged by the insurance company to the policyholder for the effective period of the contract based on the expectation of risk, policy benefits, and expenses associated with the coverage provided by the terms of the policies. Written premium is a required statutory measure. Written premium is defined under GAAP in Accounting Standards Codification Topic 405, “Liabilities,” as “premiums on all policies an entity has issued in a period.” Earned premium, the most directly comparable GAAP measure to written premium, represents the portion of written premium that is recognized as income in the financial statements for the period presented and earned on a pro-rata basis over the terms of the policies. Written premium is intended to reflect production levels and is meant as supplemental information and not intended to replace earned premium. Such information should be read in conjunction with the GAAP financial results.

The following is a reconciliation of direct written premium to net earned premium which represents earned premium after cession to reinsurers:

	Three Months Ended September 30						Nine Months Ended September 30
	2019			2018			2019			2018

Direct written premium	$	9,444,753		$	7,845,390		$	27,428,336		$	24,287,732
Less: written premium ceded to reinsurers		(1,788,682	)		(1,586,784	)		(5,205,210	)		(5,029,226	)
Net written premium		7,656,071			6,258,606			22,223,126			19,258,506
Change in direct unearned premium		(660,216	)		666,183			(2,422,025	)		2,610,489
Change in ceded unearned premium		(17,157	)		(345	)		(40,140	)		100,021
Net earned premium	$	6,978,698		$	6,924,444		$	19,760,961		$	21,969,016

The insurance company operation’s underwriting profitability is defined by pre-tax underwriting gain, which is calculated as net earned premium less losses and loss adjustment expenses and policy acquisition costs.

Crusader’s underwriting gain (loss) before income taxes is as follows:

	Three Months Ended September 30									Nine Months Ended September 30
	2019			2018			Change			2019			2018			Change

Net written premium	$	7,656,071		$	6,258,606		$	1,397,465		$	22,223,126		$	19,258,506		$	2,964,620
Change in net unearned premium		(677,373	)		665,838			(1,343,211	)		(2,462,165	)		2,710,510			(5,172,675	)
Net earned premium		6,978,698			6,924,444			54,254			19,760,961			21,969,016			(2,208,055	)
Less:
Losses and loss adjustment expenses		5,137,974			5,638,620			(500,646	)		15,351,368			18,369,580			(3,018,212	)
Policy acquisition costs		1,194,870			1,375,222			(180,352	)		3,571,065			4,512,203			(941,138	)
Total underwriting expenses		6,332,844			7,013,842			(680,998	)		18,922,433			22,881,783			(3,959,350	)
Underwriting gain (loss) before income taxes	$	645,854		$	(89,398	)	$	735,252		$	838,528		$	(912,767	)	$	1,751,295

Underwriting gain or loss before income taxes is a non-GAAP financial measure. Underwriting gain or loss before income taxes represents one measure of the pretax profitability of the insurance company operation and is derived by subtracting losses and loss adjustment expenses, and policy acquisition costs from net earned premium, which are all GAAP financial measures. Management believes disclosure of underwriting gain or loss before income taxes is useful supplemental information that helps align the reader’s understanding with management’s view of insurance company operations profitability. Each of these captions is presented in the Condensed Consolidated Statements of Operations but is not subtotaled.

The following is a reconciliation of Crusader’s underwriting gain (loss) before income taxes to the Company’s income (loss) before taxes:

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	Three Months Ended September 30					Nine Months Ended September 30
	2019		2018			2019			2018

Underwriting gain (loss) before income taxes	$	645,854	$	(89,398	)	$	838,528		$	(912,767	)
Insurance company operation revenues:
Investment income		518,108		487,538			1,581,482			1,384,748
Net realized investment gains (losses)		—		11			(12,661	)		148
Other income		114,531		125,958			22,660			293,847
Other insurance operations revenues:
Gross commissions and fees		581,100		578,485			1,656,371			1,856,592
Investment income		3		21			12			216
Finance charges and fees earned		66,526		44,575			169,896			97,051
Other income		—		2			10,818			9,759
Less expenses:
Salaries and employee benefits		1,021,597		1,142,827			3,062,251			3,557,408
Commissions to agents/brokers		40,946		43,381			132,144			125,262
Other operating expenses		532,853		773,125			1,896,386			2,383,965
Income (loss) before taxes	$	330,726	$	(812,141	)	$	(823,675	)	$	(3,337,041	)

The Company evaluates its unearned premiums periodically for premium deficiencies by comparing the sum of expected claim costs, unamortized deferred policy acquisition costs, and maintenance costs partially offset by net investment income to related unearned premiums. To the extent that any of the Company’s programs become unprofitable, a premium deficiency reserve may be required. The Company did not carry a premium deficiency reserve as of September 30, 2019, and December 31, 2018.

The following table provides an analysis of losses and loss adjustment expenses:

	Three Months Ended September 30							Nine Months Ended September 30
	2019		2018		Change			2019		2018		Change

Losses and loss adjustment expenses:
Provision for insured events of current year	$	4,299,018	$	4,840,242	$	(541,224	)	$	13,984,532	$	15,501,620	$	(1,517,088	)
Development of insured events of prior years		838,956		798,378		40,578			1,366,836		2,867,960		(1,501,124	)
Total losses and loss adjustment expenses	$	5,137,974	$	5,638,620	$	(500,646	)	$	15,351,368	$	18,369,580	$	(3,018,212	)

Losses and loss adjustment expenses were 74% and 78% of net earned premium for the three and nine months ended September 30, 2019, respectively, compared to 81% and 84% of net earned premium for the three and nine months ended September 30, 2018, respectively. For further analysis, refer to “Results of Operations.”

On January 17, 2019, the A.M. Best Company downgraded Crusader’s Financial Strength Rating to “B++” (Good) from “A-” (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” from “a-”. The outlook of the Financial Strength Rating has been revised to stable from negative while the outlook of the Long-Term Issuer Credit Rating remains negative. The rating downgrades reflect a revision in A.M. Best’s assessment of the company’s operating performance to “adequate” from “strong.” Some of Crusader’s policyholders, or the lenders, landlords or clients of Crusader’s policyholders, require insurance from a company that has an A.M. Best Company rating of “A-” or higher, and the A.M. Best Company’s changed rating of Crusader may also have a negative impact on Crusader’s reputation. Therefore, Crusader’s changed rating may have a negative impact on the Company’s revenue and results of operations. The Company cannot quantify the impact that the rating change will have on its revenue and results of operations, and the Company cannot determine if or when Crusader might regain the “A-” rating from the A.M. Best Company. The Company does not expect Crusader to regain the A.M. Best Company “A-” rating prior to January of 2021.

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The property and casualty insurance business is cyclical in nature. The conditions of a “soft market” include premium rates that are stable or falling and insurance is readily available. Contrarily, “hard market” conditions occur during periods in which premium rates rise and coverage may be more difficult to find. The Company believes that the California property and casualty insurance market is relatively mature and intensely competitive, with different products in different stages of the soft/hard market cycle at any given time.

Revenues from Other Insurance Operations

The Company’s revenues from other insurance operations consist of commissions, fees, investment and other income. Excluding investment and other income, these operations accounted for approximately 8% of total revenues in the three and nine months ended September 30, 2019, and September 30, 2018.

Investments

The Company generated revenues from its total invested assets of $83,091,961 (at amortized cost) and $89,933,321 (at amortized cost) as of September 30, 2019 and 2018, respectively.

Net investment income (net of investment expenses) included in insurance company operation and other insurance operations revenue increased $30,552 (6%) and $196,530 (14%) to $518,111 and $1,581,494 for the three and nine months ended September 30, 2019, respectively, compared to $487,559 and $1,384,964 for the three and nine months ended September 30, 2018, respectively. This increase in net investment income was due primarily to increase in the yield on average invested assets.

Due to the current interest rate environment, the current target effective duration for the Company’s investment portfolio is between 3.25 and 4.75 years. As of September 30, 2019, all of the Company’s investments are in U.S. treasury securities, corporate fixed maturity securities, agency mortgage-backed securities, Federal Deposit Insurance Corporation (“FDIC”) insured certificates of deposit, money market funds, and a savings account. The Company’s investments in U.S. treasury securities, corporate fixed maturity securities, agency mortgage-backed securities, and money market funds are readily marketable. As of September 30, 2019, the weighted average maturity of the Company’s investments was approximately 7.2 years, and the effective duration for available-for-sale investments (investments managed under the investment guidelines) was 2.9 years.

LIQUIDITY AND CAPITAL RESOURCES

Crusader has a significant amount of cash, cash equivalents, and investments as a result of its holdings of unearned premium reserves, its reserves for loss and loss adjustment expense payments, and its capital and surplus. Crusader's loss and loss adjustment expense payments are the most significant cash flow requirement of the Company. These payments are continually monitored and projected to ensure that the Company has the liquidity to cover these payments without the need to liquidate its investments. Cash, cash equivalents, and investments (at amortized cost) of the Company at September 30, 2019, were $90,619,898 compared to $95,037,304 at December 31, 2018. Crusader's cash, cash equivalents, and investments were 99% and 98% of the total cash and investments (at amortized cost) held by the Company as of September 30, 2019, and December 31, 2018, respectively.

As of September 30, 2019, all of the Company’s investments are in U.S. treasury securities, FDIC insured certificates of deposit, other fixed maturity securities, and short-term investments. All of the Company’s investments, except for the certificates of deposit, are readily marketable. The Company’s investments, at amortized cost, were as follows:

	September 30		December 31
	2019		2018

Fixed maturities:
Certificates of deposit	$	2,292,000	$	7,126,000
U.S. treasury securities		15,091,142		16,746,832
Corporate securities		41,959,625		40,804,425
Agency mortgage-backed securities		23,549,194		20,751,331
Total fixed maturities		82,891,961		85,428,588
Short-term investments		200,000		4,690,954
Total investments	$	83,091,961	$	90,119,542

The short-term investments include U.S. treasury bills and certificates of deposit that are all highly rated and have initial maturity between three and twelve months. Amortized costs of the short-term investments approximate their fair values.

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The Company is required to classify its investment securities into one of three categories: held-to-maturity, available-for-sale, or trading securities. Although part of the Company's investments in fixed maturity securities is classified as available-for-sale and, while the Company may sell investment securities from time to time in response to economic, regulatory, and market conditions, its investment guidelines place primary emphasis on buying and holding high-quality investments to maturity.

The Company’s Board of Directors approved investment guidelines which are similar to what the Company believes are general investment guidelines used by Crusader’s peers.

Under the Company’s investment guidelines, investments may only include U.S. treasury notes, U.S. government agency notes, mortgage-backed securities (including pass through securities and collateralized mortgage obligations) that are backed by agency and non-agency collateral, commercial mortgage-backed securities, U.S. corporate obligations, asset backed securities, (including but not limited to credit card, automobile and home equity backed securities), tax-exempt bonds, preferred stocks, common stocks, commercial paper, repurchase agreements (treasuries only), mutual funds, exchange traded funds, bank certificates of deposits and time deposits. The investment guidelines provide for certain investment limitations in each investment category.

Unless agreed to in advance in writing by Crusader, investments in the following types of securities are prohibited:

	•		Mortgage loans, except for mortgage backed securities issued by an agency of the U.S. government.
	•		Derivative mortgage-backed securities including interest only, principal only and inverse floating rate securities.
	•		All fixed maturity real estate securities, except mortgage-backed securities (including pass through securities and collateralized mortgage obligations) that are backed by agency and non-agency collateral and commercial mortgage-backed securities.
	•		Options and futures contracts.
	•		All non-U.S. dollar denominated securities.
	•		Any security that would not be in compliance with the regulations of Crusader’s state of domicile.

An independent investment advisor manages Crusader’s investments. The advisor’s role currently is limited to maintaining Crusader’s portfolio within the investment guidelines and providing investment accounting services to the Company. The investments continue to be held by Crusader’s current custodian, Union Bank Global Custody Services.

The Company reported $3,633,043 net cash used by operating activities for the nine months ended September 30, 2019, an increase of $769,930, compared to $2,863,113 net cash used by operating activities for the nine months ended September 30, 2018. Fluctuations in cash flows from operating activities generally relate to changes in loss and loss adjustment expense payments, unearned premium holdings, and the timing of the collection and the payment of insurance-related receivables and payables. The increase in net cash used by operating activities during the nine months ended September 30, 2019, was due primarily to increase in reinsurance recoverables associated with several large losses which were incurred during the three months ended September 30, 2019, partially offset by higher unearned premium reserves associated with the increase in direct written premium during the three months ended September 30, 2019. The variability of the Company's losses and loss adjustment expenses is primarily due to its small population of claims which may result in greater fluctuations in claim frequency and/or severity. Although the Condensed Consolidated Statements of Cash Flows reflect net cash used by operating activities, the Company does not anticipate future liquidity problems, and the Company believes it continues to be well capitalized and adequately reserved.

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While material capital expenditures may be funded through borrowings, the Company believes that its cash, cash equivalents, and short-term investments at September 30, 2019, net of statutory deposits of $710,000, and California insurance company statutory dividend restrictions applicable to Crusader, plus the cash to be generated from operations, should be sufficient to meet its operating requirements during the next 12 months without the necessity of borrowing funds.

RESULTS OF OPERATIONS

All comparisons made in this discussion are comparing the three and nine months ended September 30, 2019, to the three and nine months ended September 30, 2018, unless otherwise indicated.

For the three and nine months ended September 30, 2019, total revenues were $8,258,966, an increase of $97,932 (1%) and $23,189,539, a decrease of $2,421,838 (9%) compared to total revenues of $8,161,034 and $25,611,377 for the three and nine months ended September 30, 2018, respectively. For the three and nine months ended September 30, 2019, the Company had income before taxes of $330,726 and loss before taxes of $823,675, respectively, compared to loss before taxes of $812,141 and $3,337,041, for the three and nine months ended September 30, 2018, respectively. For the three and nine months ended September 30, 2019, the Company had net income of $212,467 and net loss of $735,284, respectively, compared to net loss of $661,925 and $2,700,880 for the three and nine months ended September 30, 2018, respectively.

The increase in revenues of $97,932 for the three months ended September 30, 2019, when compared to the three months ended September 30, 2018, was primarily due to an increase in net earned premium of $54,254 (1%) and an increase in net investment income of $30,552 (6%). The decrease in revenues of $2,421,838 for the nine months ended September 30, 2019, when compared to the nine months ended September 30, 2018, was primarily due to a decrease in net earned premium of $2,208,055 (10%).

The variance in income before tax for the three months ended September 30, 2019, compared to the three months ended September 30, 2018, was due primarily to a decrease in loss and loss adjustment expenses of $500,646 (9%), a decrease in policy acquisition costs of $180,352 (13%), a decrease in salaries and employee benefits of $121,230 (11%) and a decrease in other operating expenses of $240,272 (31%). The variance in loss before tax for the nine months ended September 30, 2019, compared to the nine months ended September 30, 2018, was primarily due to a decrease in losses and loss adjustment expenses of $3,018,212 (16%), a decrease in policy acquisition costs of $941,138 (21%), a decrease in salaries and employee benefits of $495,157 (14%), a decrease in other operating expenses of $487,579 (20%), partially offset by a decrease in net earned premium of $2,208,055 (10%).

Written premium

Written premium is a required statutory measure. Direct written premium (written premium before reinsurance) reported on Crusader’s statutory financial statements increased $1,599,363 (20%) and $3,140,604 (13%) to $9,444,753 and $27,428,336 for the three and nine months ended September 30, 2019, respectively, compared to $7,845,390 and $24,287,732 for the three and nine months ended September 30, 2018, respectively.

The property casualty insurance marketplace continues to be intensely competitive. While Crusader attempts to meet such competition with competitive prices, its emphasis is on service, innovation, promotion, and distribution. Crusader believes that rate adequacy is more important than premium growth and that underwriting profit (net earned premium less losses and loss adjustment expenses and policy acquisition costs) is its primary goal. The Company believes that it can grow its sales and profitability through improved specialization and sales incentives, currently focused in four underwriting verticals: (1) Transportation, (2) Food, Beverage & Entertainment, (3) Garage & Mercantile, and (4) Apartments & Commercial Buildings. The increases in direct written premium for the three and nine months ended September 30, 2019, are due to growth in the Company's Transportation underwriting vertical partially offset by declines in the other three underwriting verticals.

Direct earned premium

Direct earned premium (earned premium before reinsurance) increased $272,964 (3%) to $8,784,537 and decreased $1,891,910 (7%) to $25,006,311 for the three and nine months ended September 30, 2019, respectively, compared to $8,511,573 and $26,898,221, for the three and nine months ended September 30, 2018, respectively. The Company writes annual policies. Earned premium represents a portion of written premium that is recognized as income in the financial statements for the period presented and earned daily on a pro-rata basis over the terms of the policies, and, therefore, premiums earned in the current year are related to policies written during both the current year and immediately preceding year. The increase in direct earned premium for the three months ended September 30, 2019, was due primarily to an increase in direct written premium. The decrease in direct earned premium for the nine months ended September 30, 2019, was due primarily to a decrease direct written premium in 2018.

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Ceded earned premium

Ceded earned premium (premium ceded to reinsurers under reinsurance treaties) increased $218,710 (14%) to $1,805,839 and $316,145 (6%) to $5,245,350 for the three and nine months ended September 30, 2019, compared to $1,587,129 and $4,929,205 for the three and nine months ended September 30, 2018, respectively. Ceded earned premium as a percentage of direct earned premium was 21% for the three and nine months ended September 30, 2019 and 19% and 18% for the three and nine months ended September 30, 2018, respectively. The increase in the ceded earned premium as a percentage of direct earned premium for the three and nine months ended September 30, 2019, compared to the three and nine months ended September 30, 2018, was due primarily to higher rates on Crusader’s excess of loss reinsurance treaties.

Reinsurance treaties are generally structured in layers, with different negotiated economic terms and retention of participation, or liability, in each layer. In calendar year 2019, Crusader will retain a participation in its multiple lines excess of loss reinsurance treaties of 0% in its 1^st layer (reinsured losses between $500,000 and $1,000,000), 0% in its 2^nd layer (reinsured losses between $1,000,000 and $4,000,000), and 0% in its property and casualty clash treaty. In calendar year 2018, Crusader retained a participation in its excess of loss reinsurance treaties of 5% in its 1^st layer (reinsured losses between $500,000 and $1,000,000), 0% in its 2^nd layer (reinsured losses between $1,000,000 and $4,000,000), and 0% in its property and casualty clash treaty.

Crusader also has catastrophe excess of loss reinsurance treaties from various highly rated California authorized and California unauthorized reinsurance companies. These reinsurance treaties help protect Crusader against losses in excess of certain retentions from catastrophic events that may occur on property risks which Crusader insures. In calendar years 2019 and 2018, Crusader retained a participation in its catastrophe excess of loss reinsurance treaties of 5% in its 1^st layer (reinsured losses between $1,000,000 and $10,000,000) and 0% in its 2^nd layer (reinsured losses between $10,000,000 and $46,000,000).

The Company evaluates each of its ceded reinsurance contracts at its inception to determine if there is a sufficient risk transfer to allow the contract to be accounted for as reinsurance under current accounting literature. As of September 30, 2019, all such ceded contracts are accounted for as risk transfer reinsurance.

Net investment income

Net investment income increased $30,552 (6%) to $518,111 and $196,530 (14%) to $1,581,494 for the three and nine months ended September 30, 2019, respectively, compared to $487,559 and $1,384,964 for the three and nine months ended September 30, 2018, respectively. This increase in investment income was due primarily to an increase in the yield on average invested assets. The Company had no net realized gains or losses for the three months ended September 30, 2019. The Company had net realized investment losses of $12,661 for the nine months ended September 30, 2019. The Company had net realized gains of $11 and $148 for the three and nine months ended September 30, 2018, respectively.

Net investment income, excluding net realized investment losses, and average annualized yields on the Company’s average invested assets are as follows:

	Three Months Ended September 30						Nine Months Ended September 30
	2019			2018			2019			2018

Average invested assets (1) - at amortized cost	$	84,140,699		$	88,624,874		$	86,605,752		$	89,016,110
Net investment income from:
Invested assets (2)	$	501,543		$	473,317		$	1,545,456		$	1,355,918
Cash equivalents		16,568			14,242			36,038			29,046
Total investment income	$	518,111		$	487,559		$	1,581,494		$	1,384,964
Annualized yield on average invested assets (3)		2.4	%		2.1	%		2.4	%		2.0	%

(1)

The average is based on the beginning and ending balance of the amortized cost of the invested assets for each respective period.

(2)

Investment income from insurance company operation included $31,007 and $98,627 of investment expense for the three and nine months ended September 30, 2019, respectively, compared to $25,381 and $79,231 of investment expense for the three and nine months ended September 30, 2018.

(3)

Annualized yield on average invested assets did not include the investment income from cash equivalents.

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The par value, amortized cost, estimated market value and weighted average yield of fixed maturity investments by contractual maturity are as follows:

	Par Value		Amortized Cost		Fair Value		Weighted Average Yield
Maturities by Year at September 30, 2019
Due in one year	$	10,244,000	$	10,233,103	$	10,248,305		2.1	%
Due after one year through five years		39,493,981		39,451,393		40,045,866		2.6	%
Due after five years through ten years		14,814,475		14,881,270		15,586,820		3.2	%
Due after ten years and beyond		17,908,673		18,326,195		18,528,813		2.9	%
Total	$	82,461,129	$	82,891,961	$	84,409,804		2.7	%

	Par Value		Amortized Cost		Fair Value		Weighted Average Yield
Maturities by Year at December 31, 2018
Due in one year	$	9,328,000	$	9,326,886	$	9,311,678		1.3	%
Due after one year through five years		43,893,000		43,821,970		43,211,883		2.5	%
Due after five years through ten years		15,788,408		15,876,016		15,497,513		3.2	%
Due after ten years and beyond		15,964,156		16,403,716		16,015,063		2.8	%
Total	$	84,973,564	$	85,428,588	$	84,036,137		2.5	%

Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.

The weighted average maturity of the Company’s fixed maturity investments was 7.2 years as of September 30, 2019, and 6.5 years as of December 31, 2018.

	Less than 12 Months							12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
September 30, 2019
U.S. treasury securities	$	1,093,984	$	(1,351	)		1	$	1,998,768	$	(4,628	)		2
Corporate securities		498,404		(1,596	)		1		1,698,824		(792	)		2
Agency mortgage-backed securities		3,085,390		(3,056	)		3		—		—			—
Total	$	4,677,778	$	(6,003	)		5	$	3,697,592	$	(5,420	)		4

	Less than 12 Months							12 Months or Longer
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
December 31, 2018
U.S. treasury securities	$	1,760,491	$	(20,181	)		2	$	8,496,069	$	(123,101	)		6
Corporate securities		10,878,381		(272,515	)		17		21,189,487		(578,609	)		27
Agency mortgage-backed securities		—		—			—		17,034,086		(472,293	)		15
Total	$	12,638,872	$	(292,696	)		19	$	46,719,642	$	(1,174,003	)		48

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Other income

Other income included in Insurance Company Revenues and Other Insurance Operations decreased $11,429 (9%) to $114,531 and decreased $270,128 (89%) to $33,478 for the three and nine months ended September 30, 2019, respectively, compared to $125,960 and $303,606 for the three and nine months ended September 30, 2018, respectively. The decrease in other income during the three months ended September 30, 2019 is due primarily to a decrease in rental income of $46,054, a decrease in provisional reinsurance income of $10,378, offset by an increase of $45,664 in Crusader’s share of California FAIR Plan equity. The decrease in other income during the nine months ended September 30, 2019 is due primarily to a decrease in rental income of $138,784 and a decrease of $167,722 in Crusader’s share of California FAIR Plan equity.

Gross commissions and fees

Gross commissions and fees increased $2,615 (0%) to $581,100 and decreased $200,221 (11%) to $1,656,371 for the three and nine months ended September 30, 2019, respectively, compared to gross commissions and fees of $578,485 and $1,856,592 for the three and nine months ended September 30, 2018, respectively.

The changes in gross commission and fee income for the three and nine months ended September 30, 2019, as compared to the three and nine months ended September 30, 2018, are as follows:

	Three Months Ended September 30							Nine Months Ended September 30
	2019		2018		Change			2019		2018		Change

Policy fee income	$	276,047	$	334,124	$	(58,077	)	$	870,082	$	1,089,374	$	(219,292	)
Health insurance program		283,700		229,205		54,495			717,590		719,846		(2,256	)
Membership and fee income		21,353		15,156		6,197			68,699		47,372		21,327
Total	$	581,100	$	578,485	$	2,615		$	1,656,371	$	1,856,592	$	(200,221	)

Unifax sells and services property and casualty insurance policies for Crusader. The commissions paid by Crusader to Unifax are eliminated as intercompany transactions and are not reflected as income in the condensed consolidated financial statements. Unifax also receives non-refundable policy fee income that is directly related to the Crusader policies it sells. For financial statement reporting purposes, policy fees are earned ratably over the life of the related insurance policy. The unearned portion of the policy fee is recorded as a liability on the Condensed Consolidated Balance Sheets under "Accrued expenses and other liabilities." The earned portion of the policy fee charged to the policyholder by Unifax is recognized as income in the condensed consolidated financial statements. Policy fee income decreased $58,077 (17%) and $219,292 (20%) in the three and nine months ended September 30, 2019, respectively, compared to the three and nine months ended September 30, 2018, due primarily to reduction in Crusader's policy counts.

AIB markets health insurance in California through non-affiliated insurance companies for individuals and groups. For these services, AIB receives commission based on the premiums that it writes. Commission income increased $54,495 (24%) and decreased 2,256 (0%) in the three and nine months ended September 30, 2019, respectively, compared to the three and nine months ended September 30, 2018. The fluctuation in commission income reported in the three and nine months ended September 30, 2019, when compared to the prior year period, is primarily a result of the timing of commission receipts.

AAQHC is a third party administrator for contracted insurance companies and is a membership association that provides various consumer benefits to its members, including participation in group health care insurance policies that AAQHC negotiates for the association. For these services, AAQHC receives membership and fee income from its members. Membership and fee income increased $6,197 (41%) and $21,327 (45%) for the three and nine months ended September 30, 2019, respectively, compared to the three and nine months ended September 30, 2018. This increase is primarily a result of an increase in administration fees.

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Finance charges and fees earned

Finance charges and fees earned consist of finance charges, late fees, returned check fees and payment processing fees. These charges and fees earned by AAC increased $21,951 (49%) to $66,526 and $72,845 (75%) to $169,896 for the three and nine months ended September 30, 2019, respectively, compared to $44,575 and $97,051 in fees earned during the three and nine months ended September 30, 2018, respectively. During the three and nine months ended September 30, 2019, AAC issued 404 and 1,267 loans, respectively, and had 1,254 loans outstanding as of September 30, 2019. During the three and nine months ended September 30, 2018, AAC issued 515 and 1,058 loans, respectively, and had 1,727 loans outstanding as of September 30, 2018. AAC provides premium financing only for Crusader policies produced by Unifax in California. From July 2010 to March 1, 2018, AAC offered 0% financing on policies produced by Unifax for Crusader. From March 1, 2018 to March 31, 2019, the annual percentage rate charged by AAC on new loans increased from 0% to a single fixed interest rate. Effective April 1, 2019, the Company converted from the single fixed interest rate for all financed policies to a tiered interest rate structure under which different fixed interest rates are charged based on amount of underlying financed premium.

Losses and loss adjustment expenses

Loss ratio, which is calculated by dividing losses and loss adjustment expenses by net earned premium, was 74% and 78% for the three and nine months ended September 30, 2019, compared to 81% and 84% for the three and nine months ended September 30, 2018. Losses and loss adjustment expenses and loss ratios are as follows:

	Three Months Ended September 30
	2019		2019 Loss Ratio			2018		2018 Loss Ratio			Change

Net earned premium	$	6,978,698				$	6,924,444				$	54,254

Losses and loss adjustment expenses:
Provision for insured events of current year		4,299,018		62	%		4,840,242		70	%		(541,224	)
Development of insured events of prior years		838,956		12	%		798,378		11	%		40,578
Total losses and loss adjustment expenses	$	5,137,974		74	%	$	5,638,620		81	%	$	(500,646	)

	Nine Months Ended September 30
	2019		2019 Loss Ratio			2018		2018 Loss Ratio			Change

Net earned premium	$	19,760,961				$	21,969,016				$	(2,208,055	)

Losses and loss adjustment expenses:
Provision for insured events of current year		13,984,532		71	%		15,501,620		71	%		(1,517,088	)
Development of insured events of prior years		1,366,836		7	%		2,867,960		13	%		(1,501,124	)
Total losses and loss adjustment expenses	$	15,351,368		78	%	$	18,369,580		84	%	$	(3,018,212	)

The $4,299,018 provision for insured events of current year for the three months ended September 30, 2019, was $541,224 lower than the $4,840,242 provision for insured events of current year for the three months ended September 30, 2018, due primarily to lower-than-expected claims costs for Transportation liability claims associated with better than anticipated actual claim costs emergence.

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The $838,956 adverse development of insured events of prior years for the three months ended September 30, 2019, was $40,578 higher than the $798,378 adverse development for the three months ended September 30, 2018, due primarily to increases in incurred losses and loss adjusted expenses on reported claims as a result of higher frequency and severity of Apartments & Commercial Buildings liability claims offset by lower severity of Food, Beverage & Entertainment liability claims for insured events of prior years during the three months ended September 30, 2019.

The $13,984,532 provision for insured events of current year for the nine months ended September 30, 2019, was $1,517,088 lower than the $15,501,620 provision for insured events of current year for the nine months ended September 30, 2018, due primarily to a reduction in Food, Beverage & Entertainment net earned premium during the nine months ended September 30, 2019.

The $1,366,836 adverse development of insured events of prior years for the nine months ended September 30, 2019, was $1,501,124 lower than the $2,867,960 adverse development for the nine months ended September 30, 2018, due primarily to decreases in incurred losses and loss adjusted expenses on reported claims as a result of lower frequency and severity of Food, Beverage & Entertainment liability claims for insured events of prior years during the nine months ended September 30, 2019.

The following table breaks out adverse (favorable) development from total losses and loss adjustment expenses quarterly since September 30, 2017:

		Provision for Insured Events of Current Year		Adverse (Favorable) Development of Insured Events of Prior Years			Total Losses and Loss Adjustment Expenses

Three Months Ended:
September 30, 2019	$	4,299,018	$	838,956		$	5,137,974
June 30, 2019		5,134,626		(75,675	)		5,058,951
March 31, 2019		4,550,888		603,555			5,154,443
December 31, 2018		5,134,166		53,997			5,188,163
September 30, 2018		4,840,242		798,378			5,638,620
June 30 , 2018		4,652,240		276,963			4,929,203
March 31, 2018		6,009,138		1,792,619			7,801,757
December 31, 2017		5,330,275		808,481			6,138,756
September 30, 2017		5,982,245		3,935,651			9,917,896

Crusader experienced adverse development of insured events of prior years during the three and nine months ended September 30, 2019, and nine months ended September 30, 2018, due primarily to habitability claims associated with Crusader's Apartment Buildings policies. With respect to such habitability claims, in recent periods Crusader experienced increases in frequency and in severity per claimant due to changes in the legal environment associated with "social inflation". Social inflation encompasses several concepts, including the emergence of new classes or types of claims, changes in judicial awards, and other changes beyond assumed levels that impact the cost of claims. For example, while Crusader has underwritten Apartment Building risks in California for over 30 years, the frequency and severity of habitability claims arising from those risks grew significantly in recent years, a problem that was compounded by California's relatively pro-tenant, anti-landlord legal climate and the legal climate pertaining to applicability of insurance coverage for losses or claims not traditionally considered to be covered. In May 2018, Crusader began implementing significant changes to its practice of underwriting Apartment Building risks, changes meant to mitigate the increased risks caused by such social inflation. Crusader revised its strategy as to issuing its policies and as to the handling of such claims, whereby it now issues more restrictive policy language, charges higher premiums, and handles claims from prior policies so as to more precisely reserve and enforce its rights while observing its duty to defend and to indemnify only covered losses. The goal of these changes is to create a more predictable, well-managed underwriting environment, protecting against runaway verdicts, unexpected losses and bad-faith exposures, so that the Company can continue to serve the Apartment Building market segment.

The variability of Crusader’s losses and loss adjustment expenses for the periods presented is primarily due to the small and diverse population of Crusader’s policyholders and claims, which may result in greater fluctuations in claim frequency and/or severity between quarters. In addition, Crusader’s reinsurance retention, which is relatively high in relationship to its net earned premium, can result in increased loss ratio volatility when large losses are incurred in a relatively short period of time. Nevertheless, management believes that its reinsurance retention is reasonable given the amount of Crusader’s surplus and its goal to minimize ceded premium.

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The preparation of the Company’s consolidated financial statements requires estimation of certain liabilities, most significantly the liability for unpaid losses and loss adjustment expenses. Management makes its best estimate of the liability for these unpaid claims costs as of the end of each fiscal quarter. Due to the inherent uncertainties in estimating the Company’s unpaid claims costs, actual loss and loss adjustment expense payments are expected to vary, perhaps significantly, from any estimate made prior to the settling of all claims. Variability is inherent in establishing loss and loss adjustment expense reserves, especially for a small insurer such as Crusader. For any given line of insurance, accident year, or other group of claims, there is a continuum of possible loss and loss adjustment expense reserve estimates, each having its own unique degree of propriety or reasonableness. Due to the complexity and nature of the insurance claims process, there are potentially an infinite number of reasonably likely scenarios. Management draws on its collective experience to judgmentally determine its best estimate. In addition to applying a variety of standard actuarial methods to the data, an extensive series of diagnostic tests are applied to the resultant loss and loss adjustment expense reserve estimates to determine management’s best estimate of the unpaid claims liability. Among the statistics reviewed for each accident year are: loss and loss adjustment expense development patterns; frequencies; severities; and ratios of loss to premium, loss adjustment expense to premium, and loss adjustment expense to loss.

When there is clear evidence that the actual claims costs emerged are different than expected for any prior accident year, the claims cost estimates for that year are revised accordingly. If the claims costs that emerge are less favorable than initially anticipated, generally, the Company increases its loss and loss adjustment expense reserves immediately. However, if the claims costs that emerge are more favorable than initially anticipated, generally, the Company reduces its loss and loss adjustment expense reserves over time while it continues to assess the validity of the observed trends based on the subsequent emerged claim costs.

The establishment of loss and loss adjustment expense reserves is a detailed process as there are many factors that can ultimately affect the final settlement of a claim. Estimates are based on a variety of industry data and on the Company’s current and historical accident year claims data, including but not limited to reported claim counts, open claim counts, closed claim counts, closed claim counts with payments, paid losses, paid loss adjustment expenses, case loss reserves, case loss adjustment expense reserves, earned premiums and policy exposures, salvage and subrogation, and unallocated loss adjustment expenses paid. Many other factors, including changes in reinsurance, changes in pricing, changes in policy forms and coverage, changes in underwriting and risk selection, legislative changes, results of litigation and inflation are also taken into account.

At the end of each fiscal quarter, the Company’s loss and loss adjustment expense reserves for each accident year (i.e., for all claims incurred within each year) are re-evaluated independently by the Company’s president, the Company’s chief financial officer, and by an independent consulting actuary. Generally accepted actuarial methods, including the widely used Bornhuetter-Ferguson and loss development methods, are employed to estimate ultimate claims costs. An actuarial central estimate of the ultimate claims costs and IBNR reserves is ultimately determined by management and tested for reasonableness by the independent consulting actuary.

Policy acquisition costs

Policy acquisition costs consist of commissions, premium taxes, inspection fees, and certain other underwriting costs that are directly related to and vary with the successful production of Crusader insurance policies. These costs include both Crusader expenses and the allocated expenses of other Unico subsidiaries. Crusader's reinsurers pay Crusader a ceding commission, which is primarily a reimbursement of the acquisition cost related to the ceded premium. No ceding commission is received on ceded premium associated with property facultative excess of loss or catastrophe excess of loss reinsurance treaties. Policy acquisition costs, net of ceding commission, are deferred and amortized as the related premiums are earned. The Company annually reevaluates its acquisition costs to determine that costs related to successful policy acquisition are capitalized and deferred.

Policy acquisition costs and the ratio to net earned premium are as follows:

	Three Months Ended September 30									Nine Months Ended September 30
	2019			2018			Change			2019			2018			Change

Policy acquisition costs	$	1,194,870		$	1,375,222		$	(180,352	)	$	3,571,065		$	4,512,203		$	(941,138	)
Ratio to net earned premium (GAAP ratio)		17	%		20	%					18	%		21	%

Policy acquisition costs decreased during the three and nine months ended September 30, 2019, as compared to the three and nine months ended September 30, 2018, due primarily to lower effective commission rate as a result of a change in business mix.

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Salaries and employee benefits

Salaries and employee benefits incurred and charged to operating expenses are as follows:

	Three Months Ended September 30
	2019			2018			Change

Total salaries and employee benefits incurred	$	1,966,406		$	1,885,611		$	80,795
Less: charged to losses and loss adjustment expenses		(530,122	)		(443,247	)		(86,875	)
Less: capitalized to policy acquisition costs		(332,568	)		(299,537	)		(33,031	)
Less: capitalized to IT system upgrade		(82,119	)		—			(82,119	)
Net amount charged to operating expenses	$	1,021,597		$	1,142,827		$	(121,230	)

	Nine Months Ended September 30
	2019			2018			Change

Total salaries and employee benefits incurred	$	5,737,989		$	5,953,873		$	(215,884	)
Less: charged to losses and loss adjustment expenses		(1,532,583	)		(1,325,496	)		(207,087	)
Less: capitalized to policy acquisition costs		(950,032	)		(1,070,969	)		120,937
Less: capitalized to IT system upgrade		(193,123	)		—			(193,123	)
Net amount charged to operating expenses	$	3,062,251		$	3,557,408		$	(495,157	)

The increase in the total salaries and employee benefits incurred for the three months ended September 30, 2019, compared to the three and nine months ended September 30, 2018, was due primarily to an increase in the headcount for the three months ended September 30, 2019 compared to the three months ended September 30, 2018.

The decrease in the total salaries and employee benefits incurred for the nine months ended September 30, 2019, compared to the nine months ended September 30, 2018, was due primarily to a decrease in the headcount and several managerial vacancies for the nine months ended September 30, 2019 compared to the nine months ended September 30, 2018.

Commissions to agents/brokers

Commissions to agents/brokers decreased $2,435 (6%) to $40,946 and increased $6,882 (5%) to $132,144 for the three and nine months ended September 30, 2019, respectively, compared to $43,381 and $125,262 for the three and nine months ended September 30, 2018. These fluctuations in commissions to agents/brokers were due primarily to timing of payment receipts.

Other operating expenses

Other operating expenses decreased $240,272 (31%) to $532,853 and $487,579 (20%) to $1,896,386 for the three and nine months ended September 30, 2019, respectively, compared to $773,125 and $2,383,965 for the three and nine months ended September 30, 2018. The decrease in other operating expenses for the nine months ended September 30, 2019, compared to the nine months ended September 30, 2018, was due to lower costs of temporary help, timing of expenses, and a number of various insignificant fluctuations.

Income tax expense/benefit

Income tax expense was $118,259 (36% of pre-tax income) for the three months ended September 30, 2019, and income tax benefit was $88,391 (11% of pre-tax loss) for the nine months ended September 30, 2019, compared to an income tax benefit of $150,216 (18% of pre-tax loss) and $636,161 (19% of pre-tax loss) for the three and nine months ended September 30, 2018, respectively. The fluctuations in income tax rate as a percentage of pre-tax income or loss for the three months and nine months ended September 30, 2019, when compared to the three months and nine months and nine months ended September 30, 2018, is primarily due to an increase in the valuation allowance related to deferred tax assets on federal net operating losses. The calculated tax rate for the nine months ended September 30, 2019, consisted of a federal tax benefit rate of 21% and a state income tax benefit rate of 7.7%. The calculated tax rate for the nine months ended September 30, 2018, consisted of a federal tax benefit rate of approximately 21% and a state income tax benefit rate of 0.8%.

OFF-BALANCE SHEET ARRANGEMENTS

During the periods presented, there were no off-balance sheet transactions, unconditional purchase obligations or similar instruments and the Company was not a guarantor of any other entities’ debt or other financial obligations.

29 of 31

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is currently a “smaller reporting company,” as defined in Item 10(f)(1) of Regulation S-K. The Company has elected to comply with the scaled disclosure requirements applicable to smaller reporting companies and has therefore omitted the information required under Item 305 of Regulation S-K.

ITEM 4. CONTROLS AND PROCEDURES

An evaluation was carried out by the Company's management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures as of September 30, 2019, as defined in Rule 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective as of September 30, 2019.

During the period covered by this report, there has been no change in the Company's internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 under the Securities Exchange Act of 1934 that has materially affected or is reasonably likely to materially affect the Company's internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company and its subsidiaries are named from time to time as defendants in various legal actions that are incidental to its business, including those which arise out of or are related to the handling of claims made in connection with Crusader’s insurance policies. The Company establishes reserves for certain claims-related lawsuits, regulatory actions and other contingencies when the Company believes a loss is probable and is able to estimate its potential exposure. While actual losses may differ from the amounts recorded and such matters are subject to many uncertainties and outcomes that are not predictable with assurance, the Company is not aware of any currently pending or threatened legal or regulatory proceedings that, either individually or in the aggregate, it anticipates will have a material adverse effect on its consolidated financial condition, results of operations or cash flows.

ITEM 1A. RISK FACTORS

There were no material changes from risk factors as previously disclosed in the Company’s Form 10-K for the year ended December 31, 2018, in response to Item 1A to Part I of Form 10-K and in the Company’s Form10-Q for the quarter ended September 30, 2019, in response to Item 1A to Part II of Form 10-Q.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

30 of 31

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.

101

The following information from the Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2019, formatted in XBRL (Extensible Business Reporting Language) and furnished electronically herewith: (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive Loss; (iv) the Condensed Consolidated Statements of Changes in Stockholders’ Equity; (v) the Condensed Consolidated Statements of Cash Flows; and (vi) the Condensed Notes to Unaudited Condensed Consolidated Financial Statements.*

*XBRL information is furnished and deemed not filed as part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

UNICO AMERICAN CORPORATION

Date: November 14, 2019 By: /s/ CARY L. CHELDIN

Cary L. Cheldin

Chairman of the Board, President and Chief

Executive Officer, (Principal Executive Officer)

Date: November 14, 2019 By: /s/ MICHAEL BUDNITSKY

Michael Budnitsky

Treasurer, Chief Financial Officer and Secretary, (Principal

Accounting and Principal Financial Officer)

31 of 31

EX-31.1 2 ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION

Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934,

as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Cary L. Cheldin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Unico American Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2019

/s/ Cary L. Cheldin

Cary L. Cheldin

Chairman of the Board, President and Chief Executive Officer

EX-31.2 3 ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION

Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934,

as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael Budnitsky, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Unico American Corporation;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2019

/s/ Michael Budnitsky

Michael Budnitsky

Treasurer, Chief Financial Officer and Secretary

EX-32.1 4 ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report on Form 10-Q of Unico American Corporation (the "Company") for the period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Cary L. Cheldin, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Cary L. Cheldin

Name: Cary L. Cheldin

Title: Chairman of the Board, President and Chief Executive Officer

Date: November 14, 2019

EX-32.2 5 ex32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report on Form 10-Q of Unico American Corporation (the "Company") for the period ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Budnitsky, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Michael Budnitsky

Name: Michael Budnitsky

Title: Treasurer, Chief Financial Officer and Secretary

Date: November 14, 2019

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NOTE 3 – EARNINGS (LOSS) PER SHARE The following table represents the reconciliation of the Company's basic earnings (loss) per share and diluted earnings (loss) per share computations reported on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; text-align: center"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid">Three Months Ended September 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid">Nine Months Ended September 30</td></tr> <tr style="vertical-align: bottom; text-align: center"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">   2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">  2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid"> 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid"> 2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: normal; text-decoration: underline; text-align: left; padding-left: 5.4pt">Basic Earnings (Loss) Per Share</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net income (loss)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">212,467</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(661,925</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(735,284</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(2,700,880</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Weighted average shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,747</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,113</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,929</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,126</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Basic earnings (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.14</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.51</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: normal; text-decoration: underline; text-align: left; padding-left: 5.4pt">Diluted Earnings (Loss) Per Share</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net income (loss)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">212,467</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(661,925</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(735,284</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,700,880</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,306,747</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,307,113</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,306,929</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,307,126</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Diluted shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,747</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,113</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,929</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,126</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Diluted earnings (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.14</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.51</td><td style="text-align: left">)</td></tr> </table>   Basic earnings per share exclude the impact of common share equivalents and are based upon the weighted average common shares outstanding. Diluted earnings per share utilize the average market price per share when applying the treasury stock method in determining common share dilution. When outstanding stock options are dilutive, they are treated as common share equivalents for purposes of computing diluted earnings per share and represent the difference between basic and diluted weighted average shares outstanding. In loss periods, stock options are excluded from the calculation of diluted loss per share, as the inclusion of stock options would have an anti-dilutive effect.

NOTE 4 – RECENTLY ISSUED ACCOUNTING STANDARDS   Recently adopted standards   In February 2016, the FASB issued ASU 2016-02 “Leases.” ASU 2016-02 requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by all leases, including those historically accounted for as operating leases. The Company adopted ASU 2016-02 effective January 1, 2019. The adoption of ASU 2016-02 did not have a material impact to the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets.   Standards not yet adopted   In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 replaces the current incurred loss methodology for recognizing credit losses with a current expected credit loss model, which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 also requires enhanced disclosures for better understanding of significant estimates and judgments used in estimating credit losses. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's consolidated financial statements, but expects the primary changes to be (i) the use of the expected credit loss model for its premium receivables and reinsurance recoverables and (ii) the presentation of credit losses within the available-for-sale fixed maturities portfolio through an allowance method rather than as a direct write-down. ASU 2016-13 will primarily impact the Company’s available-for-sale fixed maturities portfolio and reinsurance recoverables. ASU 2016-13 will become effective for fiscal years beginning after December 31, 2019. Since the Company’s fixed income portfolio is invested primarily in higher rated bonds (as of September 30, 2019, 80.1% of available-for-sale fixed maturities, at fair value, were rated “A” or better) and the reinsurance is purchased from financially strong reinsurers, the Company believes the adoption of ASU 2016-13 will not have a material impact to the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets.

NOTE 6 – PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Building  and leasehold improvements located in Calabasas, California</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,400,775</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,398,275</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Furniture, fixtures, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,100,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,063,549</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Computer software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">365,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">363,016</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,454,274</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,051,505</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Computer software under development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,653</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131,505</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Land located in Calabasas, California</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,787,485</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,787,485</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,034,945</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,692,325</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   Depreciation on the Calabasas building, owned by Crusader, is computed using the straight line method over 39 years. Depreciation on furniture, fixtures, and equipment in the Calabasas building is computed using the straight line method over 3 to 15 years. Amortization of leasehold improvements in the Calabasas building is being computed using the shorter of the useful life of the leasehold improvements or the remaining years of the lease. Depreciation and amortization expense on all property and equipment for the three and nine months ended September 30, 2019, was $132,664 and $402,769, respectively, and for the three and nine months ended September 30, 2018, was $135,544 and $417,261, respectively.   For the three and nine months ended September 30, 2019, the Calabasas building has generated rental revenue from non-affiliated tenants in the amount of $43,158 and $125,545, respectively, and for the three and nine months ended September 30, 2018, rental revenue from non-affiliated tenants in the amount of $89,211 and $264,329, respectively, which is included in “Other income” from insurance company operation in the Company’s Condensed Consolidated Statements of Operations.   For the three and nine months ended September 30, 2019, the Calabasas building incurred operating expenses (including depreciation) in the amount of $126,962 and $482,257, respectively, and $217,263 and $591,372 for the three and nine months ended September 30, 2018, respectively, which are included in “Other operating expenses” in the Company’s Condensed Consolidated Statements of Operations.   The total square footage of the Calabasas building is 46,884, including common areas. As of September 30, 2019, 5,092 square feet of the Calabasas building was leased to non-affiliated entities and 9,389 square feet was vacant and available to be leased to non-affiliated entities.   The Company capitalizes certain computer software costs purchased from outside vendors for internal use or incurred internally to upgrade the existing systems. These costs also include configuration and customization activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrade and enhancements are capitalized if it is probable that such expenditure will result in additional functionality. The capitalized costs are not depreciated until the software is placed into production.

NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS In determining the fair value of its financial instruments, the Company employs a fair value hierarchy that prioritizes the inputs for the valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial assets and financial liabilities recorded on the Condensed Consolidated Balance Sheets at fair value are categorized based on the reliability of inputs for the valuation techniques as follows:   Level 1 – Financial assets and financial liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities as of the reporting date.   Level 2 – Financial assets and financial liabilities whose values are based on quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in non-active markets; or valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability as of the reporting date.   Level 3 – Financial assets and financial liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect the Company’s estimates of the assumptions that market participants would use in valuing the financial assets and financial liabilities as of the reporting date.   The hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Thus, a Level 3 fair value measurement may include inputs that are observable (Level 1 or Level 2) or unobservable (Level 3). The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.   The following table presents information about the Company’s consolidated financial instruments and their estimated fair values, which are measured on a recurring basis and are allocated among the three levels within the fair value hierarchy, as of September 30, 2019, and December 31, 2018: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">September 30, 2019</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Financial instruments:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 20pt">U.S. treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,229,977</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,229,977</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,061,430</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,061,430</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 20pt">Agency mortgage backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,826,397</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,826,397</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Short-term investments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 30pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,429,977</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">66,887,827</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,317,804</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt; width: 40%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Level 1</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Level 2</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Level 3</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Total</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 2018</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Financial instruments:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 20pt">U.S. treasury securities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,619,619</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,619,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,003,723</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,003,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 20pt">Agency mortgage backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,286,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,286,795</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Short-term investments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,690,954</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,690,954</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 30pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,310,573</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,290,518</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">81,601,091</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   Fair value measurements are not adjusted for transaction costs. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. The Company did not have any transfers between Levels 1, 2, and 3 of the fair value hierarchy during the three and nine months ended September 30, 2019 and 2018.

NOTE 8 – INVESTMENTS A summary of investment income, net of investment expenses, is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">Fixed maturities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">532,307</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">498,656</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,626,843</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,430,323</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Short-term investments and cash equivalents</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,811</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,284</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,278</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">33,872</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 10pt">Gross investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">549,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">512,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,680,121</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,464,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt; padding-bottom: 1pt">Less: investment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(31,007</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(25,381</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(98,627</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(79,231</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Net investment income</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">518,111</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">487,559</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,581,494</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,384,964</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   The amortized cost and estimated fair values of investments in fixed maturities by category are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">September 30, 2019</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 10pt">U.S. treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,091,142</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">144,814</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(5,979</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,229,977</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,959,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,104,193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,061,430</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,549,194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280,259</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,056</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,826,397</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Held-to-maturity fixed securities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Certificates of deposits</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,292,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,292,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,891,961</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,529,266</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(11,423</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,409,804</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 2018</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 10pt">U.S. treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,746,832</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,069</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(143,282</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,619,619</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,804,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(851,124</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,003,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,751,331</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,757</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(472,293</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,286,795</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Held-to-maturity fixed securities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Certificates of deposits</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,126,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,126,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">85,428,588</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">74,248</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,466,699</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,036,137</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   A summary of the unrealized gains (losses) on investments in fixed maturities carried at fair value and the applicable deferred federal income taxes is shown below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Gross unrealized gains on fixed maturities</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,529,266</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">74,248</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Gross unrealized losses on fixed maturities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,423</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,466,699</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 10pt">Net unrealized gains (losses) on fixed maturities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,843</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,392,451</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Deferred federal tax benefit (expense)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(318,746</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">292,415</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Net unrealized gains (losses), net of deferred income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,199,097</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,100,036</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td></tr> </table>   A summary of estimated fair value, gross unrealized losses, and number of securities in a gross unrealized loss position by the length of time in which the securities have continually been in that position is shown below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">12 Months or Longer</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">September 30, 2019</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">U.S. treasury securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,093,984</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,351</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,998,768</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(4,628</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">498,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,698,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(792</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Agency mortgage-backed securities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,085,390</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,056</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,677,778</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(6,003</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,697,592</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,420</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">12 Months or Longer</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 2018</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">U.S. treasury securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,760,491</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(20,181</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">8,496,069</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(123,101</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">6</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,878,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272,515</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,189,487</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(578,609</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Agency mortgage-backed securities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,034,086</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(472,293</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,638,872</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(292,696</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">19</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,719,642</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,174,003</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">48</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   The Company closely monitors its investments. If an unrealized loss is determined to be other-than-temporary, it is written off as a realized loss through the Condensed Consolidated Statements of Operations. The Company’s methodology of assessing other-than-temporary impairments is based on security-specific analysis, performed by the Company’s independent investment advisor, as of the balance sheet date and considers various factors including the length of time to maturity and the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. The unrealized losses as of September 30, 2019, and December 31, 2018, were determined to be temporary.   Although the Company does not intend to sell its fixed maturity investments prior to maturity, the Company may sell investment securities from time to time in response to cash flow requirements, economic, regulatory, and/or market conditions or investment securities may be called by their issuers prior to the securities’ maturity. The Company did not sell or have any calls of investment securities and there were no realized investment gains or losses during the three months ended September 30, 2019. The Company had one call of an investment security during the three months ended September 30, 2018 and realized a net investment gain of $11 on this call. The Company sold three securities, with amortized cost of $2,997,098, and had one call of an investment security during the nine months ended September 30, 2019. The Company realized net investment losses of $12,661 on these sales and call for the nine months ended September 30, 2019. The Company had two calls of investment securities during the nine months ended September 30, 2018 and realized net investment gains of $148 on these calls. The Company did not sell any investment securities during the three and nine months ended September 30, 2018. The unrealized gains or losses from fixed maturities are reported as “Accumulated other comprehensive income or loss,” which is a separate component of stockholders’ equity, net of any deferred tax effect.    The Company’s investment in certificates of deposit was $2,292,000 and $7,126,000 as of September 30, 2019, and December 31, 2018, respectively. All of the Company’s certificates of deposit are within the FDIC insured permissible limits. Due to the nature of the Company’s business, certain bank accounts may exceed FDIC insured permissible limits.   The following securities from three different banks represent statutory deposits that are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for writing certain lines of insurance in California and for admission to transact insurance business in the state of Nevada.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Certificates of deposit</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Short-term investments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Total state held deposits</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400,000</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400,000</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   Short-term investments have an initial maturity of one year or less and consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">U.S. treasury bills</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,490,954</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Certificate of deposit</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total short-term investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,000</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,690,954</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

Nature of Business Unico American Corporation is an insurance holding company whose subsidiaries underwrite and market property and casualty insurance, and transact health insurance, insurance premium financing and membership association services. Unico American Corporation is referred to herein as the "Company" or "Unico" and such references include both the corporation and its subsidiaries, all of which are wholly owned. Unico was incorporated under the laws of Nevada in 1969.

Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X for smaller reporting companies. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Quarterly condensed financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Certain reclassifications have been made to prior period amounts to conform to current quarter presentation.

Use of Estimates in the Preparation of the Financial Statements The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect its reported amounts of assets and liabilities and its disclosure of any contingent assets and liabilities at the date of its financial statements, as well as its reported amounts of revenues and expenses during the reporting period. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to losses and loss adjustment expenses. While every effort is made to ensure the integrity of such estimates, actual results may differ.

Fair Value of Financial Instruments The Company employs a fair value hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial assets and financial liabilities recorded on the Condensed Consolidated Balance Sheets at fair value are categorized based on the reliability of inputs for the valuation techniques (see Note 7).   The Company has used the following methods and assumptions in estimating its fair value disclosures for instruments carried at fair value:   <ul style="margin-top: 0in; list-style-type: disc"> <li style="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Short-term investments and investment securities, excluding long-term certificates of deposit – Fair values are obtained from widely accepted third party vendors.</li> </ul> The Company has used the following methods and assumptions for estimating fair value for other financial instruments not carried at fair value:   <ul style="margin-top: 0in; list-style-type: disc"> <li style="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Cash and cash equivalents– The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments.</li> </ul> <ul style="margin-top: 0in; list-style-type: disc"> <li style="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Long-term certificates of deposit – The carrying amounts reported in the Condensed Consolidated Balance Sheets for these instruments are at amortized cost which approximates their fair value.</li> </ul> <ul style="margin-top: 0in; list-style-type: disc"> <li style="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Receivables, net – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments.</li> </ul> <ul style="margin-top: 0in; list-style-type: disc"> <li style="text-align: justify; margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">Accrued expenses and other liabilities – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate the fair values given the short-term nature of these instruments.</li> </ul>

Property and equipment consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Building  and leasehold improvements located in Calabasas, California</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,400,775</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,398,275</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Furniture, fixtures, and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,100,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,063,549</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Computer software</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">365,330</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">363,016</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Accumulated depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,454,274</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,051,505</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Computer software under development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">834,653</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">131,505</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Land located in Calabasas, California</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,787,485</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,787,485</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,034,945</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,692,325</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

The following table presents information about the Company’s consolidated financial instruments and their estimated fair values, which are measured on a recurring basis and are allocated among the three levels within the fair value hierarchy, as of September 30, 2019, and December 31, 2018: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">September 30, 2019</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Financial instruments:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 20pt">U.S. treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,229,977</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,229,977</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,061,430</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,061,430</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 20pt">Agency mortgage backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,826,397</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,826,397</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Short-term investments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 30pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">15,429,977</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">66,887,827</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,317,804</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt; width: 40%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Level 1</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Level 2</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Level 3</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td><td style="padding-bottom: 1pt; width: 3%"> </td> <td style="padding-bottom: 1pt; text-align: left; width: 1%"> </td><td style="text-align: center; border-bottom: Black 1pt solid; width: 10%">Total</td><td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 2018</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">Financial instruments:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 20pt">U.S. treasury securities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,619,619</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,619,619</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,003,723</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,003,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 20pt">Agency mortgage backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,286,795</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,286,795</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 10pt">Short-term investments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,690,954</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,690,954</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 30pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,310,573</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,290,518</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">81,601,091</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

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The following table represents the reconciliation of the Company's basic earnings (loss) per share and diluted earnings (loss) per share computations reported on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; text-align: center"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid">Three Months Ended September 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid">Nine Months Ended September 30</td></tr> <tr style="vertical-align: bottom; text-align: center"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">   2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">  2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid"> 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid"> 2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: normal; text-decoration: underline; text-align: left; padding-left: 5.4pt">Basic Earnings (Loss) Per Share</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net income (loss)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">212,467</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(661,925</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(735,284</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">(2,700,880</td><td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Weighted average shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,747</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,113</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,929</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,126</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Basic earnings (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.14</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.51</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: normal; text-decoration: underline; text-align: left; padding-left: 5.4pt">Diluted Earnings (Loss) Per Share</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Net income (loss)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">212,467</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(661,925</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(735,284</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,700,880</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Weighted average shares outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,306,747</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,307,113</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,306,929</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,307,126</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt">Diluted shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,747</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,113</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,306,929</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,307,126</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-left: 0.05in"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Diluted earnings (loss) per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.12</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.14</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.51</td><td style="text-align: left">)</td></tr></table>

356

-15 0 -175 -15 -201 0 -1946 -201

A summary of investment income, net of investment expenses, is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Three Months Ended September 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">Fixed maturities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">532,307</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">498,656</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,626,843</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,430,323</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Short-term investments and cash equivalents</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,811</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,284</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,278</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">33,872</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 10pt">Gross investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">549,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">512,940</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,680,121</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,464,195</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt; padding-bottom: 1pt">Less: investment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(31,007</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(25,381</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(98,627</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">(79,231</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Net investment income</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">518,111</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">487,559</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,581,494</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,384,964</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

A summary of the unrealized gains (losses) on investments in fixed maturities carried at fair value and the applicable deferred federal income taxes is shown below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Gross unrealized gains on fixed maturities</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,529,266</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">74,248</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Gross unrealized losses on fixed maturities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,423</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,466,699</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 10pt">Net unrealized gains (losses) on fixed maturities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,517,843</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,392,451</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Deferred federal tax benefit (expense)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(318,746</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">292,415</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Net unrealized gains (losses), net of deferred income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,199,097</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,100,036</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td></tr> </table>

Short-term investments have an initial maturity of one year or less and consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">U.S. treasury bills</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,490,954</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Certificate of deposit</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total short-term investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,000</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,690,954</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table> 8398275 8400775

2063549

2100976

3051505

3454274

1787485

363016

365330

200000 200000 4 3 5306747

49076991

51657155

51655993

49240342

NOTE 9 – UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES The following table provides an analysis of Crusader’s loss and loss adjustment expense reserves, including a reconciliation of the beginning and ending balance sheet liability for the periods indicated:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,657,155</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">49,076,991</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less reinsurance recoverable on unpaid losses and loss adjustment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,531,602</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,393,550</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">42,125,553</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,683,441</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; text-align: right; padding-left: 5.4pt"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Incurred losses and loss adjustment expenses:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Provision for insured events of current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,984,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,501,620</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Development of insured events of prior years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,366,836</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,867,960</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total incurred losses and loss adjustment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,351,368</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,369,580</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-left: 5.4pt"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Loss and loss adjustment expense payments:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Attributable to insured events of the current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,531,844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,781,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Attributable to insured events of prior years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,088,952</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,322,413</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total payments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,620,796</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,104,064</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; text-align: right; padding-left: 5.4pt"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Reserve for unpaid losses and loss adjustment expenses at September 30 – net of reinsurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,856,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,948,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Reinsurance recoverable on unpaid losses and loss adjustment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,799,868</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,291,385</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Reserve for unpaid losses and loss adjustment expenses at September 30 – gross of reinsurance</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">51,655,993</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">49,240,342</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   Some lines of insurance are commonly referred to as "long-tail" lines because of the extended time required before claims are ultimately settled. Lines of insurance in which claims are settled relatively quickly are called "short-tail" lines. It is generally more difficult to estimate loss reserves for long-tail lines because of the long period of time that elapses between the occurrence of a claim and its final disposition and the difficulty of estimating the settlement value of the claim. Crusader’s short-tail lines consist of its property coverages, and its long-tail lines consist of its liability coverages. However, Crusader’s long-tail liability claims tend to be settled relatively quicker than other long-tail lines not underwritten by Crusader, such as workers’ compensation, professional liability, umbrella liability, and medical malpractice. Since trends develop over longer periods of time on long-tail lines of business, the Company generally gives credibility to those trends more slowly than for short-tail or less volatile lines of business.

The following securities from three different banks represent statutory deposits that are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for writing certain lines of insurance in California and for admission to transact insurance business in the state of Nevada.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">September 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Certificates of deposit</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Short-term investments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Total state held deposits</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400,000</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400,000</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>   The following table provides an analysis of Crusader’s loss and loss adjustment expense reserves, including a reconciliation of the beginning and ending balance sheet liability for the periods indicated:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Nine Months Ended September 30</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,657,155</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">49,076,991</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less reinsurance recoverable on unpaid losses and loss adjustment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,531,602</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,393,550</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">42,125,553</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,683,441</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; text-align: right; padding-left: 5.4pt"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Incurred losses and loss adjustment expenses:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Provision for insured events of current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,984,532</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,501,620</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Development of insured events of prior years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,366,836</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,867,960</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total incurred losses and loss adjustment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,351,368</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,369,580</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-left: 5.4pt"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Loss and loss adjustment expense payments:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Attributable to insured events of the current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,531,844</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,781,651</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Attributable to insured events of prior years</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,088,952</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,322,413</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total payments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,620,796</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,104,064</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; text-align: right; padding-left: 5.4pt"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Reserve for unpaid losses and loss adjustment expenses at September 30 – net of reinsurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,856,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,948,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Reinsurance recoverable on unpaid losses and loss adjustment expenses</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,799,868</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">8,291,385</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Reserve for unpaid losses and loss adjustment expenses at September 30 – gross of reinsurance</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">51,655,993</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">49,240,342</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

4690954

200000

8393550

9531602

13799868

8291385

40683441

42125553

37856125

40948957

9531602 13799868

-1319

1347275

4490954 0 292415 -318746   A summary of estimated fair value, gross unrealized losses, and number of securities in a gross unrealized loss position by the length of time in which the securities have continually been in that position is shown below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">12 Months or Longer</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">September 30, 2019</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">U.S. treasury securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,093,984</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,351</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,998,768</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(4,628</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">498,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,596</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,698,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(792</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Agency mortgage-backed securities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,085,390</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,056</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,677,778</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(6,003</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,697,592</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,420</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">12 Months or Longer</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 2018</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">U.S. treasury securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,760,491</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(20,181</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">2</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">8,496,069</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(123,101</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">6</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,878,381</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(272,515</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,189,487</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(578,609</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Agency mortgage-backed securities</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,034,086</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(472,293</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 20pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,638,872</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(292,696</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">19</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">46,719,642</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,174,003</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">48</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table> 1430323 532307 1626843 498656 33872 16811 53278 14284

1464195

549118

1680121

512940

-79231

-31007

-98627

-25381

1384964 518111 1581494 487559 46884 5092 9389

NOTE 10 – CONTINGENCIES The Company, by virtue of the nature of the business conducted by it, becomes involved in numerous legal proceedings as either plaintiff or defendant. From time to time, the Company is required to resort to legal proceedings against vendors providing services to the Company or against customers or their agents to enforce collection of premiums, commissions, or fees. These routine items of litigation do not materially affect the Company and are handled on a routine basis by the Company through its counsel.   The Company establishes reserves for lawsuits, regulatory actions, and other contingencies for which the Company is able to estimate its potential exposure and believes a loss is probable. For loss contingencies believed to be reasonably possible, the Company discloses the nature of the loss contingency, an estimate of the possible loss, a range of loss, or a statement that such an estimate cannot be made.   Likewise, the Company is sometimes named as a cross-defendant in litigation, which is principally directed against an insured who was issued a policy of insurance directly or indirectly through the Company. Incidental actions related to disputes concerning the issuance or non-issuance of individual policies are sometimes brought by customers or others. These items are also handled on a routine basis by counsel, and they do not generally affect the operations of the Company. Management is confident that the ultimate outcome of pending litigation should not have an adverse effect on the Company's consolidated results of operations or financial position. The Company vigorously defends itself unless a reasonable settlement appears appropriate.

7126000

2292000

78302588

16746832

40804425

20751331

80599961

15091142

41959625

23549194

7126000

2292000

10000000

5307103

5306747

5307103

5306747

21969016

6978698

19760961

6924444

1384748

518108

1581482

487538

293847

114531

22660

125958

23647759 7611337 21352442 7537951

1856592

581100

1656371

578485

216

97051

66526

169896

44575

9759

10818

25611377

8258966

23189539

8161034

18369580

5137974

15351368

5638620

4512203

1194870

3571065

1375222

3557408

1021597

3062251

1142827

125262

40946

132144

43381

2383965

532853

1896386

773125

28948418

7928240

24013214

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330726

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636161

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88391

150216

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212467

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-661925

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212467

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0.04

-0.14

-0.12

-0.51

0.04

-0.14

-0.12

5307126

5306747

5306929

5307113

5307126

5306747

5306929

5307113

160724

24192

384

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1874900

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77156

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558841

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51589

265208

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-1162

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2422025

159445

176897

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433351

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21034427

8286568

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4490954

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2610175

8800

The amortized cost and estimated fair values of investments in fixed maturities by category are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">September 30, 2019</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 10pt">U.S. treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,091,142</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">144,814</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(5,979</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,229,977</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,959,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,104,193</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,061,430</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,549,194</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">280,259</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,056</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,826,397</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Held-to-maturity fixed securities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Certificates of deposits</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,292,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,292,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,891,961</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,529,266</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(11,423</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,409,804</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 2018</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Available-for-sale fixed maturities:</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 10pt">U.S. treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,746,832</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,069</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(143,282</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">16,619,619</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,804,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(851,124</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,003,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,751,331</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,757</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(472,293</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,286,795</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Held-to-maturity fixed securities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">Certificates of deposits</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,126,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,126,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">85,428,588</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">74,248</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,466,699</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,036,137</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

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Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Consolidated Balance Sheets ASSETS Investments Available-for-sale: Fixed maturities, at fair value (amortized cost: $80,599,961 at September 30, 2019, and $78,302,588 at December 31, 2018) Held-to-maturity: Fixed maturities, at amortized cost (fair value: $2,292,000 at September 30, 2019, and $7,126,000 at December 31, 2018) Short-term investments, at fair value Total Investments Cash and cash equivalents Accrued investment income Receivable, net Reinsurance Recoverable: Paid losses and loss adjustment expenses Unpaid losses and loss adjustment expenses Deferred policy acquisition costs Property and equipment (net) Deferred income taxes Other assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Unpaid losses and loss adjustment expenses Unearned premium Advance premium and premium deposits Accrued expenses and other liabilities Total Liabilities STOCKHOLDERS' EQUITY Common stock, no par, authorized 10,000,000 shares; 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Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Consolidated Statements Of Comprehensive Income
Net Income (Loss)	$ 212,467	$ (661,925)	$ (735,284)	$ (2,700,880)
Other Changes in Comprehensive Income (Loss):
Unrealized gains (losses) on securities classified as available-for-sale arising during the period, net of income tax	359,110	(211,144)	2,299,133	(1,350,543)
Comprehensive Income (Loss)	$ 571,577	$ (873,069)	$ 1,563,849	$ (4,051,423)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 13 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2019
Notes to Financial Statements
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Unico American Corporation is an insurance holding company whose subsidiaries underwrite and market property and casualty insurance, and transact health insurance, insurance premium financing and membership association services. Unico American Corporation is referred to herein as the "Company" or "Unico" and such references include both the corporation and its subsidiaries, all of which are wholly owned. Unico was incorporated under the laws of Nevada in 1969. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Unico American Corporation and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X for smaller reporting companies. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Quarterly condensed financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Certain reclassifications have been made to prior period amounts to conform to current quarter presentation. Use of Estimates in the Preparation of the Financial Statements The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect its reported amounts of assets and liabilities and its disclosure of any contingent assets and liabilities at the date of its financial statements, as well as its reported amounts of revenues and expenses during the reporting period. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to losses and loss adjustment expenses. While every effort is made to ensure the integrity of such estimates, actual results may differ. Fair Value of Financial Instruments The Company employs a fair value hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial assets and financial liabilities recorded on the Condensed Consolidated Balance Sheets at fair value are categorized based on the reliability of inputs for the valuation techniques (see Note 7). The Company has used the following methods and assumptions in estimating its fair value disclosures for instruments carried at fair value: Short-term investments and investment securities, excluding long-term certificates of deposit – Fair values are obtained from widely accepted third party vendors. The Company has used the following methods and assumptions for estimating fair value for other financial instruments not carried at fair value: Cash and cash equivalents– The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments. Long-term certificates of deposit – The carrying amounts reported in the Condensed Consolidated Balance Sheets for these instruments are at amortized cost which approximates their fair value. Receivables, net – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments. Accrued expenses and other liabilities – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate the fair values given the short-term nature of these instruments. Cash Equivalents Cash equivalents are comprised of highly liquid investments with initial maturity of 90 days or less. Cash equivalents include, but not limited to, custodial trust, bank money market and savings accounts.
Nature of Business	Nature of Business Unico American Corporation is an insurance holding company whose subsidiaries underwrite and market property and casualty insurance, and transact health insurance, insurance premium financing and membership association services. Unico American Corporation is referred to herein as the "Company" or "Unico" and such references include both the corporation and its subsidiaries, all of which are wholly owned. Unico was incorporated under the laws of Nevada in 1969.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Unico American Corporation and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X for smaller reporting companies. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Quarterly condensed financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Certain reclassifications have been made to prior period amounts to conform to current quarter presentation.
Use of Estimates in the Preparation of the Financial Statements	Use of Estimates in the Preparation of the Financial Statements The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect its reported amounts of assets and liabilities and its disclosure of any contingent assets and liabilities at the date of its financial statements, as well as its reported amounts of revenues and expenses during the reporting period. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to losses and loss adjustment expenses. While every effort is made to ensure the integrity of such estimates, actual results may differ.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company employs a fair value hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial assets and financial liabilities recorded on the Condensed Consolidated Balance Sheets at fair value are categorized based on the reliability of inputs for the valuation techniques (see Note 7). The Company has used the following methods and assumptions in estimating its fair value disclosures for instruments carried at fair value: Short-term investments and investment securities, excluding long-term certificates of deposit – Fair values are obtained from widely accepted third party vendors. The Company has used the following methods and assumptions for estimating fair value for other financial instruments not carried at fair value: Cash and cash equivalents– The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments. Long-term certificates of deposit – The carrying amounts reported in the Condensed Consolidated Balance Sheets for these instruments are at amortized cost which approximates their fair value. Receivables, net – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments. Accrued expenses and other liabilities – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate the fair values given the short-term nature of these instruments.
Cash Equivalents	Cash Equivalents Cash equivalents are comprised of highly liquid investments with initial maturity of 90 days or less. Cash equivalents include, but not limited to, custodial trust, bank money market and savings accounts.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 14 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 13, 2019
Document And Entity Information
Entity Registrant Name	UNICO AMERICAN CORP
Entity Central Index Key	0000100716
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Is Entity Small Business?	true
Is Entity an Emerging Growth Company?	false
Entity Common Stock, Shares Outstanding		5,306,747
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

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Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Fair Value of Financial Instruments

NOTE 7 – FAIR VALUE OF FINANCIAL INSTRUMENTS

Level 1 – Financial assets and financial liabilities whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities as of the reporting date.

	Level 1		Level 2		Level 3		Total
September 30, 2019
Financial instruments:
Available-for-sale fixed maturities:
U.S. treasury securities	$	15,229,977	$	—	$	—	$	15,229,977
Corporate securities		—		43,061,430		—		43,061,430
Agency mortgage backed securities		—		23,826,397		—		23,826,397
Short-term investments		200,000		—		—		200,000
Total financial instruments at fair value	$	15,429,977	$	66,887,827	$	—	$	82,317,804

		Level 1		Level 2		Level 3		Total
December 31, 2018
Financial instruments:
Available-for-sale fixed maturities:
U.S. treasury securities	$	16,619,619	$	—	$	—	$	16,619,619
Corporate securities		—		40,003,723		—		40,003,723
Agency mortgage backed securities		—		20,286,795		—		20,286,795
Short-term investments		4,690,954		—		—		4,690,954
Total financial instruments at fair value	$	21,310,573	$	60,290,518	$	—	$	81,601,091

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Repurchase of Common Stock - Effects on Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Repurchase of Common Stock - Effects on Stockholders' Equity

NOTE 2 – REPURCHASE OF COMMON STOCK – EFFECTS ON STOCKHOLDERS’ EQUITY

XML 17 R10.htm IDEA: XBRL DOCUMENT

Earnings Per Share

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Earnings Per Share

NOTE 3 – EARNINGS (LOSS) PER SHARE

	Three Months Ended September 30					Nine Months Ended September 30
	2019		2018			2019			2018
Basic Earnings (Loss) Per Share
Net income (loss)	$	212,467	$	(661,925	)	$	(735,284	)	$	(2,700,880	)

Weighted average shares outstanding		5,306,747		5,307,113			5,306,929			5,307,126

Basic earnings (loss) per share	$	0.04	$	(0.12	)	$	(0.14	)	$	(0.51	)

Diluted Earnings (Loss) Per Share
Net income (loss)	$	212,467	$	(661,925	)	$	(735,284	)	$	(2,700,880	)

Weighted average shares outstanding		5,306,747		5,307,113			5,306,929			5,307,126
Diluted shares outstanding		5,306,747		5,307,113			5,306,929			5,307,126

Diluted earnings (loss) per share	$	0.04	$	(0.12	)	$	(0.14	)	$	(0.51	)

XML 18 R33.htm IDEA: XBRL DOCUMENT

Unpaid Losses And Loss Adjustment Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Insurance Loss Reserves [Abstract]
Gross reserves	$ 51,655,993	$ 49,240,342	$ 51,655,993	$ 49,240,342	$ 51,657,155	$ 49,076,991
Reinsurance recoverable on unpaid losses and loss adjustment expenses	13,799,868	8,291,385	13,799,868	8,291,385	9,531,602	8,393,550
Net reserves	37,856,125	40,948,957	37,856,125	40,948,957	$ 42,125,553	$ 40,683,441
Incurred losses and loss adjustment expenses
Current accident year			13,984,532	15,501,620
Prior accident years			1,366,836	2,867,960
Incurred losses and loss adjustment expenses	$ 5,137,974	$ 5,638,620	15,351,368	18,369,580
Paid losses and loss adjustment expenses
Current accident year			4,531,844	4,781,651
Prior accident years			15,088,952	13,322,413
Total payment losses and loss adjustment expenses			$ 19,620,796	$ 18,104,064

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Fair Value of Financial Instruments - Fair Value of Invested Assets (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Fixed maturity investments available for sale:

U.S. treasury securities $ 15,229,977 $ 16,619,619

Corporate securities 43,061,430 40,003,723

Agency mortgage-backed securities 23,826,397 20,286,795

Short-term investments, at fair value 200,000 4,690,954

Total financial instruments at fair value 82,317,804 81,601,091

Level 1

Fixed maturity investments available for sale:

U.S. treasury securities 15,229,977 16,619,619

Corporate securities 0 0

Agency mortgage-backed securities 0 0

Short-term investments, at fair value 200,000 4,690,954

Total financial instruments at fair value 15,429,977 21,310,573

Level 2

Fixed maturity investments available for sale:

U.S. treasury securities 0 0

Corporate securities 43,061,430 40,003,723

Agency mortgage-backed securities 23,826,397 20,286,795

Short-term investments, at fair value 0 0

Total financial instruments at fair value 66,887,827 60,290,518

Level 3

Fixed maturity investments available for sale:

U.S. treasury securities 0 0

Corporate securities 0 0

Agency mortgage-backed securities 0 0

Short-term investments, at fair value 0 $ 0

Total financial instruments at fair value $ 0

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Investments (Tables)
9 Months Ended

Sep. 30, 2019

Investments Tables Abstract

Investment income

A summary of investment income, net of investment expenses, is as follows:

Three Months Ended September 30 Nine Months Ended September 30

2019 2018 2019 2018

Fixed maturities $ 532,307 $ 498,656 $ 1,626,843 $ 1,430,323

Short-term investments and cash equivalents 16,811 14,284 53,278 33,872

Gross investment income 549,118 512,940 1,680,121 1,464,195

Less: investment expenses (31,007 ) (25,381 ) (98,627 ) (79,231 )

Net investment income $ 518,111 $ 487,559 $ 1,581,494 $ 1,384,964

Fixed maturity investments

The amortized cost and estimated fair values of investments in fixed maturities by category are as follows:

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

September 30, 2019

Available-for-sale fixed maturities:

U.S. treasury securities $ 15,091,142 $ 144,814 $ (5,979 ) $ 15,229,977

Corporate securities 41,959,625 1,104,193 (2,388 ) 43,061,430

Agency mortgage-backed securities 23,549,194 280,259 (3,056 ) 23,826,397

Held-to-maturity fixed securities:

Certificates of deposits 2,292,000 — — 2,292,000

Total fixed maturities $ 82,891,961 $ 1,529,266 $ (11,423 ) $ 84,409,804

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

December 31, 2018

Available-for-sale fixed maturities:

U.S. treasury securities $ 16,746,832 $ 16,069 $ (143,282 ) $ 16,619,619

Corporate securities 40,804,425 50,422 (851,124 ) 40,003,723

Agency mortgage-backed securities 20,751,331 7,757 (472,293 ) 20,286,795

Held-to-maturity fixed securities:

Certificates of deposits 7,126,000 — — 7,126,000

Total fixed maturities $ 85,428,588 $ 74,248 $ (1,466,699 ) $ 84,036,137

Unrealized gains (losses) on investments

A summary of the unrealized gains (losses) on investments in fixed maturities carried at fair value and the applicable deferred federal income taxes is shown below:

September 30 December 31

2019 2018

Gross unrealized gains on fixed maturities $ 1,529,266 $ 74,248

Gross unrealized losses on fixed maturities (11,423 ) (1,466,699 )

Net unrealized gains (losses) on fixed maturities 1,517,843 (1,392,451 )

Deferred federal tax benefit (expense) (318,746 ) 292,415

Net unrealized gains (losses), net of deferred income taxes $ 1,199,097 $ (1,100,036 )

Components of investments in unrealized loss position for continuous period of time

A summary of estimated fair value, gross unrealized losses, and number of securities in a gross unrealized loss position by the length of time in which the securities have continually been in that position is shown below:

Less than 12 Months 12 Months or Longer

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

September 30, 2019

U.S. treasury securities $ 1,093,984 $ (1,351 ) 1 $ 1,998,768 $ (4,628 ) 2

Corporate securities 498,404 (1,596 ) 1 1,698,824 (792 ) 2

Agency mortgage-backed securities 3,085,390 (3,056 ) 3 — — —

Total $ 4,677,778 $ (6,003 ) 5 $ 3,697,592 $ (5,420 ) 4

Less than 12 Months 12 Months or Longer

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

December 31, 2018

U.S. treasury securities $ 1,760,491 $ (20,181 ) 2 $ 8,496,069 $ (123,101 ) 6

Corporate securities 10,878,381 (272,515 ) 17 21,189,487 (578,609 ) 27

Agency mortgage-backed securities — — — 17,034,086 (472,293 ) 15

Total $ 12,638,872 $ (292,696 ) 19 $ 46,719,642 $ (1,174,003 ) 48

Summary of state held deposits

The following securities from three different banks represent statutory deposits that are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for writing certain lines of insurance in California and for admission to transact insurance business in the state of Nevada.

September 30 December 31

2019 2018

Certificates of deposit $ 200,000 $ 200,000

Short-term investments 200,000 200,000

Total state held deposits $ 400,000 $ 400,000

Investment in short term assets

Short-term investments have an initial maturity of one year or less and consist of the following:

September 30 December 31

2019 2018

U.S. treasury bills $ — $ 4,490,954

Certificate of deposit 200,000 200,000

Total short-term investments $ 200,000 $ 4,690,954

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Investments - Investment Income And Realized Losses (Details) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Notes to Financial Statements

Investment income fixed maturities $ 532,307 $ 498,656 $ 1,626,843 $ 1,430,323

Investment income short-term investments 16,811 14,284 53,278 33,872

Gross investment income 549,118 512,940 1,680,121 1,464,195

Investment expense (31,007) (25,381) (98,627) (79,231)

Investment income net of expenses $ 518,111 $ 487,559 $ 1,581,494 $ 1,384,964

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Unpaid Losses and Loss Adjustment Expenses (Tables)
9 Months Ended

Sep. 30, 2019

Unpaid Losses And Loss Adjustment Expenses

Loss and loss adjustment expense reserves

The following table provides an analysis of Crusader’s loss and loss adjustment expense reserves, including a reconciliation of the beginning and ending balance sheet liability for the periods indicated:

Nine Months Ended September 30

2019 2018

Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance $ 51,657,155 $ 49,076,991

Less reinsurance recoverable on unpaid losses and loss adjustment expenses 9,531,602 8,393,550

Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance 42,125,553 40,683,441

Incurred losses and loss adjustment expenses:

Provision for insured events of current year 13,984,532 15,501,620

Development of insured events of prior years 1,366,836 2,867,960

Total incurred losses and loss adjustment expenses 15,351,368 18,369,580

Loss and loss adjustment expense payments:

Attributable to insured events of the current year 4,531,844 4,781,651

Attributable to insured events of prior years 15,088,952 13,322,413

Total payments 19,620,796 18,104,064

Reserve for unpaid losses and loss adjustment expenses at September 30 – net of reinsurance 37,856,125 40,948,957

Reinsurance recoverable on unpaid losses and loss adjustment expenses 13,799,868 8,291,385

Reserve for unpaid losses and loss adjustment expenses at September 30 – gross of reinsurance $ 51,655,993 $ 49,240,342

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Investments
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Investments

NOTE 8 – INVESTMENTS

A summary of investment income, net of investment expenses, is as follows:

Three Months Ended September 30 Nine Months Ended September 30

2019 2018 2019 2018

Fixed maturities $ 532,307 $ 498,656 $ 1,626,843 $ 1,430,323

Short-term investments and cash equivalents 16,811 14,284 53,278 33,872

Gross investment income 549,118 512,940 1,680,121 1,464,195

Less: investment expenses (31,007 ) (25,381 ) (98,627 ) (79,231 )

Net investment income $ 518,111 $ 487,559 $ 1,581,494 $ 1,384,964

The amortized cost and estimated fair values of investments in fixed maturities by category are as follows:

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

September 30, 2019

Available-for-sale fixed maturities:

U.S. treasury securities $ 15,091,142 $ 144,814 $ (5,979 ) $ 15,229,977

Corporate securities 41,959,625 1,104,193 (2,388 ) 43,061,430

Agency mortgage-backed securities 23,549,194 280,259 (3,056 ) 23,826,397

Held-to-maturity fixed securities:

Certificates of deposits 2,292,000 — — 2,292,000

Total fixed maturities $ 82,891,961 $ 1,529,266 $ (11,423 ) $ 84,409,804

Amortized Cost

Gross Unrealized Gains

Gross Unrealized Losses

Estimated Fair Value

December 31, 2018

Available-for-sale fixed maturities:

U.S. treasury securities $ 16,746,832 $ 16,069 $ (143,282 ) $ 16,619,619

Corporate securities 40,804,425 50,422 (851,124 ) 40,003,723

Agency mortgage-backed securities 20,751,331 7,757 (472,293 ) 20,286,795

Held-to-maturity fixed securities:

Certificates of deposits 7,126,000 — — 7,126,000

Total fixed maturities $ 85,428,588 $ 74,248 $ (1,466,699 ) $ 84,036,137

A summary of the unrealized gains (losses) on investments in fixed maturities carried at fair value and the applicable deferred federal income taxes is shown below:

September 30 December 31

2019 2018

Gross unrealized gains on fixed maturities $ 1,529,266 $ 74,248

Gross unrealized losses on fixed maturities (11,423 ) (1,466,699 )

Net unrealized gains (losses) on fixed maturities 1,517,843 (1,392,451 )

Deferred federal tax benefit (expense) (318,746 ) 292,415

Net unrealized gains (losses), net of deferred income taxes $ 1,199,097 $ (1,100,036 )

A summary of estimated fair value, gross unrealized losses, and number of securities in a gross unrealized loss position by the length of time in which the securities have continually been in that position is shown below:

Less than 12 Months 12 Months or Longer

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

September 30, 2019

U.S. treasury securities $ 1,093,984 $ (1,351 ) 1 $ 1,998,768 $ (4,628 ) 2

Corporate securities 498,404 (1,596 ) 1 1,698,824 (792 ) 2

Agency mortgage-backed securities 3,085,390 (3,056 ) 3 — — —

Total $ 4,677,778 $ (6,003 ) 5 $ 3,697,592 $ (5,420 ) 4

Less than 12 Months 12 Months or Longer

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

Estimated Fair Value

Gross Unrealized Losses

Number of Securities

December 31, 2018

U.S. treasury securities $ 1,760,491 $ (20,181 ) 2 $ 8,496,069 $ (123,101 ) 6

Corporate securities 10,878,381 (272,515 ) 17 21,189,487 (578,609 ) 27

Agency mortgage-backed securities — — — 17,034,086 (472,293 ) 15

Total $ 12,638,872 $ (292,696 ) 19 $ 46,719,642 $ (1,174,003 ) 48

The Company closely monitors its investments. If an unrealized loss is determined to be other-than-temporary, it is written off as a realized loss through the Condensed Consolidated Statements of Operations. The Company’s methodology of assessing other-than-temporary impairments is based on security-specific analysis, performed by the Company’s independent investment advisor, as of the balance sheet date and considers various factors including the length of time to maturity and the extent to which the fair value has been less than the cost, the financial condition and the near-term prospects of the issuer, and whether the debtor is current on its contractually obligated interest and principal payments. The unrealized losses as of September 30, 2019, and December 31, 2018, were determined to be temporary.

Although the Company does not intend to sell its fixed maturity investments prior to maturity, the Company may sell investment securities from time to time in response to cash flow requirements, economic, regulatory, and/or market conditions or investment securities may be called by their issuers prior to the securities’ maturity. The Company did not sell or have any calls of investment securities and there were no realized investment gains or losses during the three months ended September 30, 2019. The Company had one call of an investment security during the three months ended September 30, 2018 and realized a net investment gain of $11 on this call. The Company sold three securities, with amortized cost of $2,997,098, and had one call of an investment security during the nine months ended September 30, 2019. The Company realized net investment losses of $12,661 on these sales and call for the nine months ended September 30, 2019. The Company had two calls of investment securities during the nine months ended September 30, 2018 and realized net investment gains of $148 on these calls. The Company did not sell any investment securities during the three and nine months ended September 30, 2018. The unrealized gains or losses from fixed maturities are reported as “Accumulated other comprehensive income or loss,” which is a separate component of stockholders’ equity, net of any deferred tax effect.

The Company’s investment in certificates of deposit was $2,292,000 and $7,126,000 as of September 30, 2019, and December 31, 2018, respectively. All of the Company’s certificates of deposit are within the FDIC insured permissible limits. Due to the nature of the Company’s business, certain bank accounts may exceed FDIC insured permissible limits.

The following securities from three different banks represent statutory deposits that are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for writing certain lines of insurance in California and for admission to transact insurance business in the state of Nevada.

September 30 December 31

2019 2018

Certificates of deposit $ 200,000 $ 200,000

Short-term investments 200,000 200,000

Total state held deposits $ 400,000 $ 400,000

Short-term investments have an initial maturity of one year or less and consist of the following:

September 30 December 31

2019 2018

U.S. treasury bills $ — $ 4,490,954

Certificate of deposit 200,000 200,000

Total short-term investments $ 200,000 $ 4,690,954

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Summary of Significant Accounting Policies
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Summary of Significant Accounting Policies

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Unico American Corporation is an insurance holding company whose subsidiaries underwrite and market property and casualty insurance, and transact health insurance, insurance premium financing and membership association services. Unico American Corporation is referred to herein as the "Company" or "Unico" and such references include both the corporation and its subsidiaries, all of which are wholly owned. Unico was incorporated under the laws of Nevada in 1969.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Unico American Corporation and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X for smaller reporting companies. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Quarterly condensed financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Certain reclassifications have been made to prior period amounts to conform to current quarter presentation.

Use of Estimates in the Preparation of the Financial Statements

The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect its reported amounts of assets and liabilities and its disclosure of any contingent assets and liabilities at the date of its financial statements, as well as its reported amounts of revenues and expenses during the reporting period. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to losses and loss adjustment expenses. While every effort is made to ensure the integrity of such estimates, actual results may differ.

Fair Value of Financial Instruments

The Company employs a fair value hierarchy that prioritizes the inputs for valuation techniques used to measure fair value. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Financial assets and financial liabilities recorded on the Condensed Consolidated Balance Sheets at fair value are categorized based on the reliability of inputs for the valuation techniques (see Note 7).

The Company has used the following methods and assumptions in estimating its fair value disclosures for instruments carried at fair value:

Short-term investments and investment securities, excluding long-term certificates of deposit – Fair values are obtained from widely accepted third party vendors.

The Company has used the following methods and assumptions for estimating fair value for other financial instruments not carried at fair value:

Cash and cash equivalents– The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments.

Long-term certificates of deposit – The carrying amounts reported in the Condensed Consolidated Balance Sheets for these instruments are at amortized cost which approximates their fair value.

Receivables, net – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate their fair values given the short-term nature of these instruments.

Accrued expenses and other liabilities – The carrying amounts reported in the Condensed Consolidated Balance Sheets approximate the fair values given the short-term nature of these instruments.

Cash Equivalents

Cash equivalents are comprised of highly liquid investments with initial maturity of 90 days or less. Cash equivalents include, but not limited to, custodial trust, bank money market and savings accounts.

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Recently Issued Accounting Standards
9 Months Ended

Sep. 30, 2019

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Standards

NOTE 4 – RECENTLY ISSUED ACCOUNTING STANDARDS

Recently adopted standards

In February 2016, the FASB issued ASU 2016-02 “Leases.” ASU 2016-02 requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by all leases, including those historically accounted for as operating leases. The Company adopted ASU 2016-02 effective January 1, 2019. The adoption of ASU 2016-02 did not have a material impact to the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets.

Standards not yet adopted

In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 replaces the current incurred loss methodology for recognizing credit losses with a current expected credit loss model, which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 also requires enhanced disclosures for better understanding of significant estimates and judgments used in estimating credit losses. The Company is currently evaluating the effect ASU 2016-13 will have on the Company's consolidated financial statements, but expects the primary changes to be (i) the use of the expected credit loss model for its premium receivables and reinsurance recoverables and (ii) the presentation of credit losses within the available-for-sale fixed maturities portfolio through an allowance method rather than as a direct write-down. ASU 2016-13 will primarily impact the Company’s available-for-sale fixed maturities portfolio and reinsurance recoverables. ASU 2016-13 will become effective for fiscal years beginning after December 31, 2019. Since the Company’s fixed income portfolio is invested primarily in higher rated bonds (as of September 30, 2019, 80.1% of available-for-sale fixed maturities, at fair value, were rated “A” or better) and the reinsurance is purchased from financially strong reinsurers, the Company believes the adoption of ASU 2016-13 will not have a material impact to the Condensed Consolidated Statements of Operations and the Condensed Consolidated Balance Sheets.

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Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

REVENUES

Net premium earned $ 6,978,698 $ 6,924,444 $ 19,760,961 $ 21,969,016

Investment income 518,108 487,538 1,581,482 1,384,748

Net realized investments gains (losses) 0 11 (12,661) 148

Other income 114,531 125,958 22,660 293,847

Total Insurance Company Operation 7,611,337 7,537,951 21,352,442 23,647,759

Gross commissions and fees 581,100 578,485 1,656,371 1,856,592

Investment income 3 21 12 216

Finance fees earned 66,526 44,575 169,896 97,051

Other income 0 2 10,818 9,759

Total Revenues 8,258,966 8,161,034 23,189,539 25,611,377

EXPENSES

Losses and loss adjustment expenses 5,137,974 5,638,620 15,351,368 18,369,580

Policy acquisition costs 1,194,870 1,375,222 3,571,065 4,512,203

Salaries and employee benefits 1,021,597 1,142,827 3,062,251 3,557,408

Commissions to agents/brokers 40,946 43,381 132,144 125,262

Other operating expenses 532,853 773,125 1,896,386 2,383,965

Total Expenses 7,928,240 8,973,175 24,013,214 28,948,418

Income (Loss) Before Income Taxes 330,726 (812,141) (823,675) (3,337,041)

Income Tax Expense (Benefit) 118,259 (150,216) (88,391) (636,161)

Net Income (Loss) $ 212,467 $ (661,925) $ (735,284) $ (2,700,880)

Basic

Income (loss) per share $ 0.04 $ (0.12) $ (0.14) $ (0.51)

Weighted average shares 5,306,747 5,307,113 5,306,929 5,307,126

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Weighted average shares 5,306,747 5,307,113 5,306,929 5,307,126

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Earnings Per Share Tables Abstract

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Three Months Ended September 30

Nine Months Ended September 30

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USD ($)

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Sep. 30, 2019

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Property and Equipment (Details) - USD ($)

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Dec. 31, 2018

Property And Equipment Table Abstract

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Furniture, fixtures, and equipment 2,100,976 2,063,549

Accumulated depreciation and amortization (3,454,274) (3,051,505)

Land located in Calabasas California 1,787,485 1,787,485

Computer software 365,330 363,016

Computer software under development 834,653 131,505

Net property and equipment $ 10,034,945 $ 9,692,325

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Fair Value Of Financial Instruments (Tables)
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Sep. 30, 2019

Fair Value Of Financial Instruments

Fair value of financial instruments

The following table presents information about the Company’s consolidated financial instruments and their estimated fair values, which are measured on a recurring basis and are allocated among the three levels within the fair value hierarchy, as of September 30, 2019, and December 31, 2018:

Level 1 Level 2 Level 3 Total

September 30, 2019

Financial instruments:

Available-for-sale fixed maturities:

U.S. treasury securities $ 15,229,977 $ — $ — $ 15,229,977

Corporate securities — 43,061,430 — 43,061,430

Agency mortgage backed securities — 23,826,397 — 23,826,397

Short-term investments 200,000 — — 200,000

Total financial instruments at fair value $ 15,429,977 $ 66,887,827 $ — $ 82,317,804

Level 1 Level 2 Level 3 Total

December 31, 2018

Financial instruments:

Available-for-sale fixed maturities:

U.S. treasury securities $ 16,619,619 $ — $ — $ 16,619,619

Corporate securities — 40,003,723 — 40,003,723

Agency mortgage backed securities — 20,286,795 — 20,286,795

Short-term investments 4,690,954 — — 4,690,954

Total financial instruments at fair value $ 21,310,573 $ 60,290,518 $ — $ 81,601,091

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Investments - Securities in Unrealized Loss Position (Details)

Sep. 30, 2019

USD ($)

Dec. 31, 2018

USD ($)

U.S. treasury securities

Fair value, less than 12 months $ 1,093,984 $ 1,760,491

Fair value, 12 months or longer 1,998,768 8,496,069

Gross unrealized losses, less than 12 months 1,351 20,181

Gross unrealized losses, 12 months or longer $ 4,628 $ 123,101

Number of securities in unrealized loss positions for less than 12 months 1 2

Number of securities in unrealized loss positions for 12 months or longer 2 6

Corporate securities

Fair value, less than 12 months $ 498,404 $ 10,878,381

Fair value, 12 months or longer 1,698,824 21,189,487

Gross unrealized losses, less than 12 months 1,596 272,515

Gross unrealized losses, 12 months or longer $ 792 $ 578,609

Number of securities in unrealized loss positions for less than 12 months 1 17

Number of securities in unrealized loss positions for 12 months or longer 2 27

Agency mortgage backed securities

Fair value, less than 12 months $ 3,085,390 $ 0

Fair value, 12 months or longer 0 17,034,086

Gross unrealized losses, less than 12 months 3,056 0

Gross unrealized losses, 12 months or longer $ 0 $ 472,293

Number of securities in unrealized loss positions for less than 12 months 3 0

Number of securities in unrealized loss positions for 12 months or longer 0 15

Total fixed maturities

Fair value, less than 12 months $ 4,677,778

Fair value, 12 months or longer 3,697,592

Gross unrealized losses, less than 12 months 6,003

Gross unrealized losses, 12 months or longer $ 5,420

Number of securities in unrealized loss positions for less than 12 months 5

Number of securities in unrealized loss positions for 12 months or longer 4

Total fixed maturities

Fair value, less than 12 months $ 12,638,872

Fair value, 12 months or longer 46,719,642

Gross unrealized losses, less than 12 months 292,696

Gross unrealized losses, 12 months or longer $ 1,174,003

Number of securities in unrealized loss positions for less than 12 months 19

Number of securities in unrealized loss positions for 12 months or longer 48

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Repurchase of Common Stock - Effects on Stockholders' Equity (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Notes to Financial Statements

Cost of common stock repurchase $ 0 $ (216) $ (2,121) $ (216)

Share repurchase allocated to paid in capital 0 (15) (175) (15)

Share repurchase allocated to retained earnings $ 0 $ (201) $ (1,946) $ (201)

Shares repurchased and retired during period - shares 0 30 356 30

Repurchase of common stock previously authorized 500,000

Stock repurchase authority remaining 188,269 188,269 188,625

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Contingencies
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Contingencies

NOTE 10 – CONTINGENCIES

The Company, by virtue of the nature of the business conducted by it, becomes involved in numerous legal proceedings as either plaintiff or defendant. From time to time, the Company is required to resort to legal proceedings against vendors providing services to the Company or against customers or their agents to enforce collection of premiums, commissions, or fees. These routine items of litigation do not materially affect the Company and are handled on a routine basis by the Company through its counsel.

The Company establishes reserves for lawsuits, regulatory actions, and other contingencies for which the Company is able to estimate its potential exposure and believes a loss is probable. For loss contingencies believed to be reasonably possible, the Company discloses the nature of the loss contingency, an estimate of the possible loss, a range of loss, or a statement that such an estimate cannot be made.

Likewise, the Company is sometimes named as a cross-defendant in litigation, which is principally directed against an insured who was issued a policy of insurance directly or indirectly through the Company. Incidental actions related to disputes concerning the issuance or non-issuance of individual policies are sometimes brought by customers or others. These items are also handled on a routine basis by counsel, and they do not generally affect the operations of the Company. Management is confident that the ultimate outcome of pending litigation should not have an adverse effect on the Company's consolidated results of operations or financial position. The Company vigorously defends itself unless a reasonable settlement appears appropriate.

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Property and Equipment (Net of Accumulated Depreciation)
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Property and Equipment (Net of Accumulated Depreciation)

NOTE 6 – PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

September 30 December 31

2019 2018

Building and leasehold improvements located in Calabasas, California $ 8,400,775 $ 8,398,275

Furniture, fixtures, and equipment 2,100,976 2,063,549

Computer software 365,330 363,016

Accumulated depreciation and amortization (3,454,274 ) (3,051,505 )

Computer software under development 834,653 131,505

Land located in Calabasas, California 1,787,485 1,787,485

Property and equipment, net $ 10,034,945 $ 9,692,325

Depreciation on the Calabasas building, owned by Crusader, is computed using the straight line method over 39 years. Depreciation on furniture, fixtures, and equipment in the Calabasas building is computed using the straight line method over 3 to 15 years. Amortization of leasehold improvements in the Calabasas building is being computed using the shorter of the useful life of the leasehold improvements or the remaining years of the lease. Depreciation and amortization expense on all property and equipment for the three and nine months ended September 30, 2019, was $132,664 and $402,769, respectively, and for the three and nine months ended September 30, 2018, was $135,544 and $417,261, respectively.

For the three and nine months ended September 30, 2019, the Calabasas building has generated rental revenue from non-affiliated tenants in the amount of $43,158 and $125,545, respectively, and for the three and nine months ended September 30, 2018, rental revenue from non-affiliated tenants in the amount of $89,211 and $264,329, respectively, which is included in “Other income” from insurance company operation in the Company’s Condensed Consolidated Statements of Operations.

For the three and nine months ended September 30, 2019, the Calabasas building incurred operating expenses (including depreciation) in the amount of $126,962 and $482,257, respectively, and $217,263 and $591,372 for the three and nine months ended September 30, 2018, respectively, which are included in “Other operating expenses” in the Company’s Condensed Consolidated Statements of Operations.

The total square footage of the Calabasas building is 46,884, including common areas. As of September 30, 2019, 5,092 square feet of the Calabasas building was leased to non-affiliated entities and 9,389 square feet was vacant and available to be leased to non-affiliated entities.

The Company capitalizes certain computer software costs purchased from outside vendors for internal use or incurred internally to upgrade the existing systems. These costs also include configuration and customization activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrade and enhancements are capitalized if it is probable that such expenditure will result in additional functionality. The capitalized costs are not depreciated until the software is placed into production.

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Shareholders Equity - USD ($)

Common Stock

Comprehensive Income / Loss

Retained Earnings / Accumulated Deficit

Total

Beginning Balance, Value at Dec. 31, 2017 $ 3,772,872 $ (239,896) $ 56,412,361 $ 59,945,337

Beginning Balance, Shares at Dec. 31, 2017 5,307,133

Change in Comprehensive Income, net of Deferred Income Tax (1,139,399) 0 (1,139,399)

Net Income (Loss) (2,038,955) (2,038,955)

Ending Balance, Value at Jun. 30, 2018 $ 3,772,872 (1,379,295) 54,373,406 56,766,983

Ending Balance, Shares at Jun. 30, 2018 5,307,133

Beginning Balance, Value at Dec. 31, 2017 $ 3,772,872 (239,896) 56,412,361 59,945,337

Beginning Balance, Shares at Dec. 31, 2017 5,307,133

Net Income (Loss) (2,700,880)

Ending Balance, Value at Sep. 30, 2018 $ 3,772,857 (1,590,439) 53,711,280 55,893,698

Ending Balance, Shares at Sep. 30, 2018 5,307,103

Beginning Balance, Value at Jun. 30, 2018 $ 3,772,872 (1,379,295) 54,373,406 56,766,983

Beginning Balance, Shares at Jun. 30, 2018 5,307,133

Shares Repurchased, Value $ (15) (201) (216)

Shares Repurchased, Shares (30)

Change in Comprehensive Income, net of Deferred Income Tax (211,144) 0 (211,144)

Net Income (Loss) (661,925) (661,925)

Ending Balance, Value at Sep. 30, 2018 $ 3,772,857 (1,590,439) 53,711,280 55,893,698

Ending Balance, Shares at Sep. 30, 2018 5,307,103

Beginning Balance, Value at Dec. 31, 2018 $ 3,772,857 (1,100,036) 53,242,601 55,915,422

Beginning Balance, Shares at Dec. 31, 2018 5,307,103

Shares Repurchased, Value $ (175) 0 (1,946) (2,121)

Shares Repurchased, Shares (356)

Change in Comprehensive Income, net of Deferred Income Tax 1,940,023 0 1,940,023

Net Income (Loss) (947,751) (947,751)

Ending Balance, Value at Jun. 30, 2019 $ 3,772,682 839,987 52,292,904 56,905,573

Ending Balance, Shares at Jun. 30, 2019 5,306,747

Beginning Balance, Value at Dec. 31, 2018 $ 3,772,857 (1,100,036) 53,242,601 55,915,422

Beginning Balance, Shares at Dec. 31, 2018 5,307,103

Net Income (Loss) (735,284)

Ending Balance, Value at Sep. 30, 2019 $ 3,772,682 1,199,097 52,505,371 57,477,150

Ending Balance, Shares at Sep. 30, 2019 5,306,747

Beginning Balance, Value at Jun. 30, 2019 $ 3,772,682 839,987 52,292,904 56,905,573

Beginning Balance, Shares at Jun. 30, 2019 5,306,747

Change in Comprehensive Income, net of Deferred Income Tax 359,110 0 359,110

Net Income (Loss) 212,467 212,467

Ending Balance, Value at Sep. 30, 2019 $ 3,772,682 $ 1,199,097 $ 52,505,371 $ 57,477,150

Ending Balance, Shares at Sep. 30, 2019 5,306,747

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Consolidated Balance Sheets - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Available-for-sale:

Fixed maturities, at fair value (amortized cost: $80,599,961 at September 30, 2019, and $78,302,588 at December 31, 2018) $ 82,117,804 $ 76,910,137

Held-to-maturity:

Fixed maturities, at amortized cost (fair value: $2,292,000 at September 30, 2019, and $7,126,000 at December 31, 2018) 2,292,000 7,126,000

Short-term investments, at fair value 200,000 4,690,954

Total Investments 84,609,804 88,727,091

Cash and cash equivalents 7,527,937 4,917,762

Accrued investment income 526,146 393,782

Receivable, net 4,397,764 3,933,068

Reinsurance Recoverable:

Paid losses and loss adjustment expenses 1,347,275 (1,319)

Unpaid losses and loss adjustment expenses 13,799,868 9,531,602

Deferred policy acquisition costs 3,798,508 3,489,728

Property and equipment (net) 10,034,945 9,692,325

Deferred income taxes 3,875,323 4,375,484

Other assets 292,235 557,443

Total Assets 130,209,805 125,616,966

LIABILITIES

Unpaid losses and loss adjustment expenses 51,655,993 51,657,155

Unearned premium 18,386,614 15,964,589

Advance premium and premium deposits 411,339 234,442

Accrued expenses and other liabilities 2,278,709 1,845,358

Total Liabilities 72,732,655 69,701,544

STOCKHOLDERS' EQUITY

Common stock, no par, authorized 10,000,000 shares; 5,306,747 and 5,307,103 shares issued and outstanding at September 30, 2019, and December 31, 2018, respectively 3,772,682 3,772,857

Accumulated other comprehensive income (loss) 1,199,097 (1,100,036)

Retained earnings 52,505,371 53,242,601

Total Stockholders Equity 57,477,150 55,915,422

Total Liabilities and Stockholders' Equity $ 130,209,805 $ 125,616,966

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Dec. 31, 2018

Notes to Financial Statements

Short-term investments held by state $ 200,000 $ 200,000

Certificates of deposit held by states 200,000 200,000

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Property and Equipment (Details Narrative)
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Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

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Square footage of building 46,884 46,884

Building square footage leased to non-alliliates 5,092 5,092

Building square footage available for lease 9,389 9,389

Depreciation and amortization $ 132,664 $ 135,544 $ 402,769 $ 417,261

Calabasas building operating expenses including depreciation 126,962 217,263 482,257 591,372

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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Cash Flows from Operating Activities:

Net Loss $ (735,284) $ (2,700,880)

Adjustments to reconcile net loss to net cash from operations

Depreciation and amortization 402,769 417,261

Bond amortization, net 24,192 160,724

Bad debt expense (20,766) 384

Net realized investment (gains) losses 12,661 (148)

Changes in assets and liabilities:

Net receivables and accrued investment income (576,294) 1,874,900

Reinsurance recoverable (5,616,860) 77,156

Deferred policy acquisition costs (308,780) 558,841

Other assets 265,208 51,589

Unpaid losses and loss adjustment expenses (1,162) 163,351

Unearned premium 2,422,025 (2,610,489)

Advance premium and premium deposits 176,897 159,445

Accrued expenses and other liabilities 433,351 (367,520)

Deferred income taxes (111,000) (647,727)

Net Cash Used by Operating Activities (3,633,043) (2,863,113)

Cash Flows from Investing Activities:

Purchase of fixed maturity investments (8,286,568) (21,034,427)

Proceeds from maturity of fixed maturity investments 7,313,548 16,121,354

Proceeds from sale or call of fixed maturity investments 3,472,794 1,270,296

Net decrease in short-term investments 4,490,954 1,647,778

Additions to property and equipment (745,389) (95,947)

Net Cash Provided (Used) by Investing Activities 6,245,339 (2,090,946)

Cash Flows from Financing Activities:

Repurchase of common stock (2,121) (216)

Net Cash Used by Financing Activities (2,121) (216)

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Sep. 30, 2019

Dec. 31, 2018

Consolidated Balance Sheets Parenthetical Abstract

Fixed maturities, available for sale, amortized cost $ 80,599,961 $ 78,302,588

Fixed maturities, held to maturity, fair value $ 2,292,000 $ 7,126,000

Common stock, shares authorized 10,000,000 10,000,000

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Unpaid Losses and Loss Adjustment Expenses
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Unpaid Losses and Loss Adjustment Expenses

NOTE 9 – UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES

The following table provides an analysis of Crusader’s loss and loss adjustment expense reserves, including a reconciliation of the beginning and ending balance sheet liability for the periods indicated:

Nine Months Ended September 30

2019 2018

Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance $ 51,657,155 $ 49,076,991

Less reinsurance recoverable on unpaid losses and loss adjustment expenses 9,531,602 8,393,550

Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance 42,125,553 40,683,441

Incurred losses and loss adjustment expenses:

Provision for insured events of current year 13,984,532 15,501,620

Development of insured events of prior years 1,366,836 2,867,960

Total incurred losses and loss adjustment expenses 15,351,368 18,369,580

Loss and loss adjustment expense payments:

Attributable to insured events of the current year 4,531,844 4,781,651

Attributable to insured events of prior years 15,088,952 13,322,413

Total payments 19,620,796 18,104,064

Reserve for unpaid losses and loss adjustment expenses at September 30 – net of reinsurance 37,856,125 40,948,957

Reinsurance recoverable on unpaid losses and loss adjustment expenses 13,799,868 8,291,385

Reserve for unpaid losses and loss adjustment expenses at September 30 – gross of reinsurance $ 51,655,993 $ 49,240,342

Some lines of insurance are commonly referred to as "long-tail" lines because of the extended time required before claims are ultimately settled. Lines of insurance in which claims are settled relatively quickly are called "short-tail" lines. It is generally more difficult to estimate loss reserves for long-tail lines because of the long period of time that elapses between the occurrence of a claim and its final disposition and the difficulty of estimating the settlement value of the claim. Crusader’s short-tail lines consist of its property coverages, and its long-tail lines consist of its liability coverages. However, Crusader’s long-tail liability claims tend to be settled relatively quicker than other long-tail lines not underwritten by Crusader, such as workers’ compensation, professional liability, umbrella liability, and medical malpractice. Since trends develop over longer periods of time on long-tail lines of business, the Company generally gives credibility to those trends more slowly than for short-tail or less volatile lines of business.

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Accounting For Income Taxes
9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Accounting For Income Taxes

NOTE 5 – ACCOUNTING FOR TAXES

The Company and its wholly owned subsidiaries file consolidated federal and state income tax returns. Pursuant to a tax allocation agreement, the Company’s subsidiaries, Crusader Insurance Company (“Crusader”) and American Acceptance Corporation (“AAC”), are allocated taxes or tax credits in the case of losses, at current corporate rates based on their own taxable income or loss. The Company files income tax returns under U.S. federal and various state jurisdictions. The Company is subject to examination by U.S. federal income tax authorities for tax returns filed starting at taxable year 2015 and California state income tax authorities for tax returns filed starting at taxable year 2014. There are no ongoing examinations of income tax returns by federal or state tax authorities.

As of September 30, 2019, and December 31, 2018, the Company had no unrecognized tax benefits or liabilities and, therefore, had not accrued interest and penalties related to unrecognized tax benefits or liabilities. However, if interest and penalties would need to be accrued related to unrecognized tax benefits or liabilities, such amounts would be recognized as a component of federal income tax expense.

As a California based insurance company, Crusader is obligated to pay a premium tax on gross premiums written in all states that Crusader is admitted. Premium taxes are deferred and amortized as the related premiums are earned. The premium tax is in lieu of state franchise taxes and is not included in the provision for state taxes.

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Earnings Per Share (Details) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Notes to Financial Statements

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Income (loss) per share - basic $ 0.04 $ (0.12) $ (0.14) $ (0.51)

Net income (loss) $ 212,467 $ (661,925) $ (947,751) $ (2,038,955) $ (735,284) $ (2,700,880)

Weighted average shares outstanding - diluted 5,306,747 5,307,113 5,306,929 5,307,126

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Property and Equipment (Tables)
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Sep. 30, 2019

Property And Equipment

Property and Equipment

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September 30 December 31

2019 2018

Building and leasehold improvements located in Calabasas, California $ 8,400,775 $ 8,398,275

Furniture, fixtures, and equipment 2,100,976 2,063,549

Computer software 365,330 363,016

Accumulated depreciation and amortization (3,454,274 ) (3,051,505 )

Computer software under development 834,653 131,505

Land located in Calabasas, California 1,787,485 1,787,485

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Investments - Fixed Maturities by Categories (Details) - USD ($)

Sep. 30, 2019

Dec. 31, 2018

Amortized cost, fixed maturities, available for sale $ 80,599,961 $ 78,302,588

Estimated fair value, fixed maturities, available for sale 82,117,804 76,910,137

Amortized cost, fixed maturities, held to maturity 2,292,000 7,126,000

Estimated fair value, fixed maturities, held to maturity 2,292,000 7,126,000

U.S. treasury securities

Amortized cost, fixed maturities, available for sale 15,091,142 16,746,832

Gross unrealized gains, fixed maturities, available for sale 144,814 16,069

Gross unrealized losses, fixed maturities, available for sale 5,979 143,282

Estimated fair value, fixed maturities, available for sale 15,229,977 16,619,619

Corporate securities

Amortized cost, fixed maturities, available for sale 41,959,625 40,804,425

Gross unrealized gains, fixed maturities, available for sale 1,104,193 50,422

Gross unrealized losses, fixed maturities, available for sale 2,388 851,124

Estimated fair value, fixed maturities, available for sale 43,061,430 40,003,723

Agency mortgage backed securities

Amortized cost, fixed maturities, available for sale 23,549,194 20,751,331

Gross unrealized gains, fixed maturities, available for sale 280,259 7,757

Gross unrealized losses, fixed maturities, available for sale 3,056 472,293

Estimated fair value, fixed maturities, available for sale 23,826,397 20,286,795

Certificates of deposit

Amortized cost, fixed maturities, held to maturity 2,292,000 7,126,000

Gross unrealized gains, fixed maturities, held to maturity 0 0

Gross unrealized losses, fixed maturities, held to maturity 0 0

Estimated fair value, fixed maturities, held to maturity 2,292,000 7,126,000

Total fixed maturities

Fixed maturities, at amortized cost 82,891,961

Gross unrealized gains, fixed maturities 1,529,266

Gross unrealized losses, fixed maturities 11,423

Fixed maturities, at estimated fair value $ 84,409,804

Total fixed maturities

Fixed maturities, at amortized cost 85,428,588

Gross unrealized gains, fixed maturities 74,248

Gross unrealized losses, fixed maturities 1,466,699

Fixed maturities, at estimated fair value $ 84,036,137

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Fair Value of Financial Instruments - Fair Value of Invested Assets (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fixed maturity investments available for sale:
U.S. treasury securities	$ 15,229,977	$ 16,619,619
Corporate securities	43,061,430	40,003,723
Agency mortgage-backed securities	23,826,397	20,286,795
Short-term investments, at fair value	200,000	4,690,954
Total financial instruments at fair value	82,317,804	81,601,091
Level 1
Fixed maturity investments available for sale:
U.S. treasury securities	15,229,977	16,619,619
Corporate securities	0	0
Agency mortgage-backed securities	0	0
Short-term investments, at fair value	200,000	4,690,954
Total financial instruments at fair value	15,429,977	21,310,573
Level 2
Fixed maturity investments available for sale:
U.S. treasury securities	0	0
Corporate securities	43,061,430	40,003,723
Agency mortgage-backed securities	23,826,397	20,286,795
Short-term investments, at fair value	0	0
Total financial instruments at fair value	66,887,827	60,290,518
Level 3
Fixed maturity investments available for sale:
U.S. treasury securities	0	0
Corporate securities	0	0
Agency mortgage-backed securities	0	0
Short-term investments, at fair value	0	$ 0
Total financial instruments at fair value	$ 0

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUES
Net premium earned	$ 6,978,698	$ 6,924,444	$ 19,760,961	$ 21,969,016
Investment income	518,108	487,538	1,581,482	1,384,748
Net realized investments gains (losses)	0	11	(12,661)	148
Other income	114,531	125,958	22,660	293,847
Total Insurance Company Operation	7,611,337	7,537,951	21,352,442	23,647,759
Gross commissions and fees	581,100	578,485	1,656,371	1,856,592
Investment income	3	21	12	216
Finance fees earned	66,526	44,575	169,896	97,051
Other income	0	2	10,818	9,759
Total Revenues	8,258,966	8,161,034	23,189,539	25,611,377
EXPENSES
Losses and loss adjustment expenses	5,137,974	5,638,620	15,351,368	18,369,580
Policy acquisition costs	1,194,870	1,375,222	3,571,065	4,512,203
Salaries and employee benefits	1,021,597	1,142,827	3,062,251	3,557,408
Commissions to agents/brokers	40,946	43,381	132,144	125,262
Other operating expenses	532,853	773,125	1,896,386	2,383,965
Total Expenses	7,928,240	8,973,175	24,013,214	28,948,418
Income (Loss) Before Income Taxes	330,726	(812,141)	(823,675)	(3,337,041)
Income Tax Expense (Benefit)	118,259	(150,216)	(88,391)	(636,161)
Net Income (Loss)	$ 212,467	$ (661,925)	$ (735,284)	$ (2,700,880)
Basic
Income (loss) per share	$ 0.04	$ (0.12)	$ (0.14)	$ (0.51)
Weighted average shares	5,306,747	5,307,113	5,306,929	5,307,126
Diluted
Income (loss) per share	$ 0.04	$ (0.12)	$ (0.14)	$ (0.51)
Weighted average shares	5,306,747	5,307,113	5,306,929	5,307,126

Investments - Short term invesmtments (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Notes to Financial Statements
Short-term U.S. treasury bills	$ 0	$ 4,490,954
Certificates of deposit	200,000	200,000
Total short-term investments	$ 200,000	$ 4,690,954

Investments (Details Narrative)	3 Months Ended		9 Months Ended
Investments (Details Narrative)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Notes to Financial Statements
[us-gaap:InterestBearingDomesticDepositCertificatesOfDeposits]	$ 2,292,000		$ 2,292,000		$ 7,126,000
Statutory deposits number of banks	3		3		4
Realized investment gains (losses)	$ 0	$ 11	$ (12,661)	$ 148
Sold securities - amortized cost	$ 0	$ 0	$ 2,997,098	$ 0
Sold securities - number	0	0	3	0
Called securities - number	0	1	1	2

Investments - Unrealized Gains (Losses) on Investments in Fixed Maturities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Notes to Financial Statements
Gross unrealized gains on fixed maturities	$ 1,529,266	$ 74,248
Gross unrealized losses on fixed maturities	(11,423)	(1,466,699)
Net unrealized gains (losses) on fixed maturities	1,517,843	(1,392,451)
Deferred federal tax benefit (expense)	(318,746)	292,415
Net unrealized gains (losses), net of deferred income taxes	$ 1,199,097	$ (1,100,036)

Property and Equipment (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Property And Equipment Table Abstract
Office building and leasehold improvements	$ 8,400,775	$ 8,398,275
Furniture, fixtures, and equipment	2,100,976	2,063,549
Accumulated depreciation and amortization	(3,454,274)	(3,051,505)
Land located in Calabasas California	1,787,485	1,787,485
Computer software	365,330	363,016
Computer software under development	834,653	131,505
Net property and equipment	$ 10,034,945	$ 9,692,325

Investments - Securities in Unrealized Loss Position (Details)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
U.S. treasury securities
Fair value, less than 12 months	$ 1,093,984	$ 1,760,491
Fair value, 12 months or longer	1,998,768	8,496,069
Gross unrealized losses, less than 12 months	1,351	20,181
Gross unrealized losses, 12 months or longer	$ 4,628	$ 123,101
Number of securities in unrealized loss positions for less than 12 months	1	2
Number of securities in unrealized loss positions for 12 months or longer	2	6
Corporate securities
Fair value, less than 12 months	$ 498,404	$ 10,878,381
Fair value, 12 months or longer	1,698,824	21,189,487
Gross unrealized losses, less than 12 months	1,596	272,515
Gross unrealized losses, 12 months or longer	$ 792	$ 578,609
Number of securities in unrealized loss positions for less than 12 months	1	17
Number of securities in unrealized loss positions for 12 months or longer	2	27
Agency mortgage backed securities
Fair value, less than 12 months	$ 3,085,390	$ 0
Fair value, 12 months or longer	0	17,034,086
Gross unrealized losses, less than 12 months	3,056	0
Gross unrealized losses, 12 months or longer	$ 0	$ 472,293
Number of securities in unrealized loss positions for less than 12 months	3	0
Number of securities in unrealized loss positions for 12 months or longer	0	15
Total fixed maturities
Fair value, less than 12 months	$ 4,677,778
Fair value, 12 months or longer	3,697,592
Gross unrealized losses, less than 12 months	6,003
Gross unrealized losses, 12 months or longer	$ 5,420
Number of securities in unrealized loss positions for less than 12 months	5
Number of securities in unrealized loss positions for 12 months or longer	4
Total fixed maturities
Fair value, less than 12 months		$ 12,638,872
Fair value, 12 months or longer		46,719,642
Gross unrealized losses, less than 12 months		292,696
Gross unrealized losses, 12 months or longer		$ 1,174,003
Number of securities in unrealized loss positions for less than 12 months		19
Number of securities in unrealized loss positions for 12 months or longer		48

Shareholders Equity - USD ($)	Common Stock	Comprehensive Income / Loss	Retained Earnings / Accumulated Deficit	Total
Beginning Balance, Value at Dec. 31, 2017	$ 3,772,872	$ (239,896)	$ 56,412,361	$ 59,945,337
Beginning Balance, Shares at Dec. 31, 2017	5,307,133
Change in Comprehensive Income, net of Deferred Income Tax		(1,139,399)	0	(1,139,399)
Net Income (Loss)			(2,038,955)	(2,038,955)
Ending Balance, Value at Jun. 30, 2018	$ 3,772,872	(1,379,295)	54,373,406	56,766,983
Ending Balance, Shares at Jun. 30, 2018	5,307,133
Beginning Balance, Value at Dec. 31, 2017	$ 3,772,872	(239,896)	56,412,361	59,945,337
Beginning Balance, Shares at Dec. 31, 2017	5,307,133
Net Income (Loss)				(2,700,880)
Ending Balance, Value at Sep. 30, 2018	$ 3,772,857	(1,590,439)	53,711,280	55,893,698
Ending Balance, Shares at Sep. 30, 2018	5,307,103
Beginning Balance, Value at Jun. 30, 2018	$ 3,772,872	(1,379,295)	54,373,406	56,766,983
Beginning Balance, Shares at Jun. 30, 2018	5,307,133
Shares Repurchased, Value	$ (15)		(201)	(216)
Shares Repurchased, Shares	(30)
Change in Comprehensive Income, net of Deferred Income Tax		(211,144)	0	(211,144)
Net Income (Loss)			(661,925)	(661,925)
Ending Balance, Value at Sep. 30, 2018	$ 3,772,857	(1,590,439)	53,711,280	55,893,698
Ending Balance, Shares at Sep. 30, 2018	5,307,103
Beginning Balance, Value at Dec. 31, 2018	$ 3,772,857	(1,100,036)	53,242,601	55,915,422
Beginning Balance, Shares at Dec. 31, 2018	5,307,103
Shares Repurchased, Value	$ (175)	0	(1,946)	(2,121)
Shares Repurchased, Shares	(356)
Change in Comprehensive Income, net of Deferred Income Tax		1,940,023	0	1,940,023
Net Income (Loss)			(947,751)	(947,751)
Ending Balance, Value at Jun. 30, 2019	$ 3,772,682	839,987	52,292,904	56,905,573
Ending Balance, Shares at Jun. 30, 2019	5,306,747
Beginning Balance, Value at Dec. 31, 2018	$ 3,772,857	(1,100,036)	53,242,601	55,915,422
Beginning Balance, Shares at Dec. 31, 2018	5,307,103
Net Income (Loss)				(735,284)
Ending Balance, Value at Sep. 30, 2019	$ 3,772,682	1,199,097	52,505,371	57,477,150
Ending Balance, Shares at Sep. 30, 2019	5,306,747
Beginning Balance, Value at Jun. 30, 2019	$ 3,772,682	839,987	52,292,904	56,905,573
Beginning Balance, Shares at Jun. 30, 2019	5,306,747
Change in Comprehensive Income, net of Deferred Income Tax		359,110	0	359,110
Net Income (Loss)			212,467	212,467
Ending Balance, Value at Sep. 30, 2019	$ 3,772,682	$ 1,199,097	$ 52,505,371	$ 57,477,150
Ending Balance, Shares at Sep. 30, 2019	5,306,747

Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Available-for-sale:
Fixed maturities, at fair value (amortized cost: $80,599,961 at September 30, 2019, and $78,302,588 at December 31, 2018)	$ 82,117,804	$ 76,910,137
Held-to-maturity:
Fixed maturities, at amortized cost (fair value: $2,292,000 at September 30, 2019, and $7,126,000 at December 31, 2018)	2,292,000	7,126,000
Short-term investments, at fair value	200,000	4,690,954
Total Investments	84,609,804	88,727,091
Cash and cash equivalents	7,527,937	4,917,762
Accrued investment income	526,146	393,782
Receivable, net	4,397,764	3,933,068
Reinsurance Recoverable:
Paid losses and loss adjustment expenses	1,347,275	(1,319)
Unpaid losses and loss adjustment expenses	13,799,868	9,531,602
Deferred policy acquisition costs	3,798,508	3,489,728
Property and equipment (net)	10,034,945	9,692,325
Deferred income taxes	3,875,323	4,375,484
Other assets	292,235	557,443
Total Assets	130,209,805	125,616,966
LIABILITIES
Unpaid losses and loss adjustment expenses	51,655,993	51,657,155
Unearned premium	18,386,614	15,964,589
Advance premium and premium deposits	411,339	234,442
Accrued expenses and other liabilities	2,278,709	1,845,358
Total Liabilities	72,732,655	69,701,544
STOCKHOLDERS' EQUITY
Common stock, no par, authorized 10,000,000 shares; 5,306,747 and 5,307,103 shares issued and outstanding at September 30, 2019, and December 31, 2018, respectively	3,772,682	3,772,857
Accumulated other comprehensive income (loss)	1,199,097	(1,100,036)
Retained earnings	52,505,371	53,242,601
Total Stockholders Equity	57,477,150	55,915,422
Total Liabilities and Stockholders' Equity	$ 130,209,805	$ 125,616,966

Investments - State Held Deposits (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Notes to Financial Statements
Short-term investments held by state	$ 200,000	$ 200,000
Certificates of deposit held by states	200,000	200,000
State held deposits	$ 400,000	$ 400,000

Property and Equipment (Details Narrative)	3 Months Ended		9 Months Ended
Property and Equipment (Details Narrative)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)
Property And Equipment Details Abstract
Square footage of building	46,884		46,884
Building square footage leased to non-alliliates	5,092		5,092
Building square footage available for lease	9,389		9,389
Depreciation and amortization	$ 132,664	$ 135,544	$ 402,769	$ 417,261
Calabasas building operating expenses including depreciation	126,962	217,263	482,257	591,372
Office building revenue from leases from non-affiliates	$ 43,158	$ 89,211	$ 125,545	$ 264,329

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net Loss	$ (735,284)	$ (2,700,880)
Adjustments to reconcile net loss to net cash from operations
Depreciation and amortization	402,769	417,261
Bond amortization, net	24,192	160,724
Bad debt expense	(20,766)	384
Net realized investment (gains) losses	12,661	(148)
Changes in assets and liabilities:
Net receivables and accrued investment income	(576,294)	1,874,900
Reinsurance recoverable	(5,616,860)	77,156
Deferred policy acquisition costs	(308,780)	558,841
Other assets	265,208	51,589
Unpaid losses and loss adjustment expenses	(1,162)	163,351
Unearned premium	2,422,025	(2,610,489)
Advance premium and premium deposits	176,897	159,445
Accrued expenses and other liabilities	433,351	(367,520)
Deferred income taxes	(111,000)	(647,727)
Net Cash Used by Operating Activities	(3,633,043)	(2,863,113)
Cash Flows from Investing Activities:
Purchase of fixed maturity investments	(8,286,568)	(21,034,427)
Proceeds from maturity of fixed maturity investments	7,313,548	16,121,354
Proceeds from sale or call of fixed maturity investments	3,472,794	1,270,296
Net decrease in short-term investments	4,490,954	1,647,778
Additions to property and equipment	(745,389)	(95,947)
Net Cash Provided (Used) by Investing Activities	6,245,339	(2,090,946)
Cash Flows from Financing Activities:
Repurchase of common stock	(2,121)	(216)
Net Cash Used by Financing Activities	(2,121)	(216)
Net increase (decrease) in cash and cash equivalents	2,610,175	(4,954,275)
Cash and cash equivalents beginning of period	4,917,762	9,366,944
Cash and cash equivalents end of period	7,527,937	4,412,669
Cash paid during the period for:
Interest	0	0
Income taxes	$ 8,800	$ 8,800

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Consolidated Balance Sheets Parenthetical Abstract
Fixed maturities, available for sale, amortized cost	$ 80,599,961	$ 78,302,588
Fixed maturities, held to maturity, fair value	$ 2,292,000	$ 7,126,000
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,306,747	5,307,103
Common stock, shares outstanding	5,306,747	5,307,103

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
Earnings Per Share (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Notes to Financial Statements
Income (loss) per share - diluted	$ 0.04	$ (0.12)			$ (0.14)	$ (0.51)
Income (loss) per share - basic	$ 0.04	$ (0.12)			$ (0.14)	$ (0.51)
Net income (loss)	$ 212,467	$ (661,925)	$ (947,751)	$ (2,038,955)	$ (735,284)	$ (2,700,880)
Weighted average shares outstanding - diluted	5,306,747	5,307,113			5,306,929	5,307,126
Weighted average shares outstanding - basic	5,306,747	5,307,113			5,306,929	5,307,126

Investments - Fixed Maturities by Categories (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Amortized cost, fixed maturities, available for sale	$ 80,599,961	$ 78,302,588
Estimated fair value, fixed maturities, available for sale	82,117,804	76,910,137
Amortized cost, fixed maturities, held to maturity	2,292,000	7,126,000
Estimated fair value, fixed maturities, held to maturity	2,292,000	7,126,000
U.S. treasury securities
Amortized cost, fixed maturities, available for sale	15,091,142	16,746,832
Gross unrealized gains, fixed maturities, available for sale	144,814	16,069
Gross unrealized losses, fixed maturities, available for sale	5,979	143,282
Estimated fair value, fixed maturities, available for sale	15,229,977	16,619,619
Corporate securities
Amortized cost, fixed maturities, available for sale	41,959,625	40,804,425
Gross unrealized gains, fixed maturities, available for sale	1,104,193	50,422
Gross unrealized losses, fixed maturities, available for sale	2,388	851,124
Estimated fair value, fixed maturities, available for sale	43,061,430	40,003,723
Agency mortgage backed securities
Amortized cost, fixed maturities, available for sale	23,549,194	20,751,331
Gross unrealized gains, fixed maturities, available for sale	280,259	7,757
Gross unrealized losses, fixed maturities, available for sale	3,056	472,293
Estimated fair value, fixed maturities, available for sale	23,826,397	20,286,795
Certificates of deposit
Amortized cost, fixed maturities, held to maturity	2,292,000	7,126,000
Gross unrealized gains, fixed maturities, held to maturity	0	0
Gross unrealized losses, fixed maturities, held to maturity	0	0
Estimated fair value, fixed maturities, held to maturity	2,292,000	7,126,000
Total fixed maturities
Fixed maturities, at amortized cost	82,891,961
Gross unrealized gains, fixed maturities	1,529,266
Gross unrealized losses, fixed maturities	11,423
Fixed maturities, at estimated fair value	$ 84,409,804
Total fixed maturities
Fixed maturities, at amortized cost		85,428,588
Gross unrealized gains, fixed maturities		74,248
Gross unrealized losses, fixed maturities		1,466,699
Fixed maturities, at estimated fair value		$ 84,036,137