Welcome to our dedicated page for Unico America news (Ticker: UNAM), a resource for investors and traders seeking the latest updates and insights on Unico America stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Unico America's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Unico America's position in the market.
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.
Unico American Corporation (NASDAQ:UNAM) reported significant financial losses for Q3 and the first nine months of 2020. The company posted a net loss of $17.9 million for Q3 2020, translating to a diluted loss per share of $3.38, compared to a net income of $212,467 in Q3 2019. For the nine-month period, the net loss reached $19.4 million. Despite a slight increase in gross written premium driven by its Transportation vertical, overall performance was hampered by increased loss reserves and a decline in net investment income.
Unico American Corporation (NASDAQ: UNAM) reported a net loss of $434,814 ($0.08 per share) for Q2 2020, up from a loss of $276,677 ($0.05 per share) in Q2 2019. For the six months ended June 30, 2020, losses increased to $1,478,640 ($0.28 per share) compared to $947,751 ($0.18 per share) in the prior year. Gross written premiums for Q2 fell by 7% to $8,781,127, attributed mainly to COVID-19 impacts. However, gross written premiums for the six-month period slightly increased by 0% to $17,988,013. Despite challenges, management emphasized a renewed focus on improving underwriting and claims management.
Unico American Corporation (NASDAQ: UNAM) reported a net loss of $434,814 ($0.08 diluted loss per share) for Q2 2020, compared to a net loss of $276,677 ($0.05 diluted loss per share) in Q2 2019. For the first half of 2020, the company reported a net loss of $1,478,640 ($0.28 diluted loss per share), compared to a net loss of $947,751 ($0.18 diluted loss per share) for the same period in 2019. Factors negatively affecting performance included a decrease in gross written premium by 7% and net investment income down by 8% due to COVID-19 impacts.
The total gross written premium for H1 2020 was $17,988,013, nearly unchanged from last year.
Unico American Corporation (NASDAQ:UNAM) has announced a new $5 million share repurchase program effective immediately, replacing its previous plan. The buyback will be executed through various methods including open market purchases and private negotiations, subject to price, market conditions, and compliance with regulations. The Company plans to utilize cash on hand for these repurchases. This move aims to enhance shareholder value, though the program does not obligate the company to repurchase shares.
Unico American Corporation (NASDAQ:UNAM) has announced a new $5 million share repurchase program effective immediately, replacing the previous program. The buyback aims to enhance shareholder value and will be funded from cash on hand. The actual timing and number of shares repurchased will depend on market conditions and corporate regulations. The board retains the right to amend or discontinue the program at any time. This strategic move reflects Unico's commitment to returning capital to shareholders amidst current market dynamics.
Unico American Corporation (NASDAQ:UNAM) announced the immediate retirement of Cary Cheldin as President and CEO, along with his resignation from the Board of Directors. Cheldin has served since April 2009 and contributed significantly over his 40-year tenure. The Board has appointed Ron Closser, with extensive insurance experience, as Interim President, CEO, and acting Chair. Closser emphasized a strong commitment to improving shareholder value through strategic initiatives. A search for a permanent CEO is underway.
Unico American Corporation (NASDAQ:UNAM) announced the retirement of Cary Cheldin as President and CEO, effective immediately. Cheldin had served in these positions since April 1, 2009. The Board expressed gratitude for his contributions and will initiate a search for a new President and CEO. Ron Closser, appointed as Interim President and CEO, brings over 40 years of insurance experience and plans to enhance shareholder value through improved operational strategies.
