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.
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.
United Fire Group, Inc. (Nasdaq: UFCS) reported estimated pre-tax catastrophe losses of $27 million for Q3 2022, significantly impacting the GAAP combined ratio by approximately 11.4 percentage points. The company faced challenges from Hurricane Ian, contributing $14 million to these losses. Additionally, ongoing inflation and volatile markets resulted in a projected GAAP combined ratio of 110% to 114%. A net loss per diluted share is estimated to be between $0.89 to $0.93, with an adjusted operating loss of $0.45 to $0.49 per diluted share.
United Fire Group (Nasdaq: UFCS) will release its 2022 third quarter earnings on November 2, 2022, after market close. An earnings call is scheduled for November 3, 2022, at 9:00 a.m. CT for analysts and shareholders. Investors can join the call via toll-free numbers and access the webcast on the company’s investor relations page. UFG, established in 1946, operates as a property and casualty insurer across the U.S., holding an 'A' rating from A.M. Best.
The Board of Directors of United Fire Group, Inc. (Nasdaq: UFCS) has declared a quarterly cash dividend of $0.16 per share, payable on September 16, 2022, to shareholders on record as of September 2, 2022. This marks the 218th consecutive quarterly dividend, reflecting UFG's long-standing commitment to returning value to shareholders since March 1968. UFG, established in 1946, operates as a property and casualty insurer across all 50 states and the District of Columbia, holding an A (Excellent) rating from A.M. Best.
United Fire Group (Nasdaq: UFCS) has announced the retirement of Executive Vice President and Chief Operating Officer Michael Wilkins, effective September 30, 2022. Wilkins, who has dedicated over four decades to UFG, is credited with significant contributions to the company's transformation into a national entity generating over $1 billion in annual revenue. Kevin Leidwinger has been appointed as the new President and CEO, effective August 22, succeeding Randy Ramlo. UFG continues to operate across all 50 states, maintaining a strong A.M. Best rating of 'A' (Excellent).
United Fire Group (Nasdaq: UFCS) reported a net loss of $10.5 million ($0.42 per diluted share) for Q2 2022, down from a net income of $13.8 million in Q2 2021. Year-to-date net income was $17.9 million ($0.70 per diluted share), compared to $32.5 million in 2021. Adjusted operating income for Q2 was $0.24 per diluted share, while year-to-date was $1.37. The GAAP combined ratio improved to 100.7% for Q2, showing a decrease in the net loss ratio. However, net investment losses totaled $20.9 million, a significant change from net gains of $6.0 million in Q2 2021.
United Fire Group (Nasdaq: UFCS) announced that its 2022 second quarter earnings results will be released on August 4, 2022, before the market opens. A teleconference will follow at 9:00 a.m. CT to discuss these results with analysts and shareholders. Participants can join via toll-free numbers or through the Company's investor relations page for a webcast. UFG, founded in 1946, operates as a property and casualty insurer in all 50 states and the District of Columbia, and holds an 'A' (Excellent) rating from A.M. Best Company.
