AM Best Downgrades Issuer Credit Rating of Crusader Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Crusader Insurance Company (Crusader). The outlook of the Long-Term ICR has been revised to stable from negative while the outlook of the FSR remains stable. Concurrently, AM Best has downgraded the Long-Term ICR to “bb” from “bb+” of Crusader’s parent company, Unico American Corporation (Unico) [NASDAQ: UNAM]. The outlook of this Credit Rating (rating) has been revised to stable from negative. All companies are headquartered in Calabasas, CA.