Unico American Corporation (NASDAQ:UNAM) (“Unico,” the “Company”), announced today that it has received inquiries and concerns from a number of its shareholders, the media and members of the general public about information contained in the Schedule 13D form filed by Sardar Biglari for Biglari Holdings Inc., with the U.S. Securities and Exchange Commission earlier this week.
In the interest of continuing its tradition of providing complete, unambiguous and timely disclosure to the public, Unico’s management elected to issue this announcement.
Unico’s management and its Board of Directors did not receive any tangible or credible proposal or description about “ways of maximizing shareholder value” with respect to Unico from Sardar Biglari, Biglari Holdings Inc., or any representative thereof. Also, Unico’s management and its Board of Directors did not share any substantive communication with Sardar Biglari, Biglari Holdings Inc., or any representative thereof.
Except as required by law, Unico’s management and its Board of Directors does not engage in substantive private communications that might reasonably be characterized as containing insider information unless it has first established a nondisclosure agreement that is acceptable to it. Unico has not received an acceptable nondisclosure agreement from Sardar Biglari, Biglari Holdings Inc., or any representative thereof.
Headquartered in Woodland Hills, California, Unico is an insurance holding company that underwrites property and casualty insurance through its insurance company subsidiary; provides property, casualty, and health insurance through its agency subsidiaries; and through its other subsidiaries provides insurance premium financing and membership association services. Unico has conducted the majority of its operations through its subsidiary Crusader Insurance Company since 1985. For more information concerning Crusader Insurance Company, please visit Crusader’s Web site at www.crusaderinsurance.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained herein that are not historical facts are forward-looking. These statements, which may be identified by forward-looking words or phrases such as “anticipate,” “appears,” “believe,” “expect,” “intend,” “may,” “should,” and “would,” involve risks and uncertainties, many of which are beyond the control of the Company. Such risks and uncertainties could cause actual results to differ materially from these forward-looking statements. Factors which could cause actual results to differ materially include underwriting actions not being effective, rate increases for coverages not being sufficient, premium rate adequacy relating to competition or regulation, actual versus estimated claim experience, regulatory changes or developments, unforeseen calamities, general market conditions, and the Company’s ability to introduce new profitable products.