Unico American Reports Share Repurchase

Mon. August 24, 2009; Posted: 12:31 AM

Aug 23, 2009 (Close-Up Media via COMTEX) -- UNAM | Quote | Chart | News | PowerRating -- Unico American Corp., an insurance holding company that, through its subsidiaries, including Crusader Insurance Company, offers a variety of property and casualty insurance products and services, announced that it acquired 130,270 shares of its common stock in a single private unsolicited negotiated transaction with an unrelated party at a cost of approximately $1,182,851.

As previously discussed, under several programs, beginning in the year 2000, the Company may repurchase up to 1,445,000 shares of common stock. The programs have no expiration date and may be terminated by the Board of Directors at any time. Including a market purchase of 431 shares since the end of the second quarter, there is currently remaining an aggregate of 374,903 common shares authorized to be repurchased under these programs.

Under the Company's share repurchase programs, Unico common stock may be purchased, from time to time, in privately negotiated transactions or in the open market, in compliance with the SEC's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors.

"Our recent share repurchase activity, including this latest purchase, reflects continued confidence in Unico's future prospects and the adequacy of our business and capital structure," said Cary Cheldin, CEO of Unico. "In addition, we believe Unico stock purchased at this price represented an attractive opportunity to deploy this capital in a way that will benefit shareholders," he added.

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