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.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Rating (ICR) of 'a' (Excellent) for United Fire Group (UFCS) and its property/casualty subsidiaries, indicating strong balance sheet strength. However, the outlook for these ratings is negative, reflecting execution risks in their strategic plan to enhance operational performance amidst competitive conditions. Key factors include solid risk-adjusted capitalization and diversified products, offset by variability in underwriting results and exposure to catastrophe events.
United Fire Group (Nasdaq: UFCS) has declared a quarterly cash dividend of $0.15 per share, to be paid on December 17, 2021, to shareholders of record as of December 3, 2021. This marks the company's 215th consecutive quarterly dividend, reflecting its strong commitment to returning value to shareholders since March 1968. UFG operates in the property and casualty insurance industry and is licensed in 50 states and the District of Columbia, maintaining a rating of A (Excellent) from A.M. Best Company.
United Fire Group reported a net loss of $9.6 million ($0.38 per diluted share) for Q3 2021, an improvement from a loss of $37.2 million in Q3 2020. Year-to-date, net income reached $22.9 million ($0.90 per diluted share), significantly up from a loss of $103.8 million in 2020. The GAAP combined ratio decreased to 109.7% from 124.4%. Despite lower net premiums earned, net investment income rose to $11.6 million, up from $7.2 million. The company declared a $0.15 per share dividend and repurchased 36,417 shares.
United Fire Group (Nasdaq: UFCS) reported a significant financial impact for Q3 2021, citing pre-tax catastrophe losses of $39.5 million, which contributed 16.5 percentage points to its GAAP combined ratio. The company estimates its combined ratio for the quarter will range from 108% to 112%, higher than the 10-year average of 9.2 percentage points. Forecasted losses are projected between $0.36 and $0.40 per diluted share. The results highlight the effect of 19 catastrophe events, particularly Hurricane Ida, exceeding the company's reinsurance retention of $20 million.
United Fire Group, Inc. (Nasdaq: UFCS) will release its third quarter earnings results on November 4, 2021, before market opening. A teleconference is scheduled for 9:00 a.m. CT for analysts and shareholders to discuss the results. Dial-in for the call is toll-free at 1-844-492-3723. The event will be archived until November 18, 2021, along with a webcast available on the company's investor relations page. Founded in 1946, UFG specializes in property and casualty insurance, holding an 'A' (Excellent) rating from A.M. Best Company.
United Fire Group (NASDAQ:UFCS) announced the resignation of Dawn M. Jaffray, Executive Vice President and CFO, effective October 10, 2021, as she moves to a new opportunity in the insurance sector. In response, UFG appointed Kevin W. Helbing and Randy L. Patten as Interim Co-CFOs while they search for a permanent replacement. Both interim CFOs possess extensive experience within UFG, contributing to a smooth transition of financial responsibilities. Jaffray's tenure included significant projects that enhanced UFG's standing in the industry.
United Fire Group (Nasdaq: UFCS) announced a quarterly cash dividend of $0.15 per share, payable on September 17, 2021 to shareholders on record as of September 3, 2021. This dividend marks the 214th consecutive quarter of dividend payments, continuing a tradition dating back to March 1968. UFG is a property and casualty insurer licensed in all 50 states and the District of Columbia, supported by around 1,000 independent agencies. The company holds an A (Excellent) rating from A.M. Best.
United Fire Group (Nasdaq: UFCS) reported a net income of $13.8 million ($0.54 per diluted share) for Q2 2021, up from $6.0 million ($0.24 per diluted share) in Q2 2020. Year-to-date, net income reached $32.5 million ($1.28 per diluted share), reversing a loss of $66.6 million in 2020. Adjusted operating income improved to $0.35 per diluted share for Q2 2021. Notably, net premiums earned decreased by 14.8% for Q2 and 9.1% year-to-date due to strategic non-renewals. The GAAP combined ratio improved to 100.8%, reflecting enhanced profitability, driven primarily by lower catastrophe losses and a decline in commercial auto liability losses.
United Fire Group (UFCS) will release its 2021 second quarter earnings on August 4, 2021, before market opening. A teleconference for discussing results will be held at 9:00 a.m. central time, with toll-free and international dial-in options provided. Archived audio will be available until August 18, 2021. UFG has been rated 'A' (Excellent) by A.M. Best and is licensed in all 50 states. For investor relations and further information, visit their official site.
United Fire Group, Inc. (UFCS) announced the election of three new Class C Directors during its 2021 Annual Meeting on May 19, 2021. Elected directors include Christopher R. Drahozal, Lura E. McBride, and George D. Milligan, each serving three-year terms. The meeting also marked the retirement of long-serving Chairman Jack B. Evans, with James W. Noyce succeeding him. Shareholders approved the 2021 Stock and Incentive Plan and ratified Ernst & Young LLP as the independent auditor for 2021.