Welcome to our dedicated page for United Fire Group news (Ticker: UFCS), a resource for investors and traders seeking the latest updates and insights on United Fire Group stock.
United Fire Group, Inc. reports developments tied to its property and casualty insurance business, which writes coverage through insurance company subsidiaries and independent agencies. UFG's recurring updates center on commercial lines production, renewal pricing, retention, new business, assumed reinsurance, catastrophe losses, prior-year reserve development and underwriting profitability measured through the combined ratio.
Company news also covers quarterly earnings calls, net investment income from the insurance portfolio, book value measures, common-stock dividends and credit-rating actions affecting United Fire & Casualty Group and the holding company. The company was founded in 1946 as United Fire & Casualty Company and is licensed as a property and casualty insurer across the United States and the District of Columbia.
United Fire Group, Inc. (Nasdaq: UFCS) announced the election of four Class A Directors and one Class C Director at its 2020 Annual Meeting held on May 20, 2020. The newly elected directors will serve three-year terms, while Lura E. McBride will fill a remaining term expiring in 2021. Additionally, Barrie W. Ernst will retire as Chief Investment Officer effective June 30, 2020, with Robert F. Cataldo succeeding him. Several new officer elections were also announced, enhancing the company's leadership structure.
The Board of Directors of United Fire Group, Inc. (Nasdaq: UFCS) has declared a quarterly cash dividend of $0.33 per share, payable on June 19, 2020, to shareholders on record by June 5, 2020. Founded in 1946, UFG operates in the property and casualty insurance sector and is licensed in 46 states plus D.C. The company, which has an A (Excellent) rating from A.M. Best, focuses on providing robust insurance solutions through its subsidiaries and approximately 1,000 independent agencies.
United Fire Group reported a net loss of $72.5 million ($2.90 per diluted share) for Q1 2020, a stark contrast to the net income of $44.5 million ($1.74 per diluted share) in Q1 2019. The loss stemmed mainly from a significant drop in equity securities value and heightened loss severity. Adjusted operating income fell to $0.05 per share from $0.91. The GAAP combined ratio rose to 105.2%, reflecting rising catastrophe losses. Despite challenges, net premiums earned increased by 2.5%, primarily due to rate hikes, although net investment income plummeted to $2.4 million from $16.5 million the previous year.