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 (UFCS) provides property and casualty insurance through independent agents across multiple states. This news hub delivers official updates and analysis for stakeholders tracking the company's commercial lines, personal insurance offerings, and reinsurance strategies.
Access timely UFCS press releases covering earnings results, leadership appointments, product innovations, and regulatory developments. Our curated collection enables investors to monitor underwriting performance while analysts can assess market positioning within the competitive insurance sector.
Key updates on risk management practices, regional expansion initiatives, and actuarial developments are maintained here. Bookmark this page for verified information about UFCS operations, financial health, and strategic partnerships – essential for understanding this established insurer's evolving market role.
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.
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.
