Unico American Corporation Reports AM Best Rating of Crusader Insurance Company
Unico American Corporation (UNAM)
US:NASDAQ Investor Relations:
last10k.com/sec-filings/unam
Company Research
Source: Business Wire
CALABASAS, Calif.--(BUSINESS WIRE)-- Unico American Corporation (NASDAQ: UNAM) (“Unico” or the “Company”), announced today that on January 17, 2019, AM Best Company downgraded the Financial Strength Rating (“FSR”) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (“Long-Term ICR”) to “bbb+” from “a-” of Crusader Insurance Company (“Crusader”). The outlook of the FSR has been revised to stable from negative while the outlook of the Long-Term ICR remains negative. Crusader is a wholly owned subsidiary of Unico. “Crusader’s downgrade was not unexpected given Crusader’s disappointing performance in the recent years,” said Cary L. Cheldin, Unico’s President and Chief Executive Officer. “Nonetheless, I believe that our people have taken the actions needed to correct that performance, which may take additional time to materialize in our financial statements. Crusader’s balance sheet remains ve
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