UNICO AMERICAN CORP: going-concern / distress — Insurance Commissioner petitions to conserve Crusader Insurance, Unico American's main subsidiary

UNICO AMERICAN CORP

On May 31, 2023, California Insurance Commissioner filed to take control of Crusader Insurance, Unico American's principal operating subsidiary.
Commissioner asserts Crusader is in hazardous financial condition based on March 31, 2023 statutory statements and actuarial reports.
Upon court order, the Commissioner will take control of Crusader, suspending powers of its directors, officers, and managers.
Crusader has been under regulatory supervision since September 2021 and ceased writing new policies; no other active subsidiaries as of May 31, 2023.
Proposed order names Joseph Holloway as Deputy Conservator to manage Crusader.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

UNICO AMERICAN CORP entered receivership in Superior Court of California, Los Angeles County, Central District (petition 2023-05-31).

Proceeding: receivership
Court: Superior Court of California, Los Angeles County, Central District
Petition: 2023-05-31

Exact text from the filing

the Insurance Commissioner of the State of California (the “Commissioner”) filed a Verified Petition For Order Appointing the Insurance Commissioner as the Conservator of the principal operating subsidiary of the Company, Crusader Insurance Company (“Crusader”) on May 31, 2023 (the “Petition”).

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Source: SEC EDGAR

accession 0001654954-23-007581

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