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United Fire Group, Inc. Reports Estimates for Third Quarter 2021 Results
CEDAR RAPIDS, Iowa, Oct. 28, 2021 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) announced today that the third quarter
About this update from United Fire Group, Inc
[{"type":"text","content":"CEDAR RAPIDS, Iowa, Oct. 28, 2021 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (the \"Company\" or \"UFG\") (Nasdaq: UFCS) announced today that the third quarter 2021 results include pre-tax catastrophe losses of $39.5 million. Catastrophe losses for the third quarter added 16.5 percentage points to the GAAP combined ratio. Our 10-year historical average for the third quarter is 9.2 percentage points of the GAAP combined ratio. The higher than average catastrophe losses in the third quarter of 2021 are primarily the result of 19 catastrophe events, with the most notable catastrophe event being Hurricane Ida. Hurricane Ida is estimated to be a full retention loss, with losses in excess of our stated reinsurance retention of $20.0 million. Including the impact of the catastrophe losses, the estimated GAAP combined ratio will be in the range of 108 percent to 112 percent in the third quarter of 2021. The Company estimates reporting a net loss in the range of $0.36 to $0.40 per diluted share and an adjusted operating loss(1) in the range of $0.29 to $0.33 per diluted share in the third quarter of 2021. These numbers are unaudited. United Fire Group, Inc. will report third quarter 2021 earnings before the market opens on November 4, 2021, and will host a conference call to discuss its financial results at 9:00 a.m. Central Time on that date. -------------------------------------------------------------------------------------------------------------------------------------------------(1) Adjusted operating income (loss) is a non-GAAP financial measure of net income excluding net realized investment gains and losses, after applicable taxes, and goodwill impairment. Management evaluates this measure and ratios derived from this measure and the Company provides this information to investors because we believe it better represents the normal, ongoing performance of our business. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures. 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. Bes...