AM Best Comments on Credit Ratings of Crusader Insurance Company and Its Parent, Unico American Corporation, Following Leadership Change Announcement

OLDWICK, N.J.--(BUSINESS WIRE)--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.

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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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