Unico American Corporation Reports Third Quarter 2016 Financial Results
By a
Stockholders' equity was
"We are disappointed with our third quarter results," said
"Although most of the third quarter loss can be attributed to statistical aberration, it gave us new information specifically related to first-party property claims and to certain liability claims. Our management team reacts immediately whenever presented with new information, as we did in this case. Of the amount of losses and loss adjustment expenses that was higher than expected, about 49% came from prior accident year development in only one particular sector of liability claims, a sector where we are significantly raising rates and changing rules; and, approximately 37% came from current year first-party property claims, which management considers being a statistical aberration because our overall year-to-date loss ratio from that sector, including those losses, remains good."
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