United Fire Group Inc. - UFCS STOCK NEWS

United Fire Group (Nasdaq: UFCS) has appointed Eric J. Martin as the new Chief Financial Officer, effective April 18, 2022. Martin brings over 29 years of experience in the financial sector, most recently serving at Transamerica. His extensive background includes leadership roles such as Chief Operating Officer and Senior Vice President. The appointment follows a comprehensive search for qualified candidates, and Randy A. Ramlo, President and CEO, expressed excitement about Martin joining the management team.

United Fire Group, Inc. (Nasdaq: UFCS) announced the appointment of Mark Green and Matthew Foran as new independent directors to its Board, effective February 18, 2022. Green, with a strong background in insurance, previously held executive roles at Kemper Corporation and Allstate. Foran, co-founder of Stoic Lane, Inc., brings significant experience in insurance technology. Both will stand for shareholder election at the Annual Meeting on May 18, 2022. Additionally, several individuals were appointed as assistant vice presidents, strengthening the company's leadership team.

United Fire Group announced the retirement of CEO Randy Ramlo effective October 31, 2022, after 15 years in the role. Ramlo joined UFG in 1984 and has been pivotal in the company's growth and strategic direction. He will remain until a successor is appointed and will assist in the transition process.

UFG, founded in 1946, specializes in property and casualty insurance, operating in all 50 states and Washington, D.C. The company is rated 'A' (Excellent) by A.M. Best.

The Board of Directors of United Fire Group (UFCS) has declared a quarterly cash dividend of $0.15 per share, payable on March 18, 2022, to shareholders of record as of March 4, 2022. This marks the company's 216th consecutive quarterly dividend since its inception in March 1968. UFG, founded in 1946, specializes in property and casualty insurance across the United States and has received an A (Excellent) rating from A.M. Best Company.

United Fire Group (Nasdaq: UFCS) reported strong financial results for Q4 and the full year 2021. Net income for Q4 reached $57.7 million ($2.28 per share), recovering from a loss of $8.9 million in Q4 2020. For the full year, net income was $80.6 million ($3.16 per share), compared to a significant loss of $112.7 million in 2020. The combined ratio improved to 83.1% in Q4, marking the lowest in over 14 years. Despite a strategic focus leading to an 8.9% decrease in net premiums earned, the company achieved an average renewal pricing increase of 6.4% for the year. Overall, UFG saw positive trends in profitability and reserve development.

United Fire Group (UFCS) announces the retirement of Neal Scharmer, Vice President, General Counsel, effective March 31, 2022, after over 40 years in law, with more than 20 years in his current role. Scharmer, who joined UFG in 1995, played a crucial role in guiding the company through litigation, acquisitions, and natural disasters. Sarah Madsen has been promoted to Chief Legal Officer, also effective March 31, 2022. Madsen, a former Assistant General Counsel, has enhanced UFG's operations and will oversee legal and compliance matters moving forward.

Mary K. Quass will retire from the Board of Directors of United Fire Group (UFCS) effective immediately after the Annual Meeting of Shareholders on May 18, 2022. Her resignation complies with UFG's bylaws regarding directors reaching the age of 72. UFG President and CEO Randy Ramlo acknowledged her strong leadership and contributions over the last decade, particularly as chair of the compensation committee. Board Chairman James Noyce also commended her invaluable experience. UFG has been writing property and casualty insurance since 1946, rated 'A' by A.M. Best.

United Fire Group will release its 2021 fourth quarter and year-end earnings results on February 15, 2022, before market opening. An earnings call is scheduled for 9:00 a.m. CT on the same day, allowing stakeholders to hear from management regarding these results. The call will be accessible via a toll-free number and will be archived for playback until March 1, 2022. Founded in 1946, UFG is a property and casualty insurer licensed in all 50 states and rated A (Excellent) by A.M. Best.

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.