United Fire Group Inc. - UFCS STOCK NEWS

The Board of Directors of United Fire Group, Inc. (Nasdaq: UFCS) has declared a quarterly cash dividend of $0.15 per share. This dividend will be payable on December 18, 2020, to shareholders of record as of December 4, 2020. This marks the 211th consecutive quarterly dividend since March 1968, reflecting UFG's commitment to returning value to shareholders. The company continues its strategy to diversify underwriting risks, ensuring robust capital requirements.

United Fire Group reported significant financial losses for Q3 2020, with a net loss of $37.2 million ($1.49 per diluted share), compared to a loss of $2.3 million in Q3 2019. Year-to-date, losses reached $103.8 million ($4.15 per diluted share), down from a profit of $38 million in 2019. Catastrophe losses totaled $55.4 million, impacting the combined ratio, which rose to 124.4%. Net premiums earned decreased by 5.8% in Q3 and 2.7% year-to-date. Despite these challenges, the company maintained a focus on improving commercial auto profitability.

United Fire Group (Nasdaq: UFCS) reported significant third quarter 2020 pre-tax catastrophe losses of $55.4 million, contributing 21.4 percentage points to the GAAP combined ratio, which is expected to be between 123% and 126%. This includes losses from 25 events, notably the August Midwest derecho, leading to total losses estimated at $88 million. The company anticipates a net loss of $1.48 to $1.50 per diluted share. Adjusted operating loss is projected at $1.35 to $1.39 per diluted share. Earnings will be reported on November 4, 2020.

United Fire Group, Inc. (UFCS) will release its 2020 third quarter earnings on November 4, 2020, before market open. A conference call for analysts and shareholders will follow at 9:00 a.m. central time on the same day. Participants can join the call using the provided toll-free numbers or access it via webcast on the company's investor relations page. The teleconference will be archived until November 18 for those unable to attend live. UFG is a licensed property and casualty insurer across 48 states and has an A.M. Best rating of 'A' (Excellent).

UFG Insurance will illuminate its American Building in red starting Oct. 1, in support of the Worth It campaign against distracted driving, aligning with Distracted Driving Awareness Month. The initiative, led by community relations coordinator Katie Jensen, aims to raise awareness as more drivers return to the roads during the pandemic. Activities include virtual presentations on Oct. 22, featuring survivor Shawn O'Brien, who shares personal experiences related to distracted driving. UFG emphasizes the importance of focused driving habits through this campaign.

The Board of Directors of United Fire Group (Nasdaq: UFCS) has declared a quarterly cash dividend of $0.33 per share. This dividend will be payable on September 18, 2020, to shareholders of record as of September 4, 2020. Founded in 1946, UFG operates through its insurance subsidiaries, providing property and casualty insurance in 46 states and the District of Columbia, supported by approximately 1,000 independent agencies. A.M. Best Company has assigned an A (Excellent) rating to UFG.

United Fire Group (Nasdaq: UFCS) reported a net income of $6.0 million ($0.24 per diluted share) for Q2 2020, a turnaround from a loss of $4.2 million in Q2 2019. Despite this positive quarter, a year-to-date net loss reached $66.6 million ($2.66 per diluted share), impacted by high catastrophe losses and decreasing premiums. Adjusted operating loss for Q2 was $0.26 per diluted share. The GAAP combined ratio improved to 111.4%, while book value per share is now $34.38. Catastrophe losses from 20 events weighed heavily on results, though commercial auto loss ratio showed improvement.

United Fire Group (Nasdaq: UFCS) will release its 2020 second quarter earnings results before market opening on August 5, 2020. A conference call is scheduled at 9:00 a.m. CST on the same day for securities analysts and shareholders to discuss the results. Dial-in numbers for the call are provided for both toll-free and international participants. The event will be archived for digital replay until August 19, 2020. Founded in 1946, UFG operates as a property and casualty insurer in 46 states, with an A.M. Best rating of 'A' (Excellent).

United Fire Group, Inc. (Nasdaq: UFCS) announced the election of four Class A Directors and one Class C Director at its 2020 Annual Meeting held on May 20, 2020. The newly elected directors will serve three-year terms, while Lura E. McBride will fill a remaining term expiring in 2021. Additionally, Barrie W. Ernst will retire as Chief Investment Officer effective June 30, 2020, with Robert F. Cataldo succeeding him. Several new officer elections were also announced, enhancing the company's leadership structure.