United Fire Group Inc. - UFCS STOCK NEWS

United Fire Group (UFCS) reported strong Q3 2024 results with net income increasing to $19.7 million ($0.76 per share) from $6.4 million year-over-year. Key highlights include a 23% increase in net premiums written to $305.6 million, a 49% rise in net investment income to $24.5 million, and an improved GAAP combined ratio of 98.2%. The company achieved significant growth in core commercial business with average renewal premium increases exceeding 12% and rate increases of 11.2%. Book value per share increased to $31.01, and the underlying loss ratio improved to 57.9%, reflecting stronger core performance and lower catastrophe losses.

United Fire Group (UFG) (Nasdaq: UFCS) has announced its 2024 third quarter earnings call schedule. The earnings results will be released after market close on Tuesday, November 5, 2024. An earnings call will follow on Wednesday, November 6, 2024, at 9:00 a.m. central time.

Interested parties can join the teleconference using the toll-free number 1-844-492-3723 (international: 1-412-542-4184). The call will be archived for digital replay until November 13, 2024. A webcast of the teleconference will be available on UFG's investor relations page, and a transcript will be posted on the company's website after the call.

UFG, founded in 1946, is a property and casualty insurer licensed in 50 states and the District of Columbia, represented by about 1,000 independent agencies. A.M. Best Company rates UFG's insurance subsidiaries as 'A-' (Excellent).

United Fire Group (Nasdaq: UFCS) has declared a quarterly cash dividend of $0.16 per share on its common stock. The dividend will be paid on September 13, 2024, to shareholders of record as of August 30, 2024. This marks the 226th consecutive quarterly dividend paid by UFG, demonstrating a long-standing commitment to shareholder returns dating back to March 1968. The consistent dividend payment highlights UFG's financial stability and dedication to providing regular income to its investors over the past 56 years.

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) for the property/casualty subsidiaries of United Fire Group, Inc. (UFG) [NASDAQ: UFCS]. The outlook for these ratings is stable. The ratings reflect United Fire & Casualty Group's very strong balance sheet strength, marginal operating performance, neutral business profile, and appropriate enterprise risk management.

The stable outlook is based on AM Best's expectation of stabilization in the group's operating performance and balance sheet strength. The group benefits from a well-established position in core markets, offering diversified commercial lines products. However, it remains exposed to potential catastrophe and weather-related losses.

United Fire Group (UFCS) reported a net loss of $2.7 million ($0.11 loss per diluted share) for Q2 2024. Key highlights include:

- Net premiums written increased 9.0% to $326.1 million
- Net investment income rose 59.2% to $18.0 million
- GAAP combined ratio improved 27.4 points to 105.6%
- Underlying combined ratio improved 4.8 points to 94.4%

The company faced challenges, including a $3.2 million pre-tax charge for an estimated contingent liability related to rating errors. Despite this, UFG saw improvements in underlying profitability and continued premium growth. The company remains focused on executing its strategic business plan to drive further performance improvements.

UFCU (University Federal Credit Union) has launched its innovative Mobile Branch, the first of its kind in Central Texas, aimed at enhancing financial inclusion and access to services for underbanked communities. The mobile branch will provide financial products, services, education, and community support directly to areas with banking presence. This initiative addresses the needs of an estimated 24% of Texas households that are unbanked or underbanked.

The UFCU Mobile Branch offers a wide range of services, including ATM access, account set-up, instant-issue debit cards, loan applications, and educational seminars. By partnering with community organizations, UFCU aims to better understand and serve the unique needs of these communities. The mobile branch will also support disaster recovery efforts and participate in community events, demonstrating UFCU's commitment to fostering strong relationships with its members and partners.

United Fire Group (UFG) (Nasdaq: UFCS) has announced its upcoming 2024 second quarter earnings call. The company will release its Q2 2024 earnings results after market close on Tuesday, August 6, 2024. The earnings call is scheduled for Wednesday, August 7, 2024, at 9:00 a.m. central time.

Interested parties can join the teleconference using the toll-free number 1-844-492-3723 (international: 1-412-542-4184). A digital replay will be available until August 14, 2024. The call will also be webcast and archived on UFG's investor relations page. UFG, founded in 1946, is a property and casualty insurer licensed in 50 states and the District of Columbia, with an A.M. Best rating of 'A-' (Excellent).

AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) to United Fire Group's (UFG) $70 million senior unsecured notes, due May 31, 2039, with a 9% interest rate. The outlook is stable. The rating agency also withdrew the indicative rating on previously forthcoming debt following issuance confirmation. UFG's current ratings and those of its subsidiaries remain unchanged. Financial leverage and EBIT coverage are within acceptable ranges, with expectations for stable cash flow, capitalization, and operating results in the near term.

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.