Unico American Corporation (NASDAQ:UNAM)(“Unico,” the “Company”) announced today its engagement of Insurance Systems Inc., of Ontario, Canada, (“ISI”) to deploy a new policy administration system for its Crusader Insurance Company subsidiary as well as to support its other subsidiary operations. Unico plans to implement ISI Enterprise as its core operating system.
“ Implementation and configuration work has been underway and everything is looking good,” said Cary Cheldin, Unico’s Chairman and Chief Executive Officer. He added, “ We considered dozens of other vendors but we selected ISI because we felt that they would be remarkably more professional and capable. We look forward to working with them towards a fully web-enabled platform and the replacement of our legacy system, which should occur over the next several years.”
“ We are very pleased to have been selected by Unico as its core system partner,” said Terry Neilson, President and CEO of ISI, “ Unico has a strong history of providing outstanding service and innovative products, and we feel that ISI Enterprise will support the company in continuing to strengthen these efforts.”
Founded in 1997, ISI and its team of insurance professionals are dedicated to developing and implementing innovative software products for the property and casualty insurance industry. ISI’s strategic product, ISI Enterprise, is intended to be a fully-integrated, browser-based property and casualty insurance policy administration suite which features modules that enable insurance companies to run all aspects of their business more effectively, including core processing functions such as policy administration, claims, billing, accounting and reinsurance, as well as various supporting sub-systems such as rating, document production, CRM, workflow and reporting. Headquartered in Toronto, Canada, the company has a vast client base of diverse property and casualty insurers. For more information about ISI, visit www.insurancesystems.com.Unico is 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 insurer subsidiary, Crusader Insurance Company, since 1985. For more information about Crusader, visit 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,” “believe,” “expect,” “intend,” “looking,” “pleased,” “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.
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