United Fire Group Inc. - UFCS STOCK NEWS

United Fire Group, Inc. (Nasdaq: UFCS) will release its 2023 Q1 earnings results after the market closes on May 8, 2023. A teleconference for discussing these results is scheduled for May 9, 2023, at 9:00 a.m. CT, allowing analysts and shareholders to engage with management. Interested participants can access the call by dialing 1-844-492-3723 (international: 1-412-542-4184) and can replay the event until May 16, 2023, using access code 5329011. The teleconference will also be available as a webcast on the company's investor relations page. Founded in 1946, UFG offers property and casualty insurance across all 50 states and is rated 'A' (Excellent) by A.M. Best.

United Fire Group (Nasdaq: UFCS) announced the declaration of a quarterly cash dividend of $0.16 per share, payable on March 24, 2023, to shareholders of record as of March 10, 2023. This marks the company's 220th consecutive quarterly dividend, a streak dating back to March 1968. UFG, established in 1946, operates as a property and casualty insurer across all 50 states and the District of Columbia, serving approximately 1,000 independent agencies. The company holds an A, Excellent.

United Fire Group, Inc. (Nasdaq: UFCS) reported its fourth quarter 2022 financial results, showing a net income of $20.1 million or $0.79 per diluted share, with an adjusted operating income of $0.18 per diluted share. Total net premiums written rose 6.3% year-over-year. The company's GAAP combined ratio was 103.6%, primarily due to catastrophe losses of 4.9% and unfavorable reserve development. For the full year, net income decreased to $15.0 million ($0.59 per diluted share), with a combined ratio of 101.4%. Book value per share rose 5.5% to $29.36 compared to the previous quarter. Investment income dropped by 19.4% compared to 2021.

United Fire Group, Inc. (Nasdaq: UFCS) announced its 2022 fourth quarter earnings results will be released after the market closes on February 15, 2023. A teleconference for analysts and shareholders is scheduled for February 16, 2023, at 9:00 a.m. central time, allowing for a detailed discussion of the results. Dial-in information includes a toll-free number, and the event will be archived for digital replay until February 23, 2023. Founded in 1946, United Fire specializes in property and casualty insurance, licensed in all 50 states and the District of Columbia with a rating of 'A' (Excellent) from A.M. Best Company.

United Fire Group Inc. (UFCS) announced the retirement of Kyle D. Skogman from its board of directors effective after the annual meeting on May 17, 2023. Skogman has been a board member since 2000 and served as vice chairman since 2021. His retirement aligns with company bylaws requiring directors to resign upon reaching age 72. Board Chairman Jim Noyce praised Skogman's 22 years of service, highlighting his contributions and leadership. Following Skogman’s retirement, the board will consist of 11 members. UFG is a property and casualty insurance provider operating in all 50 states and the District of Columbia.

United Fire Group (Nasdaq: UFCS) has appointed Julie Stephenson as its new executive vice president and chief operating officer, effective January 30, 2023. She succeeds Michael Wilkins, who retired in September 2022. Stephenson brings over 25 years of insurance industry experience, previously serving at Swiss Re, CNA Insurance, and Chubb Insurance. UFG's CEO Kevin Leidwinger expressed confidence in her leadership abilities and cultural fit. Stephenson will oversee the company's operational performance and strategic growth initiatives.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (ICR) of 'a' (Excellent) for United Fire Group, Inc. (UFCS) and its property/casualty subsidiaries. Despite the strong balance sheet and adequate operating performance, the outlook remains negative due to execution risks in strategic plans and exposure to catastrophic events. Furthermore, adverse reserve development in certain liability lines presents challenges. These ratings signal solid capitalization and financial flexibility amidst competitive market conditions.

On November 18, 2022, United Fire Group, Inc. (Nasdaq: UFCS) declared a quarterly cash dividend of $0.16 per share, payable on December 16, 2022, to shareholders of record as of December 2, 2022. This marks the 219th consecutive quarterly dividend since March 1968, showcasing the company's stable financial performance. UFG is a prominent property and casualty insurer, licensed in all 50 states and rated 'A' (Excellent) by A.M. Best Company, reflecting robust operational resilience and commitment to delivering value to shareholders.

United Fire Group, Inc. (Nasdaq: UFCS) reported a third-quarter net loss of $23.0 million, or $0.91 per diluted share, along with a non-GAAP adjusted operating loss of $0.47 per diluted share for the period ending September 30, 2022. Net premiums earned were stable, but premiums written rose by 9.1%. The GAAP combined ratio was 111.7%, influenced by catastrophe losses from Hurricane Ian and unfavorable reserve developments. Book value per share fell by 20.6% to $27.82, reflecting significant unrealized losses and dividends. The firm remains focused on improving profitability and reducing volatility.