United Fire Group, Inc. Updates Catastrophe Loss Estimates for First Quarter 2021
April 30 2021 - 7:30AM
United Fire Group, Inc. (the "Company" or "UFG")
(Nasdaq: UFCS) announced today that the first quarter 2021 results
include estimated pre-tax catastrophe losses of $29 million. The
higher than average catastrophe losses in the first quarter of 2021
were primarily from winter storm Uri. As previously released as an
estimate on March 1, 2021, this catastrophic event was a full
retention loss, with losses in excess of our stated reinsurance
retention of $20.0 million.
United Fire Group, Inc. will report first quarter 2021 earnings
before the market opens on May 5, 2021, 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 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.
Contact: Randy Patten, AVP & Controller,
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)," "intend(s)," "plan(s)," "believe(s),"
"continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain(s)
optimistic," "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, 2020, filed with the Securities and
Exchange Commission ("SEC") on February 26, 2021. The risks
identified in our Annual Report on Form 10-K and in our other SEC
filings 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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