Unico American Corporation Issues Statement Regarding Biglari Holdings

  Unico American Corporation Issues Statement Regarding Biglari Holdings

Business Wire

WOODLAND HILLS, Calif. -- November 16, 2012

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 engage 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.

Contact:

Unico American Corporation
Lester A. Aaron
Chief Financial Officer
818-591-9800
 
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