|[November 16, 2012]
Unico American Corporation Issues Statement Regarding Biglari Holdings
WOODLAND HILLS, Calif. --(Business Wire)--
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 engag 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.
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