United Fire Group, Inc. Reports Estimates for Fourth Quarter and Year End 2019 Results
February 13 2020 - 5:00PM
United Fire Group, Inc. (Nasdaq: UFCS) ("UFG") announced today that
it estimates reporting a net loss per diluted share in the range of
$0.91 and $0.95 for the fourth quarter of 2019 and net income per
diluted share in the range of $0.56 and $0.60 for the full year of
2019. Also, for the fourth quarter of 2019, the Company estimates
reporting a GAAP combined ratio in the range of 117 percent to 119
percent, with a GAAP loss ratio in the range of 84 percent to 87
percent. For the full year of 2019, the Company estimates a GAAP
combined ratio in the range of 108 percent to 110 percent, with a
GAAP loss ratio in the range of 75 percent to 78 percent. These
numbers are estimates and are unaudited.
"Our 2019 results were negatively impacted by commercial auto
losses and prior year reserve strengthening in our Gulf Coast
Region," stated Randy A. Ramlo, President and Chief Executive
Officer. "The escalation of commercial auto losses industry-wide
and an increase in miles driven, driver shortages, distracted
driving and run-away jury awards have resulted in an increase in
severity of commercial auto losses."
United Fire Group, Inc. will report fourth quarter and full year
2019 earnings before the market opens on February 18, 2020, and
will host a conference call to discuss its financial results at
9:00 a.m. Central Time on that date.
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 46 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 Controller, Corporate Finance,
319-286-2537 or IR@unitedfiregroup.com
Disclosure of Forward-Looking Statements
This release may contain forward-looking statements about our
operations, anticipated performance and other similar matters. The
Private Securities Litigation Reform Act of 1995 provides a safe
harbor under the Securities Act of 1933 and the Securities Exchange
Act of 1934 for forward-looking statements. The forward-looking
statements are not historical facts and involve risks and
uncertainties that could cause actual results to differ from those
expected and/or projected. Such forward-looking statements are
based on current expectations, estimates, forecasts and projections
about the Company, the industry in which we operate, and beliefs
and assumptions made by management. Words such as "expect(s),"
"anticipate(s)," "intends(s)," "plan(s)," "believe(s)"
"continue(s)," "seek(s)," "estimate(s)," "goal(s)," "target(s),"
"forecast(s)," "project(s)," "predict(s)," "should," "could,"
"may," "will," "might," "hope," "can" and other words and terms of
similar meaning or expression in connection with a discussion of
future operations, financial performance or financial condition,
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed in such forward-looking statements. Information
concerning factors that could cause actual outcomes and results to
differ materially from those expressed in the forward-looking
statements is contained in Part I, Item 1A "Risk Factors" of our
Annual Report on Form 10-K for the year ended December 31,
2018, filed with the Securities and Exchange Commission ("SEC") on
February 28, 2019. The risks identified in our Form 10-K are
representative of the risks, uncertainties, and assumptions that
could cause actual outcomes and results to differ materially from
what is expressed in the forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release or as
of the date they are made. Except as required under the federal
securities laws and the rules and regulations of the SEC, we do not
have any intention or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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