2020
UFG expanding its assumed reinsurance business
Released on: Dec 10, 2020, 08:00 AM
CEDAR RAPIDS, Iowa – December 10, 2020
As part of its long-term growth strategy, UFG Insurance is excited to announce plans to expand its assumed reinsurance business. The company is seeking to provide capacity to diversifying business that meets specific hurdles for return on capital, working with seasoned management teams that have established track records for successful underwriting results.
“UFG has been a part of the assumed reinsurance marketplace for many decades,” said UFG Executive Vice President and Chief Operating Officer Mike Wilkins. “In addition to maintaining the longstanding relationships we currently have as a provider of reinsurance capacity, we will be seeking new opportunities to expand our footprint in the market.”
Leading the company’s assumed reinsurance expansion efforts is Vice President and Chief Risk Officer Micah Woolstenhulme, who joined UFG in early 2020. Micah has a broad 20-year career in reinsurance and enterprise risk management, previously working at Guy Carpenter, JLT Re and Swiss Reinsurance.
“Accelerating UFG’s growth in the assumed reinsurance market aligns with our corporate strategy, allowing us to diversify our earnings stream and broaden our corporate risk appetite,” added Woolstenhulme. “This is an exciting opportunity for us to solidify our position in the reinsurance market and we look forward to building new partnerships with cedants, both across the country and across the globe.”
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About UFG
Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc. (UFG, Nasdaq: UFCS), 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 49 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.
As part of its long-term growth strategy, UFG Insurance is excited to announce plans to expand its assumed reinsurance business. The company is seeking to provide capacity to diversifying business that meets specific hurdles for return on capital, working with seasoned management teams that have established track records for successful underwriting results.
“UFG has been a part of the assumed reinsurance marketplace for many decades,” said UFG Executive Vice President and Chief Operating Officer Mike Wilkins. “In addition to maintaining the longstanding relationships we currently have as a provider of reinsurance capacity, we will be seeking new opportunities to expand our footprint in the market.”
Leading the company’s assumed reinsurance expansion efforts is Vice President and Chief Risk Officer Micah Woolstenhulme, who joined UFG in early 2020. Micah has a broad 20-year career in reinsurance and enterprise risk management, previously working at Guy Carpenter, JLT Re and Swiss Reinsurance.
“Accelerating UFG’s growth in the assumed reinsurance market aligns with our corporate strategy, allowing us to diversify our earnings stream and broaden our corporate risk appetite,” added Woolstenhulme. “This is an exciting opportunity for us to solidify our position in the reinsurance market and we look forward to building new partnerships with cedants, both across the country and across the globe.”
###
About UFG
Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc. (UFG, Nasdaq: UFCS), 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 49 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.
