United Fire Group, Inc. Announces the Appointment of Eric J. Martin as Chief Financial Officer

Rhea-AI Summary

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.

Positive

• Eric J. Martin's extensive 29-year experience in the financial sector, particularly at Transamerica.
• The appointment is expected to bring fresh perspectives to the management team.

Negative

• Concerns about continuity as Martin transitions from a different organization.
• Potential experience gaps in specific areas of UFG's operations.

CEDAR RAPIDS, Iowa, March 22, 2022 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq: UFCS) (the "Company" or "UFG"), announced today the appointment of Eric J. Martin, age 51, as Chief Financial Officer, effective April 18, 2022. Mr. Martin brings more than 29 years of experience to UFG, including the last 21 years at Transamerica/AEGON Americas. Mr. Martin was most recently the Head of Enterprise Transformation at Transamerica (2020 to present). He also held numerous other positions at Transamerica including: Chief Operating Officer, Individual Solutions and Retail Affiliates (2019-2020); Senior Vice President ("SVP"), Controller and Head of Finance (2016-2019); President, Transamerica Business Services (2015-2016); SVP, Chief Accounting Officer (2010-2015); SVP, Director of Finance (2008-2010); VP & Controller (2005-2008); and Corporate Division Controller (2001-2005).

Mr. Martin is a graduate of the University of Iowa (Bachelor of Business Administration, Accounting 1993).

"After an extensive search with several qualified candidates, we have appointed Eric as our next Chief Financial Officer," stated Randy A. Ramlo, President and Chief Executive Officer. "We are excited to welcome Eric as part of our management team."

About UFG

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

Through our subsidiaries, we are licensed as a property and casualty insurer in 50 states, plus the District of Columbia, and we are represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of "A" (Excellent) for members of the United Fire & Casualty Group.

For more information about UFG, visit www.ufginsurance.com or contact:

Randy Patten, AVP and Interim Co-Chief Financial Officer, 319-286-2537 or IR@unitedfiregroup.com.

FAQ

Who is the new Chief Financial Officer of United Fire Group?

Eric J. Martin has been appointed as the new Chief Financial Officer of United Fire Group, effective April 18, 2022.

What experience does Eric J. Martin bring to United Fire Group?

Eric J. Martin brings over 29 years of financial experience, including significant roles at Transamerica.

Why was Eric J. Martin chosen as CFO for UFCS?

The decision followed an extensive search for qualified candidates, emphasizing his extensive experience and capabilities.

What is the potential impact of the new CFO on United Fire Group?

The new CFO is expected to bring fresh perspectives, which may positively influence strategic decisions.