Key Developments For Unico American Corporation
Unico American Corporation (UNAM.O) (Consolidated Issue listed on NASDAQ Global Market)
CORRECTION OFFICIAL - Unico American Corp. Declares Cash Dividend of $0.18 per Common Share
CORRECTED TO READ....... ex-dividend date of April 7, 2009, INSTEAD OF April 8, 2009, IN THE BODY Unico American Corp. announced that its Board of Directors has declared a cash dividend of $0.18 per common share. The dividend is payable on May 1, 2009, to shareholders of record on April 10, 2009, with an ex-dividend date of April 8, 2009.
Unico American Corp. Announces New Chairman Of Board
Unico American Corp. announced that it has elected Cary L. Cheldin as Chairman of the Board, President and Chief Executive Officer, effective April 1, 2009. Cary Cheldin replaces Erwin Cheldin, who will retire on April 1 as Chairman, Chief Executive Officer and President and will remain on the Board.
Unico American Corp. Approves Additional Repurchase Of 500,000 Shares
Unico American Corp. announced that on December 19, 2008, its Board of Directors authorized a stock repurchase program to acquire up to 500,000 shares of its outstanding common stock. This stock repurchase program is in addition to the stock repurchase program previously adopted by the Company under which it presently has remaining authority to repurchase approximately 17,000 shares. The timing of repurchases will be dependent upon several factors, including the market price of the Company's securities, the Company's capital position, consideration of the effect of any repurchases on the Company's financial strength or ratings, and other corporate considerations. The repurchase program may be modified, extended or terminated by the Board of Directors at any time. The Company plans to repurchase shares from time to time in the open market and through negotiated private transactions, subject to market and other conditions. It is anticipated that all repurchased shares will be retired.
Unico American Corp. Lowers FY 2001 Guidance
Unico American Corp. announced that it expects to report a significant net loss for the fourth quarter and for the year ended December 31, 2001. Unico American Corporation added that Crusader Insurance Company subsidiary, unit of Unico American, will increase its estimates for prior years' losses by approximately $9,200,000 in the fourth quarter ended December 31, 2001. Adverse development of prior years' losses increased from approximately $10 million as of September 30, 2001, to approximately $19.3 million as of December 31, 2001. The Company's results of operations for the quarter ended and year ended December 31, 2001, have been negatively impacted by higher than anticipated claim costs, mostly attributed to business outside of California (primarily from liquor liability and premises liability claims) and from continued losses due to the impact of changes in California case law that expanded coverage and increased loss exposure beyond what was originally contemplated by the Company (i.e., primarily on construction defect claims for losses occurring in or prior to its revision of its policy forms in 1995 and on habitability claims arising from apartment house policies).
Unico American Corp. Announces Additional Share Repurchase
Unico American Corp. announced that its Board of Directors has authorized the repurchase of an additional 315,000 shares bringing the total shares authorized to be repurchased to an aggregate of 945,000 shares. The number of shares repurchased to date is 555,900.
