Unico American Profit Falls 33% for Quarter

Unico American Corp., a Woodland Hills-based insurance company, said its fiscal third-quarter profit fell 33% from a year earlier on a 9% drop in revenue.

In the three months ended Dec. 31, Unico’s net income fell to $733,000 from $1.1 million a year earlier, while its revenue fell to $6.65 million from $7.33 million.

Unico, whose principal unit is Crusader Insurance, said the lower earnings reflected a drop in investment income and the cost of buying additional reinsurance for catastrophes. As previously announced, Unico recently doubled its catastrophe reinsurance coverage, to $10 million.

For the first nine months of its fiscal year, Unico lost $7.5 million, compared to year-earlier earnings of $3.1 million, and its nine-month revenue fell 6%, to $19.6 million from $20.9 million.