Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 9, 2023

United Fire Group Inc.

(Exact name of registrant as specified in its charter)


Iowa	001-34257	45-2302834
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


118 Second Avenue SE
Cedar Rapids	Iowa	52401
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (319) 399-5700

_______________________N/A________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.001 par value	UFCS	The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On August 7, 2023, United Fire & Casualty Company (the “Borrower”), a wholly owned subsidiary of United Fire Group, Inc. (the “Company”) and Wells Fargo Bank, National Association (“Wells Fargo”), in its capacity as administrative agent and sole lender, entered into the Third Amendment to Credit Agreement and Waiver (the “Third Amendment”), which amended that certain Credit Agreement (the “Credit Agreement”), dated as of March 31, 2020, by and among the Borrower, Wells Fargo, as administrative agent and swingline lender and issuing lender, and Wells Fargo Securities, LLC as sole lead arranger and sole bookrunner.

The Third Amendment has reduced the minimum net worth covenant in the Credit Agreement through the maturity of the Credit Agreement on March 31, 2024 and waived the Borrower’s prior noncompliance with the prior minimum net worth covenant.

The description of the Third Amendment contained herein is qualified in its entirety by reference to the Third Amendment, a copy of which was filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a

Registrant.

The disclosure set forth in Item 1.01 above is hereby incorporated by reference into this item.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit 10.1			Credit Facility Amendment and Waiver Agreement, dated August 7, 2023 (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q, filed on August 8, 2023).
Exhibit 104			Cover Page Interactive Data File (embedded within the Inline XBRL document.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		United Fire Group, Inc.
		(Registrant)

Dated:	August 9, 2023	/s/ Kevin J. Leidwinger
		Kevin J. Leidwinger, Chief Executive Officer

Cover Page Document	Aug. 09, 2023
Cover Page [Abstract]
Amendment Flag	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.001 par value
Written Communications	false
Entity Address, Address Line One	118 Second Avenue SE
Entity Incorporation, State or Country Code	IA
Document Type	8-K
Document Period End Date	Aug. 09, 2023
Entity Registrant Name	United Fire Group Inc
Entity File Number	001-34257
Entity Tax Identification Number	45-2302834
Entity Address, City or Town	Cedar Rapids
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52401
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Trading Symbol	UFCS
Security Exchange Name	NASDAQ
City Area Code	319
Local Phone Number	399-5700
Entity Central Index Key	0000101199