0000100716-20-000055.txt : 20200814 0000100716-20-000055.hdr.sgml : 20200814 20200814170851 ACCESSION NUMBER: 0000100716-20-000055 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200814 DATE AS OF CHANGE: 20200814 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: 1220 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-03978 FILM NUMBER: 201106481 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 June 30, 2020 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 August 14, 2020
Common Stock, no par value per share	5,305,742

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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		5
Item 1. Financial Statements		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
Item 3. Quantitative and Qualitative Disclosures About Market Risk		33
Item 4. Controls and Procedures		33
Part II - Other Information		34
Item 1. Legal Proceedings		34
Item 1A. Risk Factors		34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		34
Item 3. Defaults Upon Senior Securities		34
Item 4. Mine Safety Disclosures		34
Item 5. Other Information		34
Item 6. Exhibits		34
Signatures		35

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q, and the documents incorporated by reference in this document, the Company’s press releases and oral statements made from time to time by the Company or on the Company’s 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 the Company’s 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 the Company’s control. These predictions are also affected by known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statement. Many of these factors are beyond the Company’s ability to control or predict. The Company’s 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;

· the impact of the recent coronavirus outbreak;

· changes 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 or long-term issuer credit 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;

· single operating location;

· 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 stockholders;

· 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.

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Please see Part I - Item 1A – “Risk Factors” in the Company’s 2019 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 the Company’s actual results to differ materially from the Company’s 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

	June 30		December 31
	2020		2019
		(Unaudited)
ASSETS
Investments
Available-for-sale:
Fixed maturities, at fair value (amortized cost: $80,941,028 at June 30, 2020, and $82,002,411 at December 31, 2019)	$	84,213,401	$	83,499,710
Held-to-maturity:
Fixed maturities, at amortized cost (fair value: $798,000 at June 30, 2020, and $798,000 at December 31, 2019)		798,000		798,000
Equity securities, at fair value (cost: $502,484 at June 30, 2020, and $0 at December 31, 2019)		525,443		—
Short-term investments, at fair value		2,199,204		2,196,815
Total Investments		87,736,048		86,494,525
Cash and cash equivalents		4,674,661		5,781,639
Accrued investment income		395,026		397,302
Receivables, net		4,160,471		4,019,437
Reinsurance recoverable:
Paid losses and loss adjustment expenses		361,010		685,841
Unpaid losses and loss adjustment expenses		15,806,548		14,725,855
Deferred policy acquisition costs		3,668,136		3,619,594
Property and equipment, net		10,237,459		10,226,595
Deferred income taxes		3,604,087		3,925,432
Other assets		368,604		430,305
Total Assets	$	131,012,050	$	130,306,525

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Unpaid losses and loss adjustment expenses	$	54,877,319	$	55,066,480
Unearned premiums		18,127,661		17,810,337
Advance premium and premium deposits		289,181		219,083
Accrued expenses and other liabilities		2,720,135		2,130,300
Total Liabilities	$	76,014,296	$	75,226,200

Commitments and contingencies

STOCKHOLDERS' EQUITY
Common stock, no par value – authorized 10,000,000 shares; 5,305,742 and 5,306,720, shares issued and outstanding at June 30, 2020, and December 31, 2019, respectively	$	3,772,189	$	3,772,669
Accumulated other comprehensive income		2,585,175		1,182,866
Retained earnings		48,640,390		50,124,790
Total Stockholders’ Equity	$	54,997,754	$	55,080,325

Total Liabilities and Stockholders' Equity	$	131,012,050	$	130,306,525

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						Six Months Ended
	June 30						June 30
	2020			2019			2020			2019
REVENUES
Insurance company operation:
Net earned premium	$	6,770,111		$	6,518,112		$	13,681,245		$	12,782,262
Investment income		489,498			530,745			1,010,190			1,063,375
Net realized investments gains (losses)		461			(4,512	)		1,575			(12,661	)
Net unrealized investments gains on equity securities		67,759			—			22,959			—
Other income (loss)		122,822			168,828			203,759			(91,872	)
Total Insurance Company Operation		7,450,651			7,213,173			14,919,728			13,741,104

Other insurance operations:
Gross commissions and fees		457,886			527,825			926,955			1,075,270
Finance charges and fees earned		67,686			53,998			134,705			103,371
Other income		4			102			20			10,827
Total Revenues		7,976,227			7,795,098			15,981,408			14,930,572

EXPENSES
Losses and loss adjustment expenses		4,888,906			5,058,951			10,766,291			10,213,394
Policy acquisition costs		1,202,026			1,289,481			2,346,451			2,376,194
Salaries and employee benefits		1,251,922			1,012,805			2,374,421			2,040,654
Commissions to agents/brokers		24,000			41,077			49,954			91,198
Other operating expenses		993,935			735,454			1,974,351			1,363,534
Total Expenses		8,360,789			8,137,768			17,511,468			16,084,974

Loss before taxes		(384,562	)		(342,670	)		(1,530,060	)		(1,154,402	)
Income tax expense (benefit)		50,252			(65,993	)		(51,420	)		(206,651	)
Net Loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)



PER SHARE DATA:
Basic
Loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)
Weighted average shares		5,305,742			5,306,938			5,306,231			5,307,021
Diluted
Loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)
Weighted average shares		5,305,742			5,306,938			5,306,231			5,307,021

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						Six Months Ended
	June 30						June 30
	2020			2019			2020			2019


Net loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)
Changes in unrealized gains on securities classified as available-for-sale arising during the period, net of income tax		1,702,302			964,138			1,402,309			1,940,023
Comprehensive Income (Loss)	$	1,267,488		$	687,461		$	(76,331	)	$	992,272

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			Income (Loss)			Earnings			Total

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

Change in comprehensive income, net of deferred income tax		—			—			975,885			—			975,885
Net loss		—			—			—			(671,074	)		(671,074	)
Balance – March 31, 2019		5,307,103		$	3,772,857		$	(124,151	)	$	52,571,527		$	56,220,233

Shares repurchased		(356	)		(175	)		—			(1,946	)		(2,121	)
Change in comprehensive income, net of deferred income tax		—			—			964,138			—			964,138
Net loss		—			—			—			(276,677	)		(276,677	)
Balance – June 30, 2019		5,306,747		$	3,772,682		$	839,987		$	52,292,904		$	56,905,573


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

Balance – December 31, 2019		5,306,720		$	3,772,669		$	1,182,866		$	50,124,790		$	55,080,325

Shares repurchased		(978	)		(480	)		—			(5,760	)		(6,240	)
Change in comprehensive loss, net of deferred income tax		—			—			(299,993	)		—			(299,993	)
Net loss		—			—			—			(1,043,826	)		(1,043,826	)
Balance – March 31, 2020		5,305,742		$	3,772,189		$	882,873		$	49,075,204		$	53,730,266

Change in comprehensive income, net of deferred income tax		—			—			1,702,302			—			1,702,302
Net loss		—			—			—			(434,814	)		(434,814	)
Balance – June 30, 2020		5,305,742		$	3,772,189		$	2,585,175		$	48,640,390		$	54,997,754

See notes to condensed consolidated financial statements (unaudited).

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UNICO AMERICAN CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended
	June 30
	2020			2019
Cash flows from operating activities:
Net loss	$	(1,478,640	)	$	(947,751	)
Adjustments to reconcile net loss to net cash from operations:
Depreciation and amortization		376,723			270,105
Bond amortization, net		(236,401	)		(5,228	)
Bad debt expense		706			(20,867	)
Net realized investment (gains) losses		(1,575	)		12,661
Net unrealized investment gains on equity securities		(22,959	)		—
Changes in assets and liabilities:
Net receivables and accrued investment income		(139,464	)		(800,414	)
Reinsurance recoverable		(755,862	)		(2,064,442	)
Deferred policy acquisition costs		(48,542	)		(138,896	)
Other assets		61,701			300,049
Unpaid losses and loss adjustment expenses		(189,161	)		(1,827,365	)
Unearned premiums		317,324			1,761,809
Advance premium and premium deposits		70,098			125,263
Accrued expenses and other liabilities		589,835			(195,155	)
Income taxes current/deferred		(51,420	)		(229,260	)
Net Cash Used by Operating Activities		(1,507,637	)		(3,759,491	)

Cash flows from investing activities:
Purchase of fixed maturity investments		(11,764,292	)		(6,743,752	)
Purchase of equity securities		(502,484	)		—
Proceeds from maturity of fixed maturity investments		9,369,854			3,702,676
Proceeds from sale or call of fixed maturity investments		3,693,797			3,472,794
Net decrease (increase) in short-term investments		(2,389	)		4,490,954
Additions to property and equipment		(387,587	)		(487,737	)
Net Cash Provided by Investing Activities		406,899			4,434,935

Cash flows from financing activities:
Repurchase of common stock		(6,240	)		(2,121	)
Net Cash Used by Financing Activities		(6,240	)		(2,121	)

Net (decrease) increase in cash and cash equivalents		(1,106,978	)		673,323
Cash and cash equivalents at beginning of period		5,781,639			4,917,762
Cash and Cash Equivalents at End of Period	$	4,674,661		$	5,591,085

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)

JUNE 30, 2020

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Unico American Corporation is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and provides insurance premium financing and membership association services through its other subsidiaries. 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 condensed consolidated 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 six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Quarterly condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2019 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:

Investment securities, excluding long-term certificates of deposit, and short-term investments – 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 June 30, 2020, and December 31, 2019, the Company had remaining authority under the 2008 program to repurchase up to an aggregate of 187,264 and 188,242 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 repurchased 978 shares of stock during the six months ended June 30, 2020, in unsolicited transactions at a cost of $6,240 of which $480 was allocated to capital and $5,760 was allocated to retained earnings. The Company did not repurchase any shares during the three months ended June 30, 2020. The Company repurchased 356 shares of stock during the three and six months ended June 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 has retired or will retire all stock repurchased.

NOTE 3 – LOSS PER SHARE

The following table represents the reconciliation of the Company's basic loss per share and diluted loss per share computations reported on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019
Basic Loss Per Share
Net loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)

Weighted average shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021

Basic loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)

Diluted Loss Per Share
Net loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)

Weighted average shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021
Diluted shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021

Diluted loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)

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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In August, 2018, the FASB issued ASU 2018-13 “Fair Value Measurement”: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements for assets and liabilities measured at fair value. The amendments in this ASU require certain existing disclosure requirements to be modified or removed, and certain new disclosure requirements to be added. In addition, this ASU allows entities to exercise more discretion when considering fair value measurement disclosures. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. The Company adopted ASU 2018-13 effective January 1, 2020. The adoption of ASU 2018-13 did not have a material impact to the Company’s disclosures.

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. In November 2019, the FASB issued ASU 2019-10 “Financial Instruments – Credit Losses, Derivatives and Hedging, and Leases.” ASU 2019-10 updated the effective date for implementing ASU 2016-13 for smaller reporting entities, and that effective date will be for fiscal years beginning after December 15, 2022. Since the Company’s fixed income portfolio is invested primarily in higher rated bonds 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 2016 and California state income tax authorities for tax returns filed starting at taxable year 2015. There are no ongoing examinations of income tax returns by federal or state tax authorities.

As of June 30, 2020, and December 31, 2019, 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:

	June 30			December 31
	2020			2019

Building and leasehold improvements located in Calabasas, California	$	8,411,541		$	8,411,541
Furniture, fixtures, and equipment		2,137,961			2,110,653
Computer software		459,899			459,899
Accumulated depreciation and amortization		(3,994,104	)		(3,617,381	)
Computer software under development		1,434,677			1,074,398
Land located in Calabasas, California		1,787,485			1,787,485
Property and equipment, net	$	10,237,459		$	10,226,595

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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 six months ended June 30, 2020, was $188,638 and $376,723, respectively, and for the three and six months ended June 30, 2019, was $135,078 and $270,105, respectively.

For the three and six months ended June 30, 2020, the Calabasas building generated rental revenue from non-affiliated tenants in the amount of $36,070 and $89,360, respectively, and for the three and six months ended June 30, 2019, rental revenue from non-affiliated tenants in the amount of $40,158 and $82,388, respectively, which is included in “Other income” from insurance company operation in the Company’s Condensed Consolidated Statements of Operations.

For the three and six months ended June 30, 2020, the Calabasas building incurred operating expenses (including depreciation) in the amount of $182,937 and $373,034, respectively, and, for the three and six months ended June 30, 2019, it incurred operating expenses of $198,507 and $355,296, 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 June 30, 2020, 6,942 square feet of the Calabasas building was leased to non-affiliated entities and 7,539 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 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 June 30, 2020, and December 31, 2019:

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	Level 1		Level 2		Level 3		Total
June 30, 2020
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	11,821,415	$	—	$	—	$	11,821,415
Corporate securities		—		46,342,723		—		46,342,723
Agency mortgage backed securities		—		26,049,263		—		26,049,263
Equity securities		525,443		—		—		525,443
Short-term investments		2,199,204		—		—		2,199,204
Total financial instruments at fair value	$	14,546,062	$	72,391,986	$	—	$	86,938,048

	Level 1		Level 2		Level 3		Total
December 31, 2019
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	15,235,332	$	—	$	—	$	15,235,332
Corporate securities		—		43,029,333		—		43,029,333
Agency mortgage backed securities		—		25,235,045		—		25,235,045
Short-term investments		2,196,815		—		—		2,196,815
Total financial instruments at fair value	$	17,432,147	$	68,264,378	$	—	$	85,696,525

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 six months ended June 30, 2020 and 2019.

As a result of the spread of the recent coronavirus outbreak, economic uncertainties have arisen which are likely to impact the fair value of investments, day to day administration of the business and premium volume. While the Company does not believe it is exposed to substantial risk from coronavirus-related claims under the insurance policies written by Crusader, it is likely that the fair value of its investment portfolio will be adversely affected by the severe disruption and volatility in the capital markets, as well as general economic conditions as a result of the coronavirus and governmental responses to the outbreak. The financial impact of these uncertainties is unknown at this time.

NOTE 8 – INVESTMENTS

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

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019

Fixed maturities	$	509,324		$	550,841		$	1,051,731		$	1,094,536
Equity securities		4,890			—			6,332			—
Short-term investments and cash equivalents		8,193			9,904			19,914			36,458
Gross investment income		522,407			560,745			1,077,977			1,130,994
Less: investment expenses		(32,909	)		(30,000	)		(67,787	)		(67,619	)
Net investment income		489,498			530,745			1,010,190			1,063,375
Net realized investment gains (losses)		461			(4,512	)		1,575			(12,661	)
Net unrealized investment gains on equity securities		67,759			—			22,959			—
Net investment income, realized investment gains (losses) and unrealized investment gains on equity securities	$	557,718		$	526,233		$	1,034,724		$	1,050,714

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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
June 30, 2020
Available-for-sale fixed maturities:
U.S. Treasury securities	$	11,480,647	$	340,768	$	—		$	11,821,415
Corporate securities		44,312,530		2,192,937		(162,744	)		46,342,723
Agency mortgage-backed securities		25,147,851		906,256		(4,844	)		26,049,263
Held-to-maturity fixed securities:
Certificates of deposits		798,000		—		—			798,000
Total fixed maturities	$	81,739,028	$	3,439,961	$	(167,588	)	$	85,011,401

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2019
Available-for-sale fixed maturities:
U.S. Treasury securities	$	15,105,795	$	130,564	$	(1,027	)	$	15,235,332
Corporate securities		41,953,378		1,076,012		(57	)		43,029,333
Agency mortgage-backed securities		24,943,238		293,757		(1,950	)		25,235,045
Held-to-maturity fixed securities:
Certificates of deposits		798,000		—		—			798,000
Total fixed maturities	$	82,800,411	$	1,500,333	$	(3,034	)	$	84,297,710

As of June 30, 2020, one corporate security, included in available-for-sale fixed maturities, was held as collateral with Comerica Bank & Trust, N. A.(“Comerica”), pursuant to the reinsurance trust agreement among Crusader, United Specialty Insurance Company (“USIC”) and Comerica to secure payment of Crusader’s liabilities and performance of its obligations under the reinsurance arrangement with USIC. The estimated fair value and amortized cost of that security was $725,047 and $687,097 on June 30, 2020, respectively.

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

	June 30			December 31
	2020			2019

Gross unrealized gains on fixed maturities	$	3,439,961		$	1,500,333
Gross unrealized losses on fixed maturities		(167,588	)		(3,034	)
Net unrealized gains on fixed maturities		3,272,373			1,497,299
Deferred federal tax expense		(687,198	)		(314,433	)
Net unrealized gains, net of deferred income taxes	$	2,585,175		$	1,182,866

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
June 30, 2020
Corporate securities	$	3,047,051	$	(162,744	)		6	$	—	$	—		—
Agency mortgage-backed securities		472,856		(4,844	)		1		—		—		—
Total	$	3,519,907	$	(167,588	)		7	$	—	$	—		—

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	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, 2019
U.S. Treasury securities	$	1,996,562	$	(253	)		1	$	1,002,031	$	(775	)		1
Corporate securities		999,818		(56	)		1		—		—			—
Agency mortgage-backed securities		750,058		(1,950	)		2		—		—			—
Total	$	3,746,438	$	(2,259	)		4	$	1,002,031	$	(775	)		1

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 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. During the three and six months ended June 30, 2020, one fixed maturity corporate security experienced a significant decline in market value; the market and book value of that security at June 30, 2020, was $758,250 and $912,090, respectively. The unrealized losses on all securities as of June 30, 2020, and December 31, 2019, 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 sold one security, with amortized cost of $601,316, prior to maturity during the six months ended June 30, 2020. The Company did not sell any securities, prior to maturity during the three months ended June 30, 2020. The Company had two calls of an investment security during the three and six months ended June 30, 2020. The Company realized net investment gain of $1,114 and $461 on these sales and call for the three and six months ended June 30, 2020, respectively. The Company sold two securities, with amortized cost of $2,498,104, prior to maturity during the three months ended June 30, 2019 and three securities, with amortized cost of $2,997,098, during the six months ended June 30, 2019. The Company had one call of an investment security during the three and six months ended June 30, 2019. The Company realized net investment losses of $4,512 and $12,661 on these sales and call for the three and six months ended June 30, 2019, respectively. 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 started investing in common stock equity securities during the three months ended March 31, 2020. The Company’s equity securities allocation is intended to enhance the return of and provide diversification for the total investment portfolio. At June 30, 2020, less than 1% of the total investment portfolio at fair value was held in equity securities. A summary of equity securities is shown below:

	June 30		December 31
	2020		2019

Cost	$	502,484	$	—
Unrealized gain		22,959		—
Fair market value of equity securities	$	525,443	$	—

The primary cause for the increase in fair value of the Company’s equity securities portfolio for the six months ended June 30, 2020 was the overall increase in equity markets during the period.

The Company’s investment in certificates of deposit included $598,000 of brokered certificates of deposit as of June 30, 2020 and December 2019.

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 business in California and for admission to transact insurance business in the state of Nevada.

	June 30		December 31
	2020		2019

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

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All the Company’s brokered and non-brokered certificates of deposit are within the FDIC insured permissible limits. Due to nature of the Company’s business, certain bank accounts may exceed FDIC insured permissible limits.

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

	June 30		December 31
	2020		2019

U.S. Treasury bills	$	1,999,204	$	1,996,815
Certificates of deposit		200,000		200,000
Total short-term investments	$	2,199,204	$	2,196,815

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:

	Six Months Ended June 30
	2020		2019

Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance	$	55,066,480	$	51,657,155
Less reinsurance recoverable on unpaid losses and loss adjustment expenses		14,725,855		9,531,602
Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance		40,340,625		42,125,553

Incurred losses and loss adjustment expenses:
Provision for insured events of current year		10,539,635		9,685,514
Development of insured events of prior years		226,656		527,880
Total incurred losses and loss adjustment expenses		10,766,291		10,213,394

Loss and loss adjustment expense payments:
Attributable to insured events of the current year		3,266,570		2,670,068
Attributable to insured events of prior years		8,769,575		10,978,401
Total payments		12,036,145		13,648,469

Reserve for unpaid losses and loss adjustment expenses at June 30 – net of reinsurance		39,070,771		38,690,478
Reinsurance recoverable on unpaid losses and loss adjustment expenses		15,806,548		11,139,312
Reserve for unpaid losses and loss adjustment expenses at June 30 – gross of reinsurance	$	54,877,319	$	49,829,790

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.

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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 Crusader. 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 (“AAQHC”), an Administrator provides membership association services.

Total revenues for the three months ended June 30, 2020, were $7,976,227 compared to $7,795,098 for the three months ended June 30, 2019, an increase of $181,129 (2%). Total revenues for the six months ended June 30, 2020, were $15,981,408 compared to $14,930,572 for the six months ended June 30, 2019, an increase of $1,050,836 (7%). The Company had net loss of $434,814 for the three months ended June 30, 2020, compared to net loss of $276,677 for the three months ended June 30, 2019. The Company had net loss of $1,478,640 for the six months ended June 30, 2020, compared to net loss of $947,751 for the six months ended June 30, 2019.

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 2019 Annual Report on Form 10-K as filed with the Securities and Exchange Commission.

As a result of the spread of the recent coronavirus outbreak, economic uncertainties have arisen which impacted and may continue to impact the fair value of investments, day to day administration of the Company’s business and the Company’s results of operations, financial condition and prospects.

While the fair value of Company’s investment portfolio at June 30, 2020, has recovered from the declines recorded for the three months ended March 31, 2020, the effects of the coronavirus outbreak were a major contributor to the variability in fair value of the Company’s fixed income and equity investments during the three months ended March 31, 2020, and June 30, 2020, and the economic uncertainty caused by the outbreak may lead to further investment valuation volatility. In addition, the recent decline in investment yields resulted in lower reinvestment rates, compared to the previous years, which will cap the Company’s investment portfolio’s ability to generate higher levels of investment income, absent a larger invested asset base or a change in investment philosophy.

Although the coronavirus outbreak did not have a significant impact on Crusader’s gross written premium (direct and assumed written premium before cessions to reinsurers under reinsurance treaties) during the three and six months ended June 30, 2020, Crusader has experienced a decrease in new business submissions and renewals, particularly in its Bar/Taverns market sector niche, as a result of government regulations, such as shelter-in-place orders and in-door dining limitations, which the Company believes may adversely impact its gross written premium in future periods.

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Crusader has received a number of coronavirus-related business interruption claims. While the Company does not believe it is exposed to substantial risk from those claims under the insurance policies written by Crusader, the individual circumstances of each such claim are reviewed to fulfill Crusader’s obligation to its policyholders if coverage applies. Further, there may be impacts to the timing of loss emergence and ultimate loss ratios for certain Crusader’s products due to postponements of civil court cases, extensions of various statutes of limitations, changes in settlement trends and other new legislative, regulatory or judicial developments which could result in loss reserve deficiencies and negative impact on results of operations.

The Company’s financial results for the three and six months ended June 30, 2020, do not fully reflect the potential adverse impacts that the coronavirus outbreak has had or will have on its business due to a high degree of uncertainty around this relatively new and continuously evolving environment. The financial impact of these uncertainties is unknown at this time but could result in a material adverse effect on the Company’s business, results of operations, financial condition and prospects.

While the coronavirus outbreak is also affecting the Company’s internal operations, the Company has a plan in place to help its operations continue effectively during the outbreak, including processes to limit the spread of the virus between employees. For example, the Company modified its business practices in accordance with social distancing and safety guidelines, allowing many work-from-home arrangements, flexible work schedules, and restricted business travel. The Company’s employees are following the guidelines and approximately 75% are working from their homes. The Company will follow the safety guidelines in determining on when to remove the coronavirus-related business restrictions and on when to allow the employees working from their homes to return to their workplaces; at this point, the Company does not have an estimate on when these changes will occur. While the coronavirus outbreak has created new challenges for the Company, the Company’s ability to maintain its operations, internal controls and relationships has not been adversely affected.

The Company’s financial performance suffered in recent years, reporting 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 its high loss ratios, management believes that other contributing factors include (1) the somewhat-fixed nature of many of the Company’s expenses relative to flat or declining revenues, (2) 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 (3) the failure to have shifted focus to larger premium accounts and fee-for-service operations.

In light of the challenges faced and operational results, the Company has taken several steps to improve. 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, on April 6, 2020, the Company executed an arrangement with United Specialty Insurance Company (“USIC”), a non-admitted, non-affiliated insurer that is rated "A" by A.M. Best Company, thereby providing Unifax and Crusader with a wider range of possibilities for their products and services. The Company also 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.

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 $1,300,000, 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.

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 cash generated primarily from the insurance company operation. The insurance company operation generated approximately 93% of consolidated revenues for the three and six months ended June 30, 2020, compared to 92% and 93% of consolidated revenues for the three and six months ended June 30, 2019, respectively. None of the Company’s other operations is individually material to consolidated revenues.

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Insurance Company Operation

As of June 30, 2020, 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 (99.9% of gross written premium during the three and six months ended June 30, 2020 and 99.8% of gross written premium during the three and six months ended June 30, 2019).

On April 6, 2020, Crusader and Unifax entered into a reinsurance arrangement with USIC, pursuant to which USIC underwrites property and casualty insurance policies by and through Unifax, acting as its agent, and such policies are reinsured by Crusader. Pursuant to that reinsurance arrangement, Crusader generated $184,698 in assumed written premium during the three and six months ended June 30, 2020. All assumed written premium was produced in California.

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

	Three Months Ended June 30							Six Months Ended June 30
	2020		2019		Change			2020		2019			Change

California	$	8,770,767	$	9,437,584	$	(666,817	)	$	17,966,631	$	17,953,139		$	13,492
Arizona		10,360		16,818		(6,458	)		21,382		31,593			(10,211	)
Washington		—		—		—			—		(1,149	)		1,149
Total gross written premium	$	8,781,127	$	9,454,402	$	(673,275	)	$	17,988,013	$	17,983,583		$	4,430

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 is also 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 SAP, 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 connection with the Company’s GAAP financial results.

The following is a reconciliation of gross written premium to net earned premium (after premium ceded to reinsurers under reinsurance treaties):

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019

Gross written premium	$	8,781,127		$	9,454,402		$	17,988,013		$	17,983,583
Less: written premium ceded to reinsurers		(2,003,311	)		(1,732,839	)		(3,982,438	)		(3,416,529	)
Net written premium		6,777,816			7,721,563			14,005,575			14,567,054
Change in gross unearned premium		(20,263	)		(1,200,032	)		(317,324	)		(1,761,809	)
Change in ceded unearned premiums		12,558			(3,419	)		(7,006	)		(22,983	)
Net earned premium	$	6,770,111		$	6,518,112		$	13,681,245		$	12,782,262

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The insurance company operation 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 before income taxes is as follows:

	Three Months Ended June 30									Six Months Ended June 30
	2020			2019			Change			2020			2019			Change

Net written premium	$	6,777,816		$	7,721,563		$	(943,747	)	$	14,005,575		$	14,567,054		$	(561,479	)
Change in net unearned premium		(7,705	)		(1,203,451	)		1,195,746			(324,330	)		(1,784,792	)		1,460,462
Net earned premium		6,770,111			6,518,112			251,999			13,681,245			12,782,262			898,983
Less:
Losses and loss adjustment expenses		4,888,906			5,058,951			(170,045	)		10,766,291			10,213,394			552,897
Policy acquisition costs		1,202,026			1,289,481			(87,455	)		2,346,451			2,376,194			(29,743	)
Total underwriting expenses		6,090,932			6,348,432			(257,500	)		13,112,742			12,589,588			523,154
Underwriting gain before income taxes	$	679,179		$	169,680		$	509,499		$	568,503		$	192,674		$	375,829

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 income 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 before income taxes to the Company’s loss before taxes:

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019

Underwriting gain before income taxes	$	679,179		$	169,680		$	568,503		$	192,674
Insurance company operation revenues:
Investment income		489,498			530,745			1,010,190			1,063,375
Net realized investment gains (losses)		461			(4,512	)		1,575			(12,661	)
Net unrealized investment gains on equity securities		67,759			—			22,959			—
Other income (loss)		122,822			168,828			203,759			(91,872	)
Other insurance operations revenues:
Gross commissions and fees		457,886			527,825			926,955			1,075,270
Finance charges and fees earned		67,686			53,998			134,705			103,371
Other income		4			102			20			10,827
Less expenses:
Salaries and employee benefits		1,251,922			1,012,805			2,374,421			2,040,654
Commissions to agents/brokers		24,000			41,077			49,954			91,198
Other operating expenses		993,935			735,454			1,974,351			1,363,534
Loss before taxes	$	(384,562	)	$	(342,670	)	$	(1,530,060	)	$	(1,154,402	)

Unearned premiums represent premium applicable to the unexpired terms of policies in force. 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 June 30, 2020 and 2019.

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

	Three Months Ended June 30									Six Months Ended June 30
	2020			2019			Change			2020		2019		Change

Losses and loss adjustment expenses:
Provision for insured events of current year	$	5,378,459		$	5,134,626		$	243,833		$	10,539,635	$	9,685,514	$	854,121
Development of insured events of prior years		(489,553	)		(75,675	)		(413,878	)		226,656		527,880		(301,224	)
Total losses and loss adjustment expenses	$	4,888,906		$	5,058,951		$	(170,045	)	$	10,766,291	$	10,213,394	$	552,897

Losses and loss adjustment expenses were 72% and 79% of net earned premium for the three and six months ended June 30, 2020, respectively, compared to 78% and 80% of net earned premium for the three and six months ended June 30, 2019, respectively. For further analysis, refer to “Results of Operations.”

On January 17, 2019, A.M. Best Company downgraded Crusader’s Financial Strength Rating to B++ (Good) from A- (Excellent) and its Long-Term Issuer Credit Rating (Long-Term ICR”) to bbb+ from a-. The outlook of the Financial Strength Rating was revised at that time to stable from negative while the outlook of the Long-Term Issuer Credit Rating remained negative. The rating downgrades reflected a revision in A.M. Best’s assessment of Crusader’s operating performance to adequate from strong.

On January 30, 2020, A.M. Best Company affirmed Crusader’s Financial Strength Rating of B++ (Good) and further downgraded Crusader’s Long-Term Issuer Credit Rating (“Long-Term ICR”) to “bbb” from “bbb+”. The outlook of the FSR of Crusader remains stable while the outlook of the Long-Term ICR of Crusader was revised to stable from negative. Also on January 30, 2020, A.M Best downgraded the Long-Term ICR of Unico to “bb” from “bb+”. The outlook of the Long-Term ICR of Unico was revised to stable from negative.

The January 30, 2020, ratings reflect Crusader’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The downgrade of the Long-Term ICR reflects a revision in A.M. Best’s assessment of Crusader‘s operating performance to marginal from adequate. According to A.M. Best, (i) the downgrades consider a material decline in Crusader’s operating performance, resulting from sub-par underwriting results in a relatively compact time frame, (ii) Crusader’s adverse performance has been amplified by increased frequency and severity of apartment building insurance related claims, (iii) multiple operating metrics of Crusader trail the commercial casualty composite on a five-year and 10-year basis, and (iv) the consequential business changes being implemented to address these conditions lead to significant execution risk in returning Crusader’s operational results to historical levels.

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 Financial Strength Rating of “A-” or higher, and the A.M. Best Company’s changed ratings of Crusader may also have a negative impact on Crusader’s reputation. Therefore, Crusader’s and Unico’s changed ratings may have a negative impact on the Company’s revenue and results of operations. The Company cannot quantify the impact that the rating changes have had or will have on its revenue and results of operations, and the Company cannot determine if or when Crusader might regain the “A-” Financial Strength Rating from the A.M. Best Company. The Company does not expect Crusader to regain the A.M. Best Company “A-” Financial Strength Rating prior to January of 2021 at the earliest.

The reinsurance arrangement with USIC allows Unifax to offer its customers policies written on USIC paper, which has A.M. Best Company Financial Strength Rating of “A,” when such rating is required.

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.

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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 7% of total revenues in the three and six months ended June 30, 2020, compared to approximately 7% and 8% of total revenues in the three and six months ended June 30, 2019, respectively.

Investments

The Company generated revenues from its total invested assets of $84,440,715 (fixed maturities at amortized cost and equity securities at cost) and $87,431,950 (fixed maturities at amortized cost) as of June 30, 2020 and 2019, respectively.

Net investment income (net of investment expenses) included in insurance company operation and other insurance operations revenue decreased $41,247 (8%) and $53,185 (5%) to $489,498 and $1,010,190 for the three and six months ended June 30, 2020, respectively, compared to $530,745 and $1,063,375 for the three and six months ended June 30, 2019, respectively. This decrease in net investment income was due primarily to decrease in the average invested assets.

Due to the current interest rate environment, the current target effective duration for the Company’s investment portfolio is between 2.0 and 4.0 years. As of June 30, 2020, all of the Company’s investments are in U.S. Treasury securities, corporate fixed maturity securities, agency mortgage-backed securities, equity 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, common stock and money market funds are readily marketable. As of June 30, 2020, the weighted average maturity of the Company’s investments was approximately 8.3 years, and the effective duration for available-for-sale investments (investments managed under the investment guidelines) was 3.0 years.

LIQUIDITY AND CAPITAL RESOURCES

The most significant liquidity risk faced by the Company is adverse development of the insurance company’s loss and loss adjustment expense reserves. Based on the Company’s current loss and loss expense reserves and expected current and future payments, the Company believes that there are no current liquidity issues. However, no assurance can be given that the Company’s estimate of ultimate loss and loss adjustment expense reserves will be sufficient.

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 June 30, 2020, were $88,756,989 compared to $90,778,865 at December 31, 2019. Crusader's cash, cash equivalents, and investments was 99% of the total cash and investments (at amortized cost) held by the Company as of June 30, 2020, and December 31, 2019.

As of June 30, 2020, all of the Company’s investments are in U.S. Treasury securities, FDIC insured certificates of deposit, corporate fixed maturity securities, agency mortgage-backed securities, equity securities and short-term investments. All of the Company’s investments, except for the certificates of deposit, are readily marketable.

The Company’s investments, fixed maturities and short-term bonds at amortized cost, and equities and other short-term investments at cost, were as follows:

	June 30		December 31
	2020		2019

Fixed maturities:
U.S. Treasury securities	$	11,480,647	$	15,105,795
Corporate securities		44,312,530		41,953,378
Agency mortgage-backed securities		25,147,851		24,943,238
Certificates of deposit		798,000		798,000
Total fixed maturities		81,739,028		82,800,411
Equity securities		502,484		—
Short-term investments		2,199,204		2,196,815
Total investments	$	84,440,716	$	84,997,226

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As of June 30, 2020, one corporate security, included in available-for-sale fixed maturities, was held as collateral with Comerica Bank & Trust, N. A.(“Comerica”), pursuant to the reinsurance trust agreement among Crusader, USIC and Comerica to secure payment of Crusader’s liabilities and performance of its obligations under the reinsurance arrangement with USIC. The estimated fair value and amortized cost of that security was $725,047 and $687,097 on June 30, 2020, respectively.

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.

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 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 $1,507,637 net cash used by operating activities for the six months ended June 30, 2020, compared to $3,759,491 net cash used by operating activities for the six months ended June 30, 2019. Fluctuations in cash flows from operating activities 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. 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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On May 20, 2020, Crusader paid a cash dividend of $2,000,000 to Unico, its parent and sole shareholder. This dividend is intended to be used primarily for general corporate purposes. Based on Crusader’s statutory surplus for the year ended December 31, 2019, the maximum aggregate dividend that could be made by Crusader to Unico without prior regulatory approval in 2020 is $ 4,649,896.

While material capital expenditures may be funded through borrowings, the Company believes that its cash and short-term investments at June 30, 2020, 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 six months ended June 30, 2020, to the three and six months ended June 30, 2019, unless otherwise indicated.

For the three and six months ended June 30, 2020, total revenues were $7,976,227, an increase of $181,129 (2%) and $15,981,408, an increase of $1,050,836 (7%) compared to total revenues of $7,795,098 and $14,930,572 for the three and six months ended June 30, 2019, respectively. For the three and six months ended June 30, 2020, the Company had loss before taxes of $384,562 and $1,530,060, respectively, compared to loss before taxes of $342,670 and $1,154,402 for the three and six months ended June 30, 2019, respectively. For the three and six months ended June 30, 2020, the Company had net loss of $434,814 and $1,478,640, respectively, compared to net loss of $276,677 and $947,751, for the three and six months ended June 30, 2019, respectively

The increase in revenues of $181,129 for the three months ended June 30, 2020, when compared to the three months ended June 30, 2019, was primarily due to an increase in net earned premium of $251,998 (4%). The increase in revenues of $1,050,836 for the six months ended June 30, 2020, when compared to the six months ended June 30, 2019, was primarily due to an increase in net earned premium of $898,983 (7%).

The increase in loss before tax of $41,892 for the three months ended June 30, 2020, compared to the three months ended June 30, 2019, was due primarily to an increase in salaries and employee benefits of $239,117 (24%), an increase in other operating expenses of $258,482 (35%), partially offset by an increase in net earned premium of $251,998 (4%) and a decrease in losses and loss adjustment expenses of $170,045 (3%). The increase in loss before tax of $375,659 for the six months ended June 30, 2020, compared to the six months ended June 30, 2019, was primarily due to an increase in losses and loss adjustment expenses of $552,897 (5%), an increase in salaries and employee benefits of $333,767 (16%), an increase in other operating expenses of $610,817 (45%) partially offset by an increase in net earned premium of $898,893 (9%) and an increase in other income of $284,829 (351%).

Written premium

Written premium is a required statutory measure. Written premium is a non-GAAP financial measure that is defined, under SAP, 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 connection with the Company’s GAAP financial results.

Gross written premium (direct and assumed written premium before cessions to reinsurers under reinsurance treaties) reported on Crusader’s statutory financial statements decreased $857,972 (9%) and $180,268 (1%) to $8,596,429 and $17,803,315 for the three and six months ended June 30, 2020, respectively, compared to $9,454,402 and $17,983,583 for the three and six months ended June 30, 2019, 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 decrease in gross written premium for the three months ended June 30, 2020, is due primarily to coronavirus-related contraction in the Food, Beverage & Entertainment underwriting vertical. The increase in gross written premium for the six months ended June 30, 2020 is due to growth in the Company’s Transportation underwriting vertical partially offset by declines in the other three underwriting verticals.

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Although the coronavirus outbreak did not have a significant impact on Crusader’s gross written premium during the three and six months ended June 30, 2020, Crusader has experienced a decrease in new business submissions and renewals, particularly in its Bar/Taverns market sector niche, as a result of government regulations, such as shelter-in-place orders and in-door dining limitations, which the Company believes may adversely impact its gross written premium in future periods.

Crusader’s primary line of business is CMP policies. This line of business represented approximately 99.5% Crusader’s total written premium for the three and six months ended June 30, 2020 and 2019.

Gross earned premium

Gross earned premium (direct and assumed earned premium before cessions to reinsurers under reinsurance treaties) increased $506,494 (6%) to $8,760,864 and $1,448,915 (9%) to $17,670,689 for the three and six months ended June 30, 2020, respectively, compared to $8,254,370 and $16,221,774 for the three and six months ended June 30, 2019, 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 gross earned premium for the three and six months ended June 30, 2020, was due primarily to an increase in gross written premium in 2019.

Ceded earned premium

Ceded earned premium (premium ceded to reinsurers under reinsurance treaties) increased $254,495 (15%) to $1,990,753 and $549,932 (16%) to $3,989,444 for the three and six months ended June 30, 2020, compared to $1,736,258 and $3,439,512 for the three and six months ended June 30, 2019, respectively. Ceded earned premium as a percentage of gross earned premium was 23% for the three and six months ended June 30, 2020, and 21% for the three and six months ended June 30, 2019. The increase in the ceded earned premium as a percentage of gross earned premium for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019, was due primarily to higher gross earned premium subject to reinsurance treaties and higher rates on 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 years 2020 and 2019, Crusader retained participation in its 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.

Crusader also has catastrophe 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 2020 and 2019, 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).

Crusader 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 June 30, 2020, all such ceded contracts are accounted for as risk transfer reinsurance.

Investment Income, Net Realized Investment Gains and Losses, and Net Unrealized Investment Losses on Equity Securities

Investment income decreased $41,247 (8%) to $489,498 and $53,185 (5%) to $1,010,190 for the three and six months ended June 30, 2020 respectively, compared to $530,745 and $1,063,375 for the three and six months ended June 30, 2019, respectively. This decrease in investment income was due primarily to a decrease in average invested assets. The Company had net realized gains of $461 and $1,575 for the three and six months ended June 30, 2020, respectively. The Company had net realized losses of $4,512 and $12,661 for the three and six months ended June 30, 2019, respectively. The Company had net unrealized investment gains on equity securities of $67,759 and $22,959 for the three and six months ended June 30, 2020 compared to none for the three and six months ended June 30, 2020. The net unrealized investment gains on equity securities for the three and six months ended June 30, 2020 were due primarily to the increase in fair value of equity securities during the three and six months ended June 30, 2020.

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Average annualized yields on the Company’s average invested assets and investment income, excluding net realized investment gain and losses and net unrealized investment losses on equity securities, are as follows:

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019

Average invested assets (1) - at amortized cost	$	84,876,803		$	86,305,694		$	84,718,971		$	87,654,490
Net investment income from:
Invested assets (2)	$	489,387		$	523,943		$	1,006,567		$	1,043,914
Cash equivalents		111			6,802			3,623			19,461
Total investment income	$	489,498		$	530,745		$	1,010,190		$	1,063,375
Annualized yield on average invested assets (3)		2.3	%		2.4	%		2.4	%		2.4	%

(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 included $32,909 and $67,787 of investment expense for the three and six months ended June 30, 2020, compared to $30,000 and $67,619 of investment expense for the three and six months ended June 30, 2019.

(3)

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

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 June 30, 2020
Due in one year	$	10,525,000	$	10,522,853	$	10,667,311		2.3	%
Due after one year through five years		35,696,289		35,726,483		37,015,651		2.6	%
Due after five years through ten years		13,596,311		13,730,251		14,789,818		2.8	%
Due after ten years and beyond		21,210,129		21,759,441		22,538,621		2.6	%
Total	$	81,027,729	$	81,739,028	$	85,011,401		2.6	%

	Par Value		Amortized Cost		Fair Value		Weighted Average Yield
Maturities by Year at December 31, 2019
Due in one year	$	10,070,000	$	10,063,975	$	10,087,478		2.3	%
Due after one year through five years		42,936,754		42,944,463		43,654,657		2.6	%
Due after five years through ten years		9,982,374		9,996,830		10,529,528		3.3	%
Due after ten years and beyond		19,336,385		19,795,143		20,026,047		2.8	%
Total	$	82,325,513	$	82,800,411	$	84,297,710		2.7	%

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 8.3 years as of June 30, 2020, and 7.3 years as of June 30, 2019.

	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
June 30, 2020
Corporate securities	$	3,047,051	$	(162,744	)		6	$	—	$	—		—
Agency mortgage-backed securities		472,856		(4,844	)		1		—		—		—
Total	$	3,519,907	$	(167,588	)		7	$	—	$	—		—

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	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, 2019
U.S. Treasury securities	$	1,996,562	$	(253	)		1	$	1,002,031	$	(775	)		1
Corporate securities		999,818		(56	)		1		—		—			—
Agency mortgage-backed securities		750,058		(1,950	)		2		—		—			—
Total	$	3,746,438	$	(2,259	)		4	$	1,002,031	$	(775	)		1

Other income

Other income included in Insurance Company Revenues and Other Insurance Operations decreased $46,104 (27%) to $122,826 and increased $284,824 (351%) to $203,779 for the three and six months ended June 30, 2020, respectively, compared to $168,930 and $(81,045) for the three and six months ended June 30, 2019, respectively. The decrease in other income during the three months ended June 30, 2020, is due primarily to a $27,152 increase in Crusader’s share of California FAIR Plan equity compared to a $71,282 increase during the three months ended June 30, 2019. The increase in other income during the six months ended June 30, 2020, is due primarily to a $48,429 increase in Crusader’s share of California FAIR Plan equity compared to a $238,816 decrease during the six months ended June 30, 2019.

Gross commissions and fees

Gross commissions and fees decreased $69,939 (13%) to $457,886 and $148,315 (14%) to $926,955 for the three and six months ended June 30, 2020, respectively, compared to gross commissions and fees of $527,825 and $1,075,270 for the three and six months ended June 30, 2019, respectively.

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The changes in gross commission and fee income for the three and six months ended June 30, 2020, as compared to the three and six months ended June 30, 2019, are as follows:

	Three Months Ended June 30							Six Months Ended June 30
	2020		2019		Change			2020		2019		Change

Policy fee income	$	265,666	$	295,334	$	(29,668	)	$	526,709	$	594,035	$	(67,326	)
Health insurance program		168,098		209,907		(41,809	)		353,282		433,889		(80,607	)
Membership and fee income		24,122		22,584		1,538			46,964		47,346		(382	)
Total	$	457,886	$	527,825	$	(69,939	)	$	926,955	$	1,075,270	$	(148,315	)

Unifax sells and services 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 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 $29,688 (10%) and $67,326 (11%) in the three and six months ended June 30, 2020, respectively, compared to the three and six months ended June 30, 2019, due primarily to reduction in 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 decreased $41,809 (20%) and $80,607 (19%) in the three and six months ended June 30, 2020, respectively, compared to the three and six months ended June 30, 2019. The decrease in commission income reported in the three and six months ended June 30, 2020, when compared to the prior year period, is primarily a result of a loss of a large group account.

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 $1,538 (7%) and decreased $382 (1%) for the three and six months ended June 30, 2020, respectively, compared to the three and six months ended June 30, 2019.

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 $13,688 (25%) to $67,686 and $31,334 (30%) to $134,705 for the three and six months ended June 30, 2020, respectively, compared to $53,998 and $103,371 in fees earned during the three and six months ended June 30, 2019, respectively, due primarily to the increase in earned finance charges as a result of the change in annual percentage rate charged on AAC new loans from a single fixed interest rate to a tiered interest rate structure effective April 1, 2019. During the three and six months ended June 30, 2020, AAC issued 296 and 641 loans, respectively, and had 1,078 loans outstanding as of June 30, 2020. During the three and six months ended June 30, 2019, AAC issued 390 and 863 loans, respectively, and had 1,347 loans outstanding as of June 30, 2019. AAC provides premium financing only for Crusader policies produced by Unifax in California.

Losses and loss adjustment expenses

Loss ratio, which is calculated by dividing losses and loss adjustment expenses by net earned premium, were 72% and 79% for the three and six months ended June 30, 2020, compared to 78% and 80% for the three and six months ended June 30, 2019.

Losses and loss adjustment expenses and loss ratios are as follows:

	Three Months Ended June 30
	2020			2020 Loss Ratio			2019			2019 Loss Ratio			Change

Net earned premium	$	6,770,111					$	6,518,112					$	251,999

Losses and loss adjustment expenses:
Provision for insured events of current year		5,378,459			79	%		5,134,626			79	%		243,833
Development of insured events of prior years		(489,553	)		(7	)%		(75,675	)		(1	)%		(413,878	)
Total losses and loss adjustment expenses	$	4,888,906			72	%	$	5,058,951			78	%	$	(170,045	)

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	Six Months Ended June 30
	2020		2020 Loss Ratio			2019		2019 Loss Ratio			Change

Net earned premium	$	13,681,245				$	12,782,262				$	898,983

Losses and loss adjustment expenses:
Provision for insured events of current year		10,539,635		77	%		9,685,514		76	%		854,121
Development of insured events of prior years		226,656		2	%		527,880		4	%		(301,224	)
Total losses and loss adjustment expenses	$	10,766,291		79	%	$	10,213,394		80	%	$	552,897

The $5,378,459 provision for insured events of current year for the three months ended June 30, 2020, was $243,833 higher than the $5,134,626 provision for insured events of current year for the three months ended June 30, 2019, due primarily to higher claims costs related to Crusader’s underwriting activities in the Transportation vertical, associated with an increase in net earned premium for that vertical during the three months ended June 30, 2020.

The $489,553 favorable development of insured events of prior years for the three months ended June 30, 2020, was $413,878 higher than the $75,675 favorable development of insured events of prior years for the three months ended June 30, 2019 due primarily to decreases in incurred losses and loss adjusted expenses on reported claims as a result of lower severity of Apartments & Commercial Buildings claims.

The $10,539,635 provision for insured events of current year for the six months ended June 30, 2020, was $854,121 higher than the $9,685,514 provision for insured events of current year for the six months ended June 30, 2019, due primarily to higher claims costs related to Crusader’s underwriting activities in the Transportation vertical, associated with an increase in net earned premium for that vertical during the six months ended June 30, 2020.

The $226,656 adverse development of insured events of prior years for the six months ended June 30, 2020, was $301,224 lower than the $527,880 adverse development of insured events for the six months ended June 30, 2019, due primarily to lower claims costs related to Crusader’s underwriting activities in the Apartments & Commercial Buildings vertical, associated with a decrease in ultimate expected number of claims for that vertical during the six months ended June 30, 2020.

Crusader has received 134 coronavirus-related business interruption claims through June 30, 2020. While the Company does not believe it is exposed to substantial risk from those claims under the insurance policies written by Crusader, the individual circumstances of each such claim are reviewed to fulfill Crusader’s obligation to its policyholders if coverage applies. Further, there may be impacts to the timing of loss emergence and ultimate loss ratios for certain Crusader’s products due to postponements of civil court cases, extensions of various statutes of limitations, changes in settlement trends and other new legislative, regulatory or judicial developments which could result in loss reserve deficiencies and negative impact on results of operations.

Crusader has received seven claims related to the recent civil unrest through June 30, 2020. Crusader has sufficient excess of loss and catastrophe reinsurance treaties to protect from exposure of such claims. The Company believes the losses and loss adjustment expenses associated with those claims will not exceed Crusader’s $500,000 excess of loss reinsurance treaty retention.

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The following table breaks out adverse (favorable) development from total losses and loss adjustment expenses quarterly since June 30, 2018:

		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:
June 30, 2020	$	5,378,459	$	(489,553	)	$	4,888,906
March 31, 2020		5,161,176		716,209			5,877,385
December 31, 2019		5,400,410		1,824,349			7,224,759
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

Crusader attributes much of its adverse loss development to “social inflation.” Used here, social inflation is a term that encompasses a new adverse trend related to society’s application of the law when it comes to insurance. In this context, social inflation is generally described by the rising costs of insurance claims due to societal trends which has resulted in increased litigation, broader definitions of liability and contractual interpretations, plaintiff friendly legal decisions, larger compensatory jury awards, and larger awards for non-economic damages Crusader has experienced increased costs due to social inflation in all three of its largest market sector niches, Long-haul Transportation, Residential Apartment Buildings, and Bars/Taverns, resulting in higher-than-expected frequency and severity of third-party liability claims which contributed to adverse loss development of 2015 and 2017 accident years.

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. 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.

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 Crusader’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, Crusader increases its loss and loss adjustment expense reserves immediately. However, if the claims costs that emerge are more favorable than initially anticipated, generally, Crusader 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 Crusader’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.

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At the end of each fiscal quarter, Crusader’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 facultative or catastrophe ceded premium. 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 June 30									Six Months Ended June 30
	2020			2019			Change			2020			2019			Change

Policy acquisition costs	$	1,202,026		$	1,289,481		$	(87,455	)	$	2,346,451		$	2,376,194		$	(29,743	)
Ratio to net earned premium (GAAP ratio)		18	%		20	%					17	%		19	%

Policy acquisition costs decreased during the three and six months ended June 30, 2020, as compared to the three and six months ended June 30, 2019, due primarily to relatively higher sales in the Company’s Transportation vertical which pays a lower commission rate than the other verticals.

Salaries and employee benefits

Salaries and employee benefits increased $239,117 (24%) to $1,251,922 and $333,767 (16%) to $2,374,421 for the three and six months ended June 30, 2020, respectively, compared to $1,012,805 and $2,040,654 for the three and six months ended June 30, 2019.

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

	Three Months Ended June 30
	2020			2019			Change

Total salaries and employee benefits incurred	$	2,066,520		$	1,894,165		$	172,355
Less: charged to losses and loss adjustment expenses		(392,682	)		(507,433	)		114,751
Less: capitalized to policy acquisition costs		(362,029	)		(308,480	)		(53,549	)
Less: charged to IT system upgrade		(59,887	)		(65,447	)		5,560
Net amount charged to operating expenses	$	1,251,922		$	1,012,805		$	239,117

	Six Months Ended June 30
	2020			2019			Change

Total salaries and employee benefits incurred	$	4,073,278		$	3,771,583		$	301,695
Less: charged to losses and loss adjustment expenses		(909,065	)		(1,002,461	)		93,396
Less: capitalized to policy acquisition costs		(682,078	)		(617,464	)		(64,614	)
Less: charged to IT system upgrade		(107,714	)		(111,004	)		3,290
Net amount charged to operating expenses	$	2,374,421		$	2,040,654		$	333,767

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The increase in the total salaries and employee benefits incurred for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019, was due primarily to increases in executive compensation, due to the addition of the executive officer in January 2020, employee benefits, due to higher medical insurance rates, and vacation accruals due to less vacation taken by the employees as a result of the recent coronavirus outbreak.

Commissions to agents/brokers

Commissions to agents/brokers decreased $17,077 (42%) to $24,000 and $41,243 (45%) to $49,954 for the three and six months ended June 30, 2020, respectively, compared to $41,077 and $91,198 for the three and six months ended June 30, 2019. These decreases in commissions to agents/brokers were due primarily to lower commissions associated with loss of a large group account.

Other operating expenses

Other operating expenses increased $258,482 (35%) to $993,935 and $610,817 (45%) to $1,974,351 for the three and six months ended June 30, 2020, respectively, compared to $735,454 and $1,363,534 for the three and six months ended June 30, 2019. The increase in other operating expenses for the six months ended June 30, 2020, compared to the six months ended June 30, 2019, was due to an increase in legal expense, an increase in depreciation expense, an increase in board of director fees and timing of expenses.

Income tax expense/benefit

Income tax expense was $50,252 (-13% of pre-tax loss) for the three months ended June 30, 2020 and income tax benefit was $65,993 (19% of pre-tax loss) for the three months ended June 30, 2019. Income tax benefit was $51,420 (3% of pre-tax loss) for the six months ended June 30, 2020 and income tax benefit was $206,651 (18% of pre-tax loss) for the six months ended June 30, 2019. The fluctuation in the income tax rate as a percentage of pre-tax loss for the three and six months ended June 30, 2020, when compared to the three and six months ended June 30, 2019, is primarily due to an increase in the valuation allowance related to deferred tax assets on federal net operating losses.

As of June 30, 2020, the Company had deferred tax assets of $4,481,316 generated from $21,339,605 of federal net operating loss carryforwards that will begin to expire in 2035. In light of the net losses that were generated in recent years, the Company periodically performs an analysis of future income projections to determine the adequacy of the valuation allowance. For the six months ended June 30, 2020 and for the year ended December 31, 2019, the Company carried a valuation allowance on deferred tax assets generated from federal net operating losses in the amount of $900,000 and $600,000, respectively as the Company does not expect to realize that portion of the tax benefit from its federal net operating losses in the future.

As of June 30, 2020, the Company had deferred tax assets of $2,055,377 generated from state net operating loss carryforwards which expire between 2028 and 2040. For the six months ended June 30, 2020, and December 31, 2019, a valuation allowance on deferred tax assets generated from state net operating loss carryforwards was established in the amount of $2,055,377 and $1,931,665, respectively as the Company does not expect to realize a tax benefit from its state net operating losses in the future.

As a result of the Company’s analysis at June 30, 2020, the Company believes it is more likely than not that it will be able to utilize the net operating loss carryforwards, net of the valuation allowance, before they expire. Additionally, $5,516,392 of the net operating losses generated in 2020, 2019 and 2018 is subject to an indefinite carryforward period.

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.

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 June 30, 2020, 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 June 30, 2020.

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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. Crusader establishes reserves for certain claims-related lawsuits, regulatory actions and other contingencies when it 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, 2019, in response to Item 1A to Part I of Form 10-K and in the Company’s Form 10-Q for the quarter ended March 31, 2020, 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

10.1#

Quota share agreement among United Specialty Insurance Company and Crusader Insurance Company and Unifax Insurance Systems, Inc., effective April 1, 2020.

10.2#

General agency agreement by and among United Specialty Insurance Company, Crusader Insurance Company and Unifax Insurance Systems, Inc., effective April 1, 2020.

10.3#

Reinsurance trust agreement entered into by and among Crusader Insurance Company and United Specialty Insurance Company held by Comerica Bank & Trust, National Association Trustee, effective April 1, 2020.

31.1

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

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.

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101

The following information from the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020, 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 Cash Flows; and (v) 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.

# Incorporated by reference from the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2020.

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: August 14, 2020 By: /s/ RONALD A. CLOSSER

Ronald A. Closser

Chairman of the Board, President and Chief

Executive Officer, (Principal Executive Officer)

Date: August 14, 2020 By: /s/ MICHAEL BUDNITSKY

Michael Budnitsky

Treasurer, Chief Financial Officer and Secretary, (Principal

Accounting and Principal Financial Officer)

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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, Ronald A. Closser, 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: August 14, 2020

/s/ Ronald A. Closser

Ronald A. Closser

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: August 14, 2020

/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 June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Ronald A. Closser, 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/ Ronald A. Closser

Name: Ronald A. Closser

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

Date: August 14, 2020

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 June 30, 2020, 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: August 14, 2020

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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 June 30, 2020, and December 31, 2019, the Company had remaining authority under the 2008 program to repurchase up to an aggregate of 187,264 and 188,242 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 repurchased 978 shares of stock during the six months ended June 30, 2020, in unsolicited transactions at a cost of $6,240 of which $480 was allocated to capital and $5,760 was allocated to retained earnings. The Company did not repurchase any shares during the three months ended June 30, 2020. The Company repurchased 356 shares of stock during the three and six months ended June 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 has retired or will retire all stock repurchased.

NOTE 3 – LOSS PER SHARE The following table represents the reconciliation of the Company's basic loss per share and diluted loss per share computations reported on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid">   Six Months Ended June 30</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none">2020</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none">2019</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid"> 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Basic Loss Per Share</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"> </td><td style="font-size: 12pt"> </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: 0.05in">Net loss</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(434,814</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(276,677</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(1,478,640</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(947,751</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-bottom: 2.5pt; padding-left: 0.05in"> </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"> </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: right"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: right"> </td><td style="border-bottom: Black 2.5pt double; 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: 0.05in">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">5,305,742</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">5,306,938</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">5,306,231</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">5,307,021</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="text-indent: 20pt; padding-left: 0.05in">Basic loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.08</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.05</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.28</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.18</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="text-decoration: underline; font-weight: normal; text-align: left; padding-left: 5.4pt">Diluted 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: 0.05in">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(434,814</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(276,677</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,478,640</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(947,751</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: 0.05in">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">5,305,742</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">5,306,938</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">5,306,231</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">5,307,021</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: 0.05in">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">5,305,742</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">5,306,938</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">5,306,231</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">5,307,021</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="text-indent: 20pt; padding-left: 0.05in">Diluted loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.08</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.05</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.28</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.18</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.   In August, 2018, the FASB issued ASU 2018-13 “Fair Value Measurement”: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements for assets and liabilities measured at fair value. The amendments in this ASU require certain existing disclosure requirements to be modified or removed, and certain new disclosure requirements to be added. In addition, this ASU allows entities to exercise more discretion when considering fair value measurement disclosures. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. The Company adopted ASU 2018-13 effective January 1, 2020. The adoption of ASU 2018-13 did not have a material impact to the Company’s disclosures.   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. In November 2019, the FASB issued ASU 2019-10 “Financial Instruments – Credit Losses, Derivatives and Hedging, and Leases.” ASU 2019-10 updated the effective date for implementing ASU 2016-13 for smaller reporting entities, and that effective date will be for fiscal years beginning after December 15, 2022. Since the Company’s fixed income portfolio is invested primarily in higher rated bonds 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 2016 and California state income tax authorities for tax returns filed starting at taxable year 2015. There are no ongoing examinations of income tax returns by federal or state tax authorities.   As of June 30, 2020, and December 31, 2019, 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: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td> </td> <td colspan="3" style="text-align: center">June 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="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</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">$</td><td style="width: 12%; text-align: right">8,411,541</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,411,541</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">2,137,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,110,653</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">459,899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459,899</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">(3,994,104</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,617,381</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">1,434,677</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,074,398</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-indent: 20pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,237,459</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,226,595</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 six months ended June 30, 2020, was $188,638 and $376,723, respectively, and for the three and six months ended June 30, 2019, was $135,078 and $270,105, respectively.   For the three and six months ended June 30, 2020, the Calabasas building generated rental revenue from non-affiliated tenants in the amount of $36,070 and $89,360, respectively, and for the three and six months ended June 30, 2019, rental revenue from non-affiliated tenants in the amount of $40,158 and $82,388, respectively, which is included in “Other income” from insurance company operation in the Company’s Condensed Consolidated Statements of Operations.   For the three and six months ended June 30, 2020, the Calabasas building incurred operating expenses (including depreciation) in the amount of $182,937 and $373,034, respectively, and, for the three and six months ended June 30, 2019, it incurred operating expenses of $198,507 and $355,296, 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 June 30, 2020, 6,942 square feet of the Calabasas building was leased to non-affiliated entities and 7,539 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 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 June 30, 2020, and December 31, 2019:   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">June 30, 2020</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-indent: 10pt; text-align: justify; 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: rgb(204,238,255)"> <td style="text-indent: 20pt; width: 40%; text-align: justify; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,821,415</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</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">11,821,415</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">46,342,723</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">46,342,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">26,049,263</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">26,049,263</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: justify; padding-left: 5.4pt">Equity securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">525,443</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">525,443</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; 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">2,199,204</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">2,199,204</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 30pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,546,062</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,391,986</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">86,938,048</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 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-indent: 10pt; text-align: justify; 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: rgb(204,238,255)"> <td style="text-indent: 20pt; width: 40%; text-align: justify; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,235,332</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</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">15,235,332</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">43,029,333</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">43,029,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">25,235,045</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">25,235,045</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; 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">2,196,815</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">2,196,815</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-indent: 30pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17,432,147</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,264,378</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">85,696,525</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 six months ended June 30, 2020 and 2019.      As a result of the spread of the recent coronavirus outbreak, economic uncertainties have arisen which are likely to impact the fair value of investments, day to day administration of the business and premium volume.  While the Company does not believe it is exposed to substantial risk from coronavirus-related claims under the insurance policies written by Crusader, it is likely that the fair value of its investment portfolio will be adversely affected by the severe disruption and volatility in the capital markets, as well as general economic conditions as a result of the coronavirus and governmental responses to the outbreak.  The financial impact of these uncertainties is unknown at this time.

NOTE 8 – INVESTMENTS A summary of investment income, net of investment expenses, is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2020</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2019</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2020</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2019</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">$</td><td style="width: 10%; text-align: right">509,324</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">550,841</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,051,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,094,536</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: 5.4pt">Equity securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,890</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">6,332</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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Short-term investments and cash equivalents</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td style="text-decoration: none; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">8,193</td><td style="border-bottom: Black 1pt solid; text-decoration: none; text-align: left"> </td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td style="text-decoration: none; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">9,904</td><td style="border-bottom: Black 1pt solid; text-decoration: none; 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">19,914</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">36,458</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; text-indent: 10pt; padding-left: 5.4pt">Gross investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">522,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">560,745</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,977</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,130,994</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-bottom: 1pt; padding-left: 5.4pt">Less: investment 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">(32,909</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">(30,000</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">(67,787</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">(67,619</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; text-indent: 10pt; padding-left: 5.4pt">Net investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">489,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530,745</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,010,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,063,375</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: 5.4pt">Net realized investment gains (losses)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,512</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,575</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,661</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">Net unrealized investment gains on equity 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">67,759</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">22,959</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: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 30pt; padding-left: 5.4pt">Net investment income, realized investment gains (losses) and unrealized investment gains on equity securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">557,718</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">526,233</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,034,724</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,050,714</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="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">June 30, 2020</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="text-indent: 10pt; width: 40%; text-align: left; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,480,647</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">340,768</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">11,821,415</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,312,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,192,937</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(162,744</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,342,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,147,851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">906,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,049,263</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="text-indent: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">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">798,000</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">798,000</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-indent: 30pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">81,739,028</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,439,961</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(167,588</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">85,011,401</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 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="text-indent: 10pt; width: 40%; text-align: left; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,105,795</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">130,564</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(1,027</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,235,332</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,953,378</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,076,012</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,029,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,943,238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">293,757</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,950</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,235,045</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="text-indent: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">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">798,000</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">798,000</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-indent: 30pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,800,411</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,500,333</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,034</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,297,710</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   As of June 30, 2020, one corporate security, included in available-for-sale fixed maturities, was held as collateral with Comerica Bank & Trust, N. A.(“Comerica”), pursuant to the reinsurance trust agreement among Crusader, United Specialty Insurance Company (“USIC”) and Comerica to secure payment of Crusader’s liabilities and performance of its obligations under the reinsurance arrangement with USIC. The estimated fair value and amortized cost of that security was $725,047 and $687,097 on June 30, 2020, respectively.   A summary of the unrealized gains (losses) on investments in fixed maturities carried at fair value and the applicable deferred federal income taxes are shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Gross unrealized gains on fixed maturities</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,439,961</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">1,500,333</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">(167,588</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">(3,034</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; text-indent: 10pt; padding-left: 5.4pt">Net unrealized gains on fixed maturities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,272,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,497,299</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 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">(687,198</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">(314,433</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; text-indent: 20pt; padding-left: 5.4pt">Net unrealized gains, 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">2,585,175</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">1,182,866</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="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">12 Months or Longer</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">June 30, 2020</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: left; padding-left: 5.4pt">Corporate securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,047,051</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(162,744</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">6</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </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">—  </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">—  </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">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">472,856</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">(4,844</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</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: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">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">3,519,907</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(167,588</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">7</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</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">—  </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></tr> </table>   <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">12 Months or Longer</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 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">1,996,562</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(253</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,002,031</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">(775</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></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">999,818</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56</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">—  </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></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">750,058</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">(1,950</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</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-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">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">3,746,438</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,259</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,002,031</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">(775</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</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 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. During the three and six months ended June 30, 2020, one fixed maturity corporate security experienced a significant decline in market value; the market and book value of that security at June 30, 2020, was $758,250 and $912,090, respectively. The unrealized losses on all securities as of June 30, 2020, and December 31, 2019, 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 sold one security, with amortized cost of $601,316, prior to maturity during the six months ended June 30, 2020. The Company did not sell any securities, prior to maturity during the three months ended June 30, 2020. The Company had two calls of an investment security during the three and six months ended June 30, 2020. The Company realized net investment gain of $1,114 and $461 on these sales and call for the three and six months ended June 30, 2020, respectively. The Company sold two securities, with amortized cost of $2,498,104, prior to maturity during the three months ended June 30, 2019 and three securities, with amortized cost of $2,997,098, during the six months ended June 30, 2019. The Company had one call of an investment security during the three and six months ended June 30, 2019. The Company realized net investment losses of $4,512 and $12,661 on these sales and call for the three and six months ended June 30, 2019, respectively. The unrealized gains or losses from fixed maturities are reported as “Accumulated other comprehensive income or loss,” which is a separate component of stockholders’ equity, net of any deferred tax effect.   The Company started investing in common stock equity securities during the three months ended March 31, 2020. The Company’s equity securities allocation is intended to enhance the return of and provide diversification for the total investment portfolio. At June 30, 2020, less than 1% of the total investment portfolio at fair value was held in equity securities. A summary of equity securities is shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Cost</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">502,484</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Unrealized gain</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">    22,959</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Fair market value of equity securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">525,443</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></tr> </table>   The primary cause for the increase in fair value of the Company’s equity securities portfolio for the six months ended June 30, 2020 was the overall increase in equity markets during the period.   The Company’s investment in certificates of deposit included $598,000 of brokered certificates of deposit as of June 30, 2020 and December 2019.   The following securities from three different banks represent statutory deposits that are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for writing certain lines of business in California and for admission to transact insurance business in the state of Nevada.   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: justify; padding-left: 5.4pt">Certificates of deposit</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</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">$</td><td style="width: 12%; text-align: right">200,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Short-term investments</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total state held deposits</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">400,000</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   All the Company’s brokered and non-brokered certificates of deposit are within the FDIC insured permissible limits. Due to nature of the Company’s business, certain bank accounts may exceed FDIC insured permissible limits.   Short-term investments have an initial maturity of one year or less and consist of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 30</td><td> </td> <td colspan="3" style="text-align: center">December 31</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">U.S. Treasury bills</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,999,204</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,996,815</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Certificates of deposit</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">200,000</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total short-term investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,199,204</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">2,196,815</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 that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and provides insurance premium financing and membership association services through its other subsidiaries. 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 condensed consolidated 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 six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Quarterly condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2019 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investment securities, excluding long-term certificates of deposit, and short-term investments – 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td> </td> <td colspan="3" style="text-align: center">June 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="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</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">$</td><td style="width: 12%; text-align: right">8,411,541</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,411,541</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">2,137,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,110,653</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">459,899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">459,899</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">(3,994,104</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,617,381</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">1,434,677</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,074,398</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-indent: 20pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,237,459</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,226,595</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

The following table presents information about the Company’s 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 June 30, 2020, and December 31, 2019:   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">June 30, 2020</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-indent: 10pt; text-align: justify; 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: rgb(204,238,255)"> <td style="text-indent: 20pt; width: 40%; text-align: justify; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,821,415</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</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">11,821,415</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">46,342,723</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">46,342,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">26,049,263</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">26,049,263</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: justify; padding-left: 5.4pt">Equity securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">525,443</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">525,443</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; 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">2,199,204</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">2,199,204</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 30pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">14,546,062</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,391,986</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">86,938,048</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Total</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 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-indent: 10pt; text-align: justify; 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: rgb(204,238,255)"> <td style="text-indent: 20pt; width: 40%; text-align: justify; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,235,332</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</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">15,235,332</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">43,029,333</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">43,029,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-left: 5.4pt">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">25,235,045</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">25,235,045</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; 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">2,196,815</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">2,196,815</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-indent: 30pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total financial instruments at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17,432,147</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">68,264,378</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">85,696,525</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

500,000

The following table represents the reconciliation of the Company's basic loss per share and diluted loss per share computations reported on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid">   Six Months Ended June 30</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none">2020</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none">2019</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid"> 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Basic Loss Per Share</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"> </td><td style="font-size: 12pt"> </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: 0.05in">Net loss</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(434,814</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(276,677</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(1,478,640</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(947,751</td><td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-bottom: 2.5pt; padding-left: 0.05in"> </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"> </td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: right"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: right"> </td><td style="border-bottom: Black 2.5pt double; 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: 0.05in">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">5,305,742</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">5,306,938</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">5,306,231</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">5,307,021</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="text-indent: 20pt; padding-left: 0.05in">Basic loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.08</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.05</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.28</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.18</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="text-decoration: underline; font-weight: normal; text-align: left; padding-left: 5.4pt">Diluted 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: 0.05in">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(434,814</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(276,677</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,478,640</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(947,751</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: 0.05in">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">5,305,742</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">5,306,938</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">5,306,231</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">5,307,021</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: 0.05in">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">5,305,742</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">5,306,938</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">5,306,231</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">5,307,021</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="text-indent: 20pt; padding-left: 0.05in">Diluted loss per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.08</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.05</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.28</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.18</td><td style="text-align: left">)</td></tr></table>

A summary of investment income, net of investment expenses, is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Three Months Ended June 30</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Six Months Ended June 30</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2020</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2019</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2020</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-decoration: none; text-align: center">2019</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">$</td><td style="width: 10%; text-align: right">509,324</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">550,841</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,051,731</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,094,536</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: 5.4pt">Equity securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,890</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">6,332</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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Short-term investments and cash equivalents</td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td style="text-decoration: none; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">8,193</td><td style="border-bottom: Black 1pt solid; text-decoration: none; text-align: left"> </td><td style="text-decoration: none; padding-bottom: 1pt"> </td> <td style="text-decoration: none; padding-bottom: 1pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-decoration: none; text-align: right">9,904</td><td style="border-bottom: Black 1pt solid; text-decoration: none; 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">19,914</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">36,458</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; text-indent: 10pt; padding-left: 5.4pt">Gross investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">522,407</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">560,745</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,077,977</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,130,994</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-bottom: 1pt; padding-left: 5.4pt">Less: investment 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">(32,909</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">(30,000</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">(67,787</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">(67,619</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; text-indent: 10pt; padding-left: 5.4pt">Net investment income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">489,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530,745</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,010,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,063,375</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: 5.4pt">Net realized investment gains (losses)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,512</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,575</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,661</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">Net unrealized investment gains on equity 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">67,759</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">22,959</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: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 30pt; padding-left: 5.4pt">Net investment income, realized investment gains (losses) and unrealized investment gains on equity securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">557,718</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">526,233</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,034,724</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,050,714</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 are shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 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="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</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">$</td><td style="width: 12%; text-align: right">3,439,961</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,500,333</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">(167,588</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">(3,034</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; text-indent: 10pt; padding-left: 5.4pt">Net unrealized gains on fixed maturities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,272,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,497,299</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 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">(687,198</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">(314,433</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; text-indent: 20pt; padding-left: 5.4pt">Net unrealized gains, net of deferred income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,585,175</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,182,866</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="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 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="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt"> </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></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">$</td><td style="width: 12%; text-align: right">1,999,204</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,996,815</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">Certificates 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-indent: 20pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total short-term investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,199,204</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,196,815</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table> 8411541 8411541

2110653

2137961

3617381

3994104

1787485

459899

200000 200000 598000 598000 3 3 5305742

51657155

55066480

49829790

54877319

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="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Six  Months Ended June 30</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</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">$</td><td style="width: 12%; text-align: right">55,066,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,657,155</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">14,725,855</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">9,531,602</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-indent: 20pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">40,340,625</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">42,125,553</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-indent: 10pt; text-align: left; padding-left: 5.4pt">Provision for insured events of current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,539,635</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,685,514</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">226,656</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">527,880</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 20pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">10,766,291</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">10,213,394</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-indent: 10pt; text-align: left; padding-left: 5.4pt">Attributable to insured events of the current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,266,570</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,670,068</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">8,769,575</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">10,978,401</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-indent: 20pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">12,036,145</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">13,648,469</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 June 30 – net of reinsurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,070,771</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,690,478</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">15,806,548</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">11,139,312</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-indent: 20pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Reserve for unpaid losses and loss adjustment expenses at June 30 – gross of reinsurance</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">54,877,319</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">49,829,790</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 business in California and for admission to transact insurance business in the state of Nevada.   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 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="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</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-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">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="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Six  Months Ended June 30</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</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">$</td><td style="width: 12%; text-align: right">55,066,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">51,657,155</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">14,725,855</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">9,531,602</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-indent: 20pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">40,340,625</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">42,125,553</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-indent: 10pt; text-align: left; padding-left: 5.4pt">Provision for insured events of current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,539,635</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,685,514</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">226,656</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">527,880</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 20pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">10,766,291</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">10,213,394</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-indent: 10pt; text-align: left; padding-left: 5.4pt">Attributable to insured events of the current year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,266,570</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,670,068</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">8,769,575</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">10,978,401</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-indent: 20pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">12,036,145</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">13,648,469</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 June 30 – net of reinsurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,070,771</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,690,478</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">15,806,548</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">11,139,312</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-indent: 20pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Reserve for unpaid losses and loss adjustment expenses at June 30 – gross of reinsurance</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">54,877,319</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">49,829,790</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table> 9685514 10539635 527880 226656

2670068

3266570

10978401

8769575

13648469

12036145

2196815

2199204

9531602

14725855

11139312

15806548

42125553

40340625

38690478

39070771

14725855 15806548

685841

361010

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Unico American Corporation is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and provides insurance premium financing and membership association services through its other subsidiaries. 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 condensed consolidated 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 six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Quarterly condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2019 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Investment securities, excluding long-term certificates of deposit, and short-term investments – 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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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> 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.

1996815 1999204 -314433 -687198   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="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">12 Months or Longer</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">June 30, 2020</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: left; padding-left: 5.4pt">Corporate securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">3,047,051</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(162,744</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><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </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">—  </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">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">472,856</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">(4,844</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</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: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,519,907</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(167,588</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">7</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">—  </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></tr> </table>   <table cellpadding="0" cellspacing="0" style="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">Less than 12 Months</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; text-align: center">12 Months or Longer</td></tr> <tr style="text-align: center; vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Number of Securities</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 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">$</td><td style="width: 6%; text-align: right">1,996,562</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(253</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">$</td><td style="width: 6%; text-align: right">1,002,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(775</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></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">999,818</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(56</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">—  </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></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">750,058</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">(1,950</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</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-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,746,438</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,259</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><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,002,031</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(775</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</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table> 46884 6942 7539

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 Crusader. 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.

798000

82002411

15105795

41953378

24943238

80941028

11480647

44312530

25147851

798000

10000000

5306720

5305742

5306720

5305742

-671074

-1043826

-947751

-671074

-1043826

-434814

-1478640

-276677

-434814

-276677

-5228

-236401

-20867

706

-800414

-139464

-2064442

-755862

-138896

-48542

300049

61701

-1827365

-189161

1761809

317324

125263

70098

-195155

589835

-229260

-51420

-3759491

-1507637

6743752

11764292

3702676

9369854

4490954

-2389

487737

387587

4434935

406899

-2121

-6240

673323

-1106978

8800

The amortized cost and estimated fair values of investments in fixed maturities by category are as follows:   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">June 30, 2020</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="text-indent: 10pt; width: 40%; text-align: left; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,480,647</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">340,768</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">11,821,415</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,312,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,192,937</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(162,744</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,342,723</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,147,851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">906,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,844</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,049,263</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="text-indent: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">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">798,000</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">798,000</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-indent: 30pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">81,739,028</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,439,961</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(167,588</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">85,011,401</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"> Amortized Cost</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Gains</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Gross Unrealized Losses</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td></tr> <tr style="vertical-align: bottom"> <td style="text-decoration: underline; text-align: justify; padding-left: 5.4pt">December 31, 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="text-indent: 10pt; width: 40%; text-align: left; padding-left: 5.4pt">U.S. Treasury securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,105,795</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">130,564</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(1,027</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">15,235,332</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Corporate securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,953,378</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,076,012</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,029,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: 10pt; text-align: left; padding-left: 5.4pt">Agency mortgage-backed securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,943,238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">293,757</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,950</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,235,045</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="text-indent: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">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">798,000</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">798,000</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-indent: 30pt; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Total fixed maturities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">82,800,411</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,500,333</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,034</td><td style="border-bottom: Black 2.5pt double; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">84,297,710</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td></tr></table>

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975885 -299993 975885 -299993 1702302 964138 1702302 964138   The Company started investing in common stock equity securities during the three months ended March 31, 2020. The Company’s equity securities allocation is intended to enhance the return of and provide diversification for the total investment portfolio. At June 30, 2020, less than 1% of the total investment portfolio at fair value was held in equity securities. A summary of equity securities is shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: center">June 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="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</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">Cost</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">502,484</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">—  </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">Unrealized gain</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">    22,959</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: rgb(204,238,255)"> <td style="text-indent: 20pt; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Fair market value of equity securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">525,443</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</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></tr> </table>   85696525 17432147 68264378 0 86938048 14546062 72391986 0

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 14, 2020
Document And Entity Information
Entity Registrant Name	UNICO AMERICAN CORP
Entity File Number	000-03978
Entity Central Index Key	0000100716
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
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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		5,305,742
Document Fiscal Period Focus	Q2
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Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Available-for-sale:
Fixed maturities, at fair value (amortized cost: $80,941,028 at June 30, 2020, and $82,002,411 at December 31, 2019)	$ 84,213,401	$ 83,499,710
Held-to-maturity:
Fixed maturities, at amortized cost (fair value: $798,000 at June 30, 2020, and $798,000 at December 31, 2019)	798,000	798,000
Equity securities, at fair value (cost: $502,484 at June 30, 2020, and $0 at December 31, 2019)	525,443	0
Short-term investments, at fair value	2,199,204	2,196,815
Total Investments	87,736,048	86,494,525
Cash and cash equivalents	4,674,661	5,781,639
Accrued investment income	395,026	397,302
Receivable, net	4,160,471	4,019,437
Reinsurance Recoverable:
Paid losses and loss adjustment expenses	361,010	685,841
Unpaid losses and loss adjustment expenses	15,806,548	14,725,855
Deferred policy acquisition costs	3,668,136	3,619,594
Property and equipment (net)	10,237,459	10,226,595
Deferred income taxes	3,604,087	3,925,432
Other assets	368,604	430,305
Total Assets	131,012,050	130,306,525
LIABILITIES
Unpaid losses and loss adjustment expenses	54,877,319	55,066,480
Unearned premium	18,127,661	17,810,337
Advance premium and premium deposits	289,181	219,083
Accrued expenses and other liabilities	2,720,135	2,130,300
Total Liabilities	76,014,296	75,226,200
STOCKHOLDERS' EQUITY
Common stock, no par, authorized 10,000,000 shares; 5,305,742 and 5,306,720 shares issued and outstanding at June 30, 2020, and December 31, 2019	3,772,189	3,772,669
Accumulated other comprehensive loss	2,585,175	1,182,866
Retained earnings	48,640,390	50,124,790
Total Stockholders Equity	54,997,754	55,080,325
Total Liabilities and Stockholders' Equity	$ 131,012,050	$ 130,306,525

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Consolidated Balance Sheets Parenthetical Abstract
Fixed maturities, available for sale, amortized cost	$ 80,941,028	$ 82,002,411
Fixed maturities, held to maturity, fair value	798,000	798,000
Equity securities, cost	$ 502,484	$ 0
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,305,742	5,306,720
Common stock, shares outstanding	5,305,742	5,306,720

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES
Net premium earned	$ 6,770,111	$ 6,518,112	$ 13,681,245	$ 12,782,262
Investment income	489,498	530,745	1,010,190	1,063,375
Net realized investments gains (losses)	461	(4,512)	1,575	(12,661)
Net unrealized investments gains on equity securities	67,759	0	22,959	0
Other income (loss)	122,822	168,828	203,759	(91,872)
Total Insurance Company Operation	7,450,651	7,213,173	14,919,728	13,741,104
Gross commissions and fees	457,886	527,825	926,955	1,075,270
Finance fees earned	67,686	53,998	134,705	103,371
Other income	4	102	20	10,827
Total Revenues	7,976,227	7,795,098	15,981,408	14,930,572
EXPENSES
Losses and loss adjustment expenses	4,888,906	5,058,951	10,766,291	10,213,394
Policy acquisition costs	1,202,026	1,289,481	2,346,451	2,376,194
Salaries and employee benefits	1,251,922	1,012,805	2,374,421	2,040,654
Commissions to agents/brokers	24,000	41,077	49,954	91,198
Other operating expenses	993,935	735,454	1,974,351	1,363,534
Total Expenses	8,360,789	8,137,768	17,511,468	16,084,974
Loss Before Income Taxes	(384,562)	(342,670)	(1,530,060)	(1,154,402)
Income Tax Expense (Benefit)	50,252	(65,993)	(51,420)	(206,651)
Net Loss	$ (434,814)	$ (276,677)	$ (1,478,640)	$ (947,751)
Basic
Loss per share	$ (0.08)	$ (0.05)	$ (0.28)	$ (0.18)
Weighted average shares	5,305,742	5,306,938	5,306,231	5,307,021
Diluted
Loss per share	$ (0.08)	$ (0.05)	$ (0.28)	$ (0.18)
Weighted average shares	5,305,742	5,306,938	5,306,231	5,307,021

XML 16 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Statements Of Comprehensive Income
Net Loss	$ (434,814)	$ (276,677)	$ (1,478,640)	$ (947,751)
Other Changes in Comprehensive Income (Loss):
Unrealized gains on securities classified as available-for-sale arising during the period, net of income tax	1,702,302	964,138	1,402,309	1,940,023
Comprehensive Income (Loss)	$ 1,267,488	$ 687,461	$ (76,331)	$ 992,272

- Definition

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

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+ Details

XML 17 R6.htm IDEA: XBRL DOCUMENT

Shareholders Equity - USD ($)	Common Stock	Comprehensive Income / Loss	Retained Earnings / Accumulated Deficit	Total
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
Change in Comprehensive Income, net of Deferred Income Tax		975,885		975,885
Net Income (Loss)			(671,074)	(671,074)
Ending Balance, Value at Mar. 31, 2019	$ 3,772,857	(124,151)	52,571,527	56,220,233
Ending Balance, Shares at Mar. 31, 2019	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
Net Income (Loss)				(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 Mar. 31, 2019	$ 3,772,857	(124,151)	52,571,527	56,220,233
Beginning Balance, Shares at Mar. 31, 2019	5,307,103
Shares Repurchased, Value	$ 175		1,946	2,121
Shares Repurchased, Shares	356
Change in Comprehensive Income, net of Deferred Income Tax		964,138		964,138
Net Income (Loss)			(276,677)	(276,677)
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, 2019	$ 3,772,669	1,182,866	50,124,790	55,080,325
Beginning Balance, Shares at Dec. 31, 2019	5,306,720
Shares Repurchased, Value	$ 480		5,760	6,240
Shares Repurchased, Shares	978
Change in Comprehensive Income, net of Deferred Income Tax		(299,993)		(299,993)
Net Income (Loss)			(1,043,826)	(1,043,826)
Ending Balance, Value at Mar. 31, 2020	$ 3,772,189	882,873	49,075,204	53,730,266
Ending Balance, Shares at Mar. 31, 2020	5,305,742
Beginning Balance, Value at Dec. 31, 2019	$ 3,772,669	1,182,866	50,124,790	55,080,325
Beginning Balance, Shares at Dec. 31, 2019	5,306,720
Net Income (Loss)				(1,478,640)
Ending Balance, Value at Jun. 30, 2020	$ 3,772,189	2,585,175	48,640,390	54,997,754
Ending Balance, Shares at Jun. 30, 2020	5,305,742
Beginning Balance, Value at Mar. 31, 2020	$ 3,772,189	882,873	49,075,204	53,730,266
Beginning Balance, Shares at Mar. 31, 2020	5,305,742
Change in Comprehensive Income, net of Deferred Income Tax		1,702,302		1,702,302
Net Income (Loss)			(434,814)	(434,814)
Ending Balance, Value at Jun. 30, 2020	$ 3,772,189	$ 2,585,175	$ 48,640,390	$ 54,997,754
Ending Balance, Shares at Jun. 30, 2020	5,305,742

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

XML 18 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net Loss	$ (1,478,640)	$ (947,751)
Adjustments to reconcile net loss to net cash from operations
Depreciation and amortization	376,723	270,105
Bond amortization, net	(236,401)	(5,228)
Bad debt expense	706	(20,867)
Net realized investment losses (gains)	(1,575)	12,661
Net unrealized investment gains on equity securities	(22,959)	0
Changes in assets and liabilities:
Net receivables and accrued investment income	(139,464)	(800,414)
Reinsurance recoverable	(755,862)	(2,064,442)
Deferred policy acquisition costs	(48,542)	(138,896)
Other assets	61,701	300,049
Unpaid losses and loss adjustment expenses	(189,161)	(1,827,365)
Unearned premium	317,324	1,761,809
Advance premium and premium deposits	70,098	125,263
Accrued expenses and other liabilities	589,835	(195,155)
Income taxes current/deferred	(51,420)	(229,260)
Net Cash Used by Operating Activities	(1,507,637)	(3,759,491)
Cash Flows from Investing Activities:
Purchase of fixed maturity investments	(11,764,292)	(6,743,752)
Purchase of equity securities	(502,484)	0
Proceeds from maturity of fixed maturity investments	9,369,854	3,702,676
Proceeds from sale or call of fixed maturity investments	3,693,797	3,472,794
Net (increase) decrease in short-term investments	(2,389)	4,490,954
Additions to property and equipment	(387,587)	(487,737)
Net Cash Provided by Investing Activities	406,899	4,434,935
Cash Flows from Financing Activities:
Repurchase of common stock	6,240	2,121
Net Cash Used by Financing Activities	(6,240)	(2,121)
Net (decrease) increase in cash and cash equivalents	(1,106,978)	673,323
Cash and cash equivalents beginning of period	5,781,639
Cash and cash equivalents end of period	4,674,661	5,591,085
Cash paid during the period for:
Interest	0	0
Income taxes	$ 8,800	$ 8,800

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Summary of Significant Accounting Policies

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Principles of Consolidation

Basis of Presentation

Use of Estimates in the Preparation of the Financial Statements

Fair Value of Financial Instruments

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

Investment securities, excluding long-term certificates of deposit, and short-term investments – 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

XML 20 R9.htm IDEA: XBRL DOCUMENT

Repurchase of Common Stock - Effects on Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Repurchase of Common Stock - Effects on Stockholders' Equity

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

XML 21 R10.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share

NOTE 3 – LOSS PER SHARE

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019
Basic Loss Per Share
Net loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)

Weighted average shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021

Basic loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)

Diluted Loss Per Share
Net loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)

Weighted average shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021
Diluted shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021

Diluted loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)

XML 22 R11.htm IDEA: XBRL DOCUMENT

Recently Issued Accounting Standards

6 Months Ended

Jun. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Standards

NOTE 4 – RECENTLY ISSUED ACCOUNTING STANDARDS

Recently adopted standards

Standards not yet adopted

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Accounting For Income Taxes

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Accounting For Income Taxes

NOTE 5 – ACCOUNTING FOR TAXES

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

Property and Equipment (Net of Accumulated Depreciation)

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Property and Equipment (Net of Accumulated Depreciation)

NOTE 6 – PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following:

	June 30			December 31
	2020			2019

Building and leasehold improvements located in Calabasas, California	$	8,411,541		$	8,411,541
Furniture, fixtures, and equipment		2,137,961			2,110,653
Computer software		459,899			459,899
Accumulated depreciation and amortization		(3,994,104	)		(3,617,381	)
Computer software under development		1,434,677			1,074,398
Land located in Calabasas, California		1,787,485			1,787,485
Property and equipment, net	$	10,237,459		$	10,226,595

XML 25 R14.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2020

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
June 30, 2020
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	11,821,415	$	—	$	—	$	11,821,415
Corporate securities		—		46,342,723		—		46,342,723
Agency mortgage backed securities		—		26,049,263		—		26,049,263
Equity securities		525,443		—		—		525,443
Short-term investments		2,199,204		—		—		2,199,204
Total financial instruments at fair value	$	14,546,062	$	72,391,986	$	—	$	86,938,048

	Level 1		Level 2		Level 3		Total
December 31, 2019
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	15,235,332	$	—	$	—	$	15,235,332
Corporate securities		—		43,029,333		—		43,029,333
Agency mortgage backed securities		—		25,235,045		—		25,235,045
Short-term investments		2,196,815		—		—		2,196,815
Total financial instruments at fair value	$	17,432,147	$	68,264,378	$	—	$	85,696,525

XML 26 R15.htm IDEA: XBRL DOCUMENT

Investments

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Investments

NOTE 8 – INVESTMENTS

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

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019

Fixed maturities	$	509,324		$	550,841		$	1,051,731		$	1,094,536
Equity securities		4,890			—			6,332			—
Short-term investments and cash equivalents		8,193			9,904			19,914			36,458
Gross investment income		522,407			560,745			1,077,977			1,130,994
Less: investment expenses		(32,909	)		(30,000	)		(67,787	)		(67,619	)
Net investment income		489,498			530,745			1,010,190			1,063,375
Net realized investment gains (losses)		461			(4,512	)		1,575			(12,661	)
Net unrealized investment gains on equity securities		67,759			—			22,959			—
Net investment income, realized investment gains (losses) and unrealized investment gains on equity securities	$	557,718		$	526,233		$	1,034,724		$	1,050,714

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
June 30, 2020
Available-for-sale fixed maturities:
U.S. Treasury securities	$	11,480,647	$	340,768	$	—		$	11,821,415
Corporate securities		44,312,530		2,192,937		(162,744	)		46,342,723
Agency mortgage-backed securities		25,147,851		906,256		(4,844	)		26,049,263
Held-to-maturity fixed securities:
Certificates of deposits		798,000		—		—			798,000
Total fixed maturities	$	81,739,028	$	3,439,961	$	(167,588	)	$	85,011,401

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2019
Available-for-sale fixed maturities:
U.S. Treasury securities	$	15,105,795	$	130,564	$	(1,027	)	$	15,235,332
Corporate securities		41,953,378		1,076,012		(57	)		43,029,333
Agency mortgage-backed securities		24,943,238		293,757		(1,950	)		25,235,045
Held-to-maturity fixed securities:
Certificates of deposits		798,000		—		—			798,000
Total fixed maturities	$	82,800,411	$	1,500,333	$	(3,034	)	$	84,297,710

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

	June 30			December 31
	2020			2019

Gross unrealized gains on fixed maturities	$	3,439,961		$	1,500,333
Gross unrealized losses on fixed maturities		(167,588	)		(3,034	)
Net unrealized gains on fixed maturities		3,272,373			1,497,299
Deferred federal tax expense		(687,198	)		(314,433	)
Net unrealized gains, net of deferred income taxes	$	2,585,175		$	1,182,866

	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
June 30, 2020
Corporate securities	$	3,047,051	$	(162,744	)		6	$	—	$	—		—
Agency mortgage-backed securities		472,856		(4,844	)		1		—		—		—
Total	$	3,519,907	$	(167,588	)		7	$	—	$	—		—

	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, 2019
U.S. Treasury securities	$	1,996,562	$	(253	)		1	$	1,002,031	$	(775	)		1
Corporate securities		999,818		(56	)		1		—		—			—
Agency mortgage-backed securities		750,058		(1,950	)		2		—		—			—
Total	$	3,746,438	$	(2,259	)		4	$	1,002,031	$	(775	)		1

	June 30		December 31
	2020		2019

Cost	$	502,484	$	—
Unrealized gain		22,959		—
Fair market value of equity securities	$	525,443	$	—

The primary cause for the increase in fair value of the Company’s equity securities portfolio for the six months ended June 30, 2020 was the overall increase in equity markets during the period.

The Company’s investment in certificates of deposit included $598,000 of brokered certificates of deposit as of June 30, 2020 and December 2019.

	June 30		December 31
	2020		2019

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:

	June 30		December 31
	2020		2019

U.S. Treasury bills	$	1,999,204	$	1,996,815
Certificates of deposit		200,000		200,000
Total short-term investments	$	2,199,204	$	2,196,815

XML 27 R16.htm IDEA: XBRL DOCUMENT

Unpaid Losses and Loss Adjustment Expenses

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Unpaid Losses and Loss Adjustment Expenses

NOTE 9 – UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES

	Six Months Ended June 30
	2020		2019

Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance	$	55,066,480	$	51,657,155
Less reinsurance recoverable on unpaid losses and loss adjustment expenses		14,725,855		9,531,602
Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance		40,340,625		42,125,553

Incurred losses and loss adjustment expenses:
Provision for insured events of current year		10,539,635		9,685,514
Development of insured events of prior years		226,656		527,880
Total incurred losses and loss adjustment expenses		10,766,291		10,213,394

Loss and loss adjustment expense payments:
Attributable to insured events of the current year		3,266,570		2,670,068
Attributable to insured events of prior years		8,769,575		10,978,401
Total payments		12,036,145		13,648,469

Reserve for unpaid losses and loss adjustment expenses at June 30 – net of reinsurance		39,070,771		38,690,478
Reinsurance recoverable on unpaid losses and loss adjustment expenses		15,806,548		11,139,312
Reserve for unpaid losses and loss adjustment expenses at June 30 – gross of reinsurance	$	54,877,319	$	49,829,790

XML 28 R17.htm IDEA: XBRL DOCUMENT

Contingencies

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Contingencies

NOTE 10 – CONTINGENCIES

XML 29 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
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 that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and provides insurance premium financing and membership association services through its other subsidiaries. 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 condensed consolidated 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 six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Quarterly condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2019 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: Investment securities, excluding long-term certificates of deposit, and short-term investments – 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 that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and provides insurance premium financing and membership association services through its other subsidiaries. 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 condensed consolidated 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 six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Quarterly condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2019 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: Investment securities, excluding long-term certificates of deposit, and short-term investments – 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 30 R19.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share Tables Abstract

Basic and diluted earnings per share calculation data

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019
Basic Loss Per Share
Net loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)

Weighted average shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021

Basic loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)

Diluted Loss Per Share
Net loss	$	(434,814	)	$	(276,677	)	$	(1,478,640	)	$	(947,751	)

Weighted average shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021
Diluted shares outstanding		5,305,742			5,306,938			5,306,231			5,307,021

Diluted loss per share	$	(0.08	)	$	(0.05	)	$	(0.28	)	$	(0.18	)

XML 31 R20.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2020

Property And Equipment

Property and Equipment

Property and equipment consist of the following:

	June 30			December 31
	2020			2019

Building and leasehold improvements located in Calabasas, California	$	8,411,541		$	8,411,541
Furniture, fixtures, and equipment		2,137,961			2,110,653
Computer software		459,899			459,899
Accumulated depreciation and amortization		(3,994,104	)		(3,617,381	)
Computer software under development		1,434,677			1,074,398
Land located in Calabasas, California		1,787,485			1,787,485
Property and equipment, net	$	10,237,459		$	10,226,595

XML 32 R21.htm IDEA: XBRL DOCUMENT

Fair Value Of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Of Financial Instruments

Fair value of financial instruments

	Level 1		Level 2		Level 3		Total
June 30, 2020
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	11,821,415	$	—	$	—	$	11,821,415
Corporate securities		—		46,342,723		—		46,342,723
Agency mortgage backed securities		—		26,049,263		—		26,049,263
Equity securities		525,443		—		—		525,443
Short-term investments		2,199,204		—		—		2,199,204
Total financial instruments at fair value	$	14,546,062	$	72,391,986	$	—	$	86,938,048

	Level 1		Level 2		Level 3		Total
December 31, 2019
Financial instruments:
Available-for-sale fixed maturities:
U.S. Treasury securities	$	15,235,332	$	—	$	—	$	15,235,332
Corporate securities		—		43,029,333		—		43,029,333
Agency mortgage backed securities		—		25,235,045		—		25,235,045
Short-term investments		2,196,815		—		—		2,196,815
Total financial instruments at fair value	$	17,432,147	$	68,264,378	$	—	$	85,696,525

XML 33 R22.htm IDEA: XBRL DOCUMENT

Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments Tables Abstract

Investment income

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

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019

Fixed maturities	$	509,324		$	550,841		$	1,051,731		$	1,094,536
Equity securities		4,890			—			6,332			—
Short-term investments and cash equivalents		8,193			9,904			19,914			36,458
Gross investment income		522,407			560,745			1,077,977			1,130,994
Less: investment expenses		(32,909	)		(30,000	)		(67,787	)		(67,619	)
Net investment income		489,498			530,745			1,010,190			1,063,375
Net realized investment gains (losses)		461			(4,512	)		1,575			(12,661	)
Net unrealized investment gains on equity securities		67,759			—			22,959			—
Net investment income, realized investment gains (losses) and unrealized investment gains on equity securities	$	557,718		$	526,233		$	1,034,724		$	1,050,714

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
June 30, 2020
Available-for-sale fixed maturities:
U.S. Treasury securities	$	11,480,647	$	340,768	$	—		$	11,821,415
Corporate securities		44,312,530		2,192,937		(162,744	)		46,342,723
Agency mortgage-backed securities		25,147,851		906,256		(4,844	)		26,049,263
Held-to-maturity fixed securities:
Certificates of deposits		798,000		—		—			798,000
Total fixed maturities	$	81,739,028	$	3,439,961	$	(167,588	)	$	85,011,401

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2019
Available-for-sale fixed maturities:
U.S. Treasury securities	$	15,105,795	$	130,564	$	(1,027	)	$	15,235,332
Corporate securities		41,953,378		1,076,012		(57	)		43,029,333
Agency mortgage-backed securities		24,943,238		293,757		(1,950	)		25,235,045
Held-to-maturity fixed securities:
Certificates of deposits		798,000		—		—			798,000
Total fixed maturities	$	82,800,411	$	1,500,333	$	(3,034	)	$	84,297,710

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 are shown below:

	June 30			December 31
	2020			2019

Gross unrealized gains on fixed maturities	$	3,439,961		$	1,500,333
Gross unrealized losses on fixed maturities		(167,588	)		(3,034	)
Net unrealized gains on fixed maturities		3,272,373			1,497,299
Deferred federal tax expense		(687,198	)		(314,433	)
Net unrealized gains, net of deferred income taxes	$	2,585,175		$	1,182,866

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

	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
June 30, 2020
Corporate securities	$	3,047,051	$	(162,744	)		6	$	—	$	—		—
Agency mortgage-backed securities		472,856		(4,844	)		1		—		—		—
Total	$	3,519,907	$	(167,588	)		7	$	—	$	—		—

	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, 2019
U.S. Treasury securities	$	1,996,562	$	(253	)		1	$	1,002,031	$	(775	)		1
Corporate securities		999,818		(56	)		1		—		—			—
Agency mortgage-backed securities		750,058		(1,950	)		2		—		—			—
Total	$	3,746,438	$	(2,259	)		4	$	1,002,031	$	(775	)		1

Summary of equity investments

	June 30		December 31
	2020		2019

Cost	$	502,484	$	—
Unrealized gain		22,959		—
Fair market value of equity securities	$	525,443	$	—

Summary of state held deposits

	June 30		December 31
	2020		2019

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:

	June 30		December 31
	2020		2019

U.S. Treasury bills	$	1,999,204	$	1,996,815
Certificates of deposit		200,000		200,000
Total short-term investments	$	2,199,204	$	2,196,815

XML 34 R23.htm IDEA: XBRL DOCUMENT

Unpaid Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2020

Unpaid Losses And Loss Adjustment Expenses

Loss and loss adjustment expense reserves

	Six Months Ended June 30
	2020		2019

Reserve for unpaid losses and loss adjustment expenses at January 1 – gross of reinsurance	$	55,066,480	$	51,657,155
Less reinsurance recoverable on unpaid losses and loss adjustment expenses		14,725,855		9,531,602
Reserve for unpaid losses and loss adjustment expenses at January 1 – net of reinsurance		40,340,625		42,125,553

Incurred losses and loss adjustment expenses:
Provision for insured events of current year		10,539,635		9,685,514
Development of insured events of prior years		226,656		527,880
Total incurred losses and loss adjustment expenses		10,766,291		10,213,394

Loss and loss adjustment expense payments:
Attributable to insured events of the current year		3,266,570		2,670,068
Attributable to insured events of prior years		8,769,575		10,978,401
Total payments		12,036,145		13,648,469

Reserve for unpaid losses and loss adjustment expenses at June 30 – net of reinsurance		39,070,771		38,690,478
Reinsurance recoverable on unpaid losses and loss adjustment expenses		15,806,548		11,139,312
Reserve for unpaid losses and loss adjustment expenses at June 30 – gross of reinsurance	$	54,877,319	$	49,829,790

XML 35 R24.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
Earnings Per Share (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Notes to Financial Statements
Loss per share - diluted	$ (0.08)		$ (0.05)		$ (0.28)	$ (0.18)
Loss per share - basic	$ (0.08)		$ (0.05)		$ (0.28)	$ (0.18)
Net loss	$ (434,814)	$ (1,043,826)	$ (276,677)	$ (671,074)	$ (1,478,640)	$ (947,751)
Weighted average shares outstanding - diluted	5,305,742		5,306,938		5,306,231	5,307,021
Weighted average shares outstanding - basic	5,305,742		5,306,938		5,306,231	5,307,021

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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XML 36 R25.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Property And Equipment Table Abstract
Office building and leasehold improvements	$ 8,411,541	$ 8,411,541
Furniture, fixtures, and equipment	2,137,961	2,110,653
Accumulated depreciation and amortization	(3,994,104)	(3,617,381)
Land located in Calabasas California	1,787,485	1,787,485
Computer software	459,899	459,899
Computer software under development	1,434,677	1,074,398
Net property and equipment	$ 10,237,459	$ 10,226,595

XML 37 R26.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Fair Value of Invested Assets (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fixed maturity investments available for sale:
U.S. treasury securities	$ 11,821,415	$ 15,235,332
Corporate securities	46,342,723	43,029,333
Agency mortgage-backed securities	26,049,263	25,235,045
Equity securities	525,443	0
Short-term investments, at fair value	2,199,204	2,196,815
Total financial instruments at fair value	86,938,048	85,696,525
Level 1
Fixed maturity investments available for sale:
U.S. treasury securities	11,821,415	15,235,332
Corporate securities	0	0
Agency mortgage-backed securities	0	0
Equity securities	525,443	0
Short-term investments, at fair value	2,199,204	2,196,815
Total financial instruments at fair value	14,546,062	17,432,147
Level 2
Fixed maturity investments available for sale:
U.S. treasury securities	0	0
Corporate securities	46,342,723	43,029,333
Agency mortgage-backed securities	26,049,263	25,235,045
Equity securities	0	0
Short-term investments, at fair value	0	0
Total financial instruments at fair value	72,391,986	68,264,378
Level 3
Fixed maturity investments available for sale:
U.S. treasury securities	0	0
Corporate securities	0	0
Agency mortgage-backed securities	0	0
Equity securities	0	0
Short-term investments, at fair value	0	0
Total financial instruments at fair value	$ 0	$ 0

XML 38 R27.htm IDEA: XBRL DOCUMENT

Investments - Investment Income And Realized Losses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Notes to Financial Statements
Investment income fixed maturities	$ 509,324	$ 550,841	$ 1,051,731	$ 1,094,536
Investment income from equity securities	4,890	0	6,332	0
Investment income short-term investments	8,193	9,904	19,914	36,458
Gross investment income	522,407	560,745	1,077,977	1,130,994
Investment expense	32,909	30,000	67,787	67,619
Investment income net of expenses	489,498	530,745	1,010,190	1,063,375
Net realized investment gains (losses)	461	(4,512)	1,575	(12,661)
Net unrealized investment gains on equity securities	67,759	0	22,959	0
Net investment income, realized invesetment gains (losses), and unrealized investment gains on equity securities	$ 557,718	$ 526,233	$ 1,034,724	$ 1,050,714

XML 39 R28.htm IDEA: XBRL DOCUMENT

Investments - Fixed Maturities by Categories (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Amortized cost, fixed maturities, available for sale	$ 80,941,028	$ 82,002,411
Estimated fair value, fixed maturities, available for sale	84,213,401	83,499,710
Amortized cost, fixed maturities, held to maturity	798,000	798,000
Estimated fair value, fixed maturities, held to maturity	798,000	798,000
U.S. treasury securities
Amortized cost, fixed maturities, available for sale	11,480,647	15,105,795
Gross unrealized gains, fixed maturities, available for sale	340,768	130,564
Gross unrealized losses, fixed maturities, available for sale	0	1,027
Estimated fair value, fixed maturities, available for sale	11,821,415	15,235,332
Corporate securities
Amortized cost, fixed maturities, available for sale	44,312,530
Gross unrealized gains, fixed maturities, available for sale	2,192,937
Gross unrealized losses, fixed maturities, available for sale	162,744
Estimated fair value, fixed maturities, available for sale	46,342,723
Agency mortgage-backed securities
Amortized cost, fixed maturities, available for sale	25,147,851
Gross unrealized gains, fixed maturities, available for sale	906,256
Gross unrealized losses, fixed maturities, available for sale	4,844
Estimated fair value, fixed maturities, available for sale	26,049,263
Certificates of deposit
Amortized cost, fixed maturities, held to maturity	798,000	798,000
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	798,000	798,000
Total fixed maturities
Fixed maturities, at amortized cost	81,739,028	82,800,411
Gross unrealized gains, fixed maturities	3,439,961	1,500,333
Gross unrealized losses, fixed maturities	167,588	3,034
Fixed maturities, at estimated fair value	$ 85,011,401	84,297,710
Corporate securities
Amortized cost, fixed maturities, available for sale		41,953,378
Gross unrealized gains, fixed maturities, available for sale		1,076,012
Gross unrealized losses, fixed maturities, available for sale		57
Estimated fair value, fixed maturities, available for sale		43,029,333
Agency mortgage backed securities
Amortized cost, fixed maturities, available for sale		24,943,238
Gross unrealized gains, fixed maturities, available for sale		293,757
Gross unrealized losses, fixed maturities, available for sale		1,950
Estimated fair value, fixed maturities, available for sale		$ 25,235,045

XML 40 R29.htm IDEA: XBRL DOCUMENT

Investments - Unrealized Gains (Losses) on Investments in Fixed Maturities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Notes to Financial Statements
Gross unrealized gains on fixed maturities	$ 3,439,961	$ 1,500,333
Gross unrealized losses on fixed maturities	(167,588)	(3,034)
Net unrealized gains on fixed maturities	3,272,373	1,497,299
Deferred federal tax expense	(687,198)	(314,433)
Net unrealized gains, net of deferred income taxes	$ 2,585,175	$ 1,182,866

XML 41 R30.htm IDEA: XBRL DOCUMENT

Investments - Securities in Unrealized Loss Position (Details)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Corporate securities
Fair value, less than 12 months	$ 3,047,051
Fair value, 12 months or longer	0
Gross unrealized losses, less than 12 months	162,744
Gross unrealized losses, 12 months or longer	$ 0
Number of securities in unrealized loss positions for less than 12 months	6
Number of securities in unrealized loss positions for 12 months or longer	0
Agency mortgage-backed securities
Fair value, less than 12 months	$ 472,856
Fair value, 12 months or longer	0
Gross unrealized losses, less than 12 months	4,844
Gross unrealized losses, 12 months or longer	$ 0
Number of securities in unrealized loss positions for less than 12 months	1
Number of securities in unrealized loss positions for 12 months or longer	0
Total fixed maturities
Fair value, less than 12 months	$ 3,519,907	$ 3,746,438
Fair value, 12 months or longer	0	1,002,031
Gross unrealized losses, less than 12 months	167,588	2,259
Gross unrealized losses, 12 months or longer	$ 0	$ 775
Number of securities in unrealized loss positions for less than 12 months	7	4
Number of securities in unrealized loss positions for 12 months or longer	0	1
U.S. treasury securities
Fair value, less than 12 months		$ 1,996,562
Fair value, 12 months or longer		1,002,031
Gross unrealized losses, less than 12 months		253
Gross unrealized losses, 12 months or longer		$ 775
Number of securities in unrealized loss positions for less than 12 months		1
Number of securities in unrealized loss positions for 12 months or longer		1
Corporate securities
Fair value, less than 12 months		$ 999,818
Fair value, 12 months or longer		0
Gross unrealized losses, less than 12 months		56
Gross unrealized losses, 12 months or longer		$ 0
Number of securities in unrealized loss positions for less than 12 months		1
Number of securities in unrealized loss positions for 12 months or longer		0
Agency mortgage backed securities
Fair value, less than 12 months		$ 750,058
Fair value, 12 months or longer		0
Gross unrealized losses, less than 12 months		1,950
Gross unrealized losses, 12 months or longer		$ 0
Number of securities in unrealized loss positions for less than 12 months		2
Number of securities in unrealized loss positions for 12 months or longer		0

XML 42 R31.htm IDEA: XBRL DOCUMENT

Investments - Equity Securities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Notes to Financial Statements
Equity securities, cost	$ 502,484	$ 0
Unrealized gain	22,959	0
Equity securities, at fair value	$ 525,443	$ 0

XML 43 R32.htm IDEA: XBRL DOCUMENT

Investments - State Held Deposits (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
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

XML 44 R33.htm IDEA: XBRL DOCUMENT

Investments - Short term invesmtments (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Notes to Financial Statements
Short-term U.S. treasury bills	$ 1,999,204	$ 1,996,815
Certificates of deposit	200,000	200,000
Total short-term investments	$ 2,199,204	$ 2,196,815

XML 45 R34.htm IDEA: XBRL DOCUMENT

Unpaid Losses And Loss Adjustment Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Insurance Loss Reserves [Abstract]
Gross reserves	$ 54,877,319	$ 49,829,790	$ 54,877,319	$ 49,829,790	$ 55,066,480	$ 51,657,155
Reinsurance recoverable on unpaid losses and loss adjustment expenses	15,806,548	11,139,312	15,806,548	11,139,312	14,725,855	9,531,602
Net reserves	39,070,771	38,690,478	39,070,771	38,690,478	$ 40,340,625	$ 42,125,553
Incurred losses and loss adjustment expenses
Current accident year			10,539,635	9,685,514
Prior accident years			226,656	527,880
Incurred losses and loss adjustment expenses	$ 4,888,906	$ 5,058,951	10,766,291	10,213,394
Paid losses and loss adjustment expenses
Current accident year			3,266,570	2,670,068
Prior accident years			8,769,575	10,978,401
Total payment losses and loss adjustment expenses			$ 12,036,145	$ 13,648,469

XML 46 R35.htm IDEA: XBRL DOCUMENT

Repurchase of Common Stock - Effects on Stockholders' Equity (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Notes to Financial Statements
Cost of common stock repurchase	$ 0	$ 2,121	$ 6,240	$ 2,121
Share repurchase allocated to paid in capital	0	(175)	(480)	(175)
Share repurchase allocated to retained earnings	$ 0	$ (1,946)	$ (5,760)	$ (1,946)
Shares repurchased and retired during period - shares	0	356	978	356
Repurchase of common stock previously authorized			500,000
Stock repurchase authority remaining	187,264		187,264		188,242

XML 47 R36.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative)	3 Months Ended		6 Months Ended
Property and Equipment (Details Narrative)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Property And Equipment Details Abstract
Square footage of building	46,884		46,884
Building square footage leased to non-alliliates	6,942		6,942
Building square footage available for lease	7,539		7,539
Depreciation and amortization	$ 188,638	$ 135,078	$ 376,723	$ 270,105
Calabasas building operating expenses including depreciation	182,937	198,507	373,034	355,296
Office building revenue from leases from non-affiliates	$ 36,070	$ 40,158	$ 89,360	$ 82,388

XML 48 R37.htm IDEA: XBRL DOCUMENT

Investments (Details Narrative)	3 Months Ended		6 Months Ended
Investments (Details Narrative)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Notes to Financial Statements
Security pledged as collateral - fair value	$ 725,047		$ 725,047		$ 0
Security pledged as collateral - cost	687,097		687,097		0
Brokered certificates of deposit	$ 598,000		$ 598,000		$ 598,000
Statutory deposits number of banks	3		3		3
Sold securities - amortized cost	$ 0	$ 2,498,104	$ 601,316	$ 2,997,098
Sold securities - realized gain (loss)	$ 1,114	$ (4,512)	$ 461	$ (12,661)
Sold securities - number	0	2	1	3
Called securities - number	2	1	2	1
Fixed maturity corporate security with significant decline in market value, market value	$ 758,250		$ 758,250
Fixed maturity corporate security with significant decline in market value, book value	$ 912,090		$ 912,090

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