United Fire Group Inc. - UFCS STOCK NEWS

United Fire Group reported a net loss of $9.6 million ($0.38 per diluted share) for Q3 2021, an improvement from a loss of $37.2 million in Q3 2020. Year-to-date, net income reached $22.9 million ($0.90 per diluted share), significantly up from a loss of $103.8 million in 2020. The GAAP combined ratio decreased to 109.7% from 124.4%. Despite lower net premiums earned, net investment income rose to $11.6 million, up from $7.2 million. The company declared a $0.15 per share dividend and repurchased 36,417 shares.

United Fire Group (Nasdaq: UFCS) reported a significant financial impact for Q3 2021, citing pre-tax catastrophe losses of $39.5 million, which contributed 16.5 percentage points to its GAAP combined ratio. The company estimates its combined ratio for the quarter will range from 108% to 112%, higher than the 10-year average of 9.2 percentage points. Forecasted losses are projected between $0.36 and $0.40 per diluted share. The results highlight the effect of 19 catastrophe events, particularly Hurricane Ida, exceeding the company's reinsurance retention of $20 million.

United Fire Group, Inc. (Nasdaq: UFCS) will release its third quarter earnings results on November 4, 2021, before market opening. A teleconference is scheduled for 9:00 a.m. CT for analysts and shareholders to discuss the results. Dial-in for the call is toll-free at 1-844-492-3723. The event will be archived until November 18, 2021, along with a webcast available on the company's investor relations page. Founded in 1946, UFG specializes in property and casualty insurance, holding an 'A' (Excellent) rating from A.M. Best Company.

United Fire Group (NASDAQ:UFCS) announced the resignation of Dawn M. Jaffray, Executive Vice President and CFO, effective October 10, 2021, as she moves to a new opportunity in the insurance sector. In response, UFG appointed Kevin W. Helbing and Randy L. Patten as Interim Co-CFOs while they search for a permanent replacement. Both interim CFOs possess extensive experience within UFG, contributing to a smooth transition of financial responsibilities. Jaffray's tenure included significant projects that enhanced UFG's standing in the industry.

United Fire Group (Nasdaq: UFCS) announced a quarterly cash dividend of $0.15 per share, payable on September 17, 2021 to shareholders on record as of September 3, 2021. This dividend marks the 214th consecutive quarter of dividend payments, continuing a tradition dating back to March 1968. UFG is a property and casualty insurer licensed in all 50 states and the District of Columbia, supported by around 1,000 independent agencies. The company holds an A (Excellent) rating from A.M. Best.

United Fire Group (Nasdaq: UFCS) reported a net income of $13.8 million ($0.54 per diluted share) for Q2 2021, up from $6.0 million ($0.24 per diluted share) in Q2 2020. Year-to-date, net income reached $32.5 million ($1.28 per diluted share), reversing a loss of $66.6 million in 2020. Adjusted operating income improved to $0.35 per diluted share for Q2 2021. Notably, net premiums earned decreased by 14.8% for Q2 and 9.1% year-to-date due to strategic non-renewals. The GAAP combined ratio improved to 100.8%, reflecting enhanced profitability, driven primarily by lower catastrophe losses and a decline in commercial auto liability losses.

United Fire Group (UFCS) will release its 2021 second quarter earnings on August 4, 2021, before market opening. A teleconference for discussing results will be held at 9:00 a.m. central time, with toll-free and international dial-in options provided. Archived audio will be available until August 18, 2021. UFG has been rated 'A' (Excellent) by A.M. Best and is licensed in all 50 states. For investor relations and further information, visit their official site.

United Fire Group, Inc. (UFCS) announced the election of three new Class C Directors during its 2021 Annual Meeting on May 19, 2021. Elected directors include Christopher R. Drahozal, Lura E. McBride, and George D. Milligan, each serving three-year terms. The meeting also marked the retirement of long-serving Chairman Jack B. Evans, with James W. Noyce succeeding him. Shareholders approved the 2021 Stock and Incentive Plan and ratified Ernst & Young LLP as the independent auditor for 2021.

United Fire Group, Inc. (Nasdaq: UFCS) declared a quarterly cash dividend of $0.15 per share, payable on June 18, 2021, to shareholders of record as of June 4, 2021. This marks the 213th consecutive quarterly dividend since March 1968, highlighting the company's commitment to returning value to its shareholders. UFG, founded in 1946, engages in property and casualty insurance across all 50 states and D.C. It holds an A rating from A.M. Best for financial strength.