AM Best Comments on Credit Ratings of Crusader Insurance Company and Its Parent, Unico American Corporation, Following Leadership Change Announcement
AM Best has confirmed that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (ICR) of “bbb” for Crusader Insurance Company remain unchanged following the appointment of Michael Budnitsky as interim president and CEO, effective Feb. 11, 2021. The Long-Term ICR of Unico American Corporation (UNAM) also remains unchanged, although both ratings have a negative outlook. Budnitsky, who has been with Crusader since 2016, will continue in his role as CFO. AM Best does not anticipate immediate rating changes but will monitor the company's capitalization and strategic performance.
- Michael Budnitsky's extensive industry experience and history at Crusader since 2016.
- Retention of current CFO role, ensuring continuity in financial leadership.
- Negative outlook on the Credit Ratings indicating potential future challenges.
- Leadership change might create concerns about continuity in strategic direction.
AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Crusader Insurance Company are unchanged by the recent announcement regarding the appointment of Michael Budnitsky, on an interim basis, to the positions of president and CEO, effective Feb. 11, 2021. Concurrently, the Long-Term ICR of “bb” of Unico American Corporation (Unico) [NASDAQ: UNAM] remains unchanged. The outlook of these Credit Ratings (ratings) is negative. All companies are headquartered in Calabasas, CA.
AM Best acknowledges Mr. Budnitsky’s extensive industry experience and history at Crusader, having served in various roles since 2016. He will continue in his current role as chief financial officer, treasurer and secretary. AM Best does not foresee any immediate rating actions as a result of this leadership change. We will continue to monitor the company’s overall capitalization, underwriting performance and execution of strategic operating changes management is implementing.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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FAQ
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