2020

Released on: Nov 4, 2020, 08:00 AM

United Fire Group, Inc. (the "Company" or "UFG") (Nasdaq: UFCS) today reported a consolidated net loss, including net realized investment gains and losses and changes in the fair value of equity securities, of $37.2 million ($1.49 per diluted share) for the three-month period ended September 30, 2020 (the "third quarter of 2020"), compared to consolidated net loss of $2.3 million ($0.09 per diluted share) for the same period in 2019. For the nine-month period ended September 30, 2020 ("year-to-date"), consolidated net loss, including realized investment gains and losses and changes in the fair value of equity securities, was $103.8 million ($4.15 per diluted share), compared to net income of $38.0 million ($1.48 per diluted share) for the same period in 2019.

The Company reported consolidated adjusted operating loss of $1.37 per diluted share for the third quarter of 2020, compared to consolidated adjusted operating loss of $0.40 per diluted share for the same period in 2019. Year-to-date, consolidated adjusted operating loss was $1.58 per diluted share compared to consolidated adjusted operating loss of $0.06 per diluted share for the same period in 2019.

"The third quarter of 2020, similar to the second quarter, was once again impacted by historically high catastrophe losses," stated Randy A. Ramlo, President and Chief Executive Officer. "Catastrophe losses in the third quarter of 2020 totaled $55.4 million and added 21.4 percentage points to the GAAP combined ratio. The catastrophe losses were from 25 catastrophe events, with the most notable catastrophe event being the August Midwest derecho, causing widespread storms and high winds. The August Midwest derecho was a full retention loss, with losses in excess of our stated reinsurance retention of $20.0 million. Total losses from this storm were $88.0 million with $68.0 million of reinsurance recoveries."

View the full press release here.