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 (UFG) (NASDAQ: UFCS), a property and casualty insurance holding company, announced the completion of a $70 million senior unsecured notes placement. The 9.0% notes, due May 31, 2039, were issued in a private offering led by Ares Management Credit funds. The proceeds will support UFG's anticipated growth and general corporate purposes. UFG President and CEO Kevin Leidwinger expressed satisfaction with the capital raise, emphasizing its alignment with the company's long-term growth strategies. Stonybrook Capital served as UFG's exclusive financial advisor for the offering.
Jeff Hughes from Ares Credit Group highlighted the investment's fit within their focus on creative and flexible private credit solutions. The Ares Alternative Credit strategy, managing approximately $36.5 billion in assets, focuses on various asset-based credit investments.
United Fire Group (Nasdaq: UFCS) announced the election of four Class C Directors at its Annual Meeting of Shareholders on May 15, 2024. The newly elected directors are Mark A. Green, Christopher R. Drahozal, Lura E. McBride, and George D. Milligan, each to serve a three-year term expiring in 2027. Additionally, shareholders ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for 2024 and approved the compensation of the company's named executive officers.
United Fire Group (Nasdaq: UFCS) announced a quarterly cash dividend of $0.16 per share. This dividend will be payable on June 14, 2024, to shareholders of record as of May 31, 2024. UFG has a notable history of paying quarterly dividends, with this announcement marking the 225th consecutive quarterly dividend since March 1968.
United Fire Group, Inc. reported a net income of $13.5 million ($0.52 per diluted share) and adjusted operating income of $0.56 per diluted share for the first quarter of 2024. The company saw growth in net premiums written, with a 17.6% increase compared to the first quarter of 2023. Additionally, the GAAP combined ratio improved to 98.9%, with a loss ratio of 64.0% and an underwriting expense ratio of 34.9%. Net investment income increased by 28.5% to $16.3 million. Book value per common share increased to $29.13 as of March 31, 2024.
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