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United Fire Group, Inc. Reports Estimates for Fourth Quarter and Year End 2019 Results

Released on: Feb 13, 2020, 15:00 PM
CEDAR RAPIDS, Iowa, Feb. 13, 2020 (GLOBE NEWSWIRE) -- United Fire Group, Inc. (Nasdaq: UFCS) ("UFG") announced today that it estimates reporting a net loss per diluted share in the range of $0.91 and $0.95 for the fourth quarter of 2019 and net income per diluted share in the range of $0.56 and $0.60 for the full year of 2019.

Also, for the fourth quarter of 2019, the Company estimates reporting a GAAP combined ratio in the range of 117 percent to 119 percent, with a GAAP loss ratio in the range of 84 percent to 87 percent. For the full year of 2019, the Company estimates a GAAP combined ratio in the range of 108 percent to 110 percent, with a GAAP loss ratio in the range of 75 percent to 78 percent. These numbers are estimates and are unaudited.

"Our 2019 results were negatively impacted by commercial auto losses and prior year reserve strengthening in our Gulf Coast Region," stated Randy A. Ramlo, President and Chief Executive Officer. "The escalation of commercial auto losses industry-wide and an increase in miles driven, driver shortages, distracted driving and run-away jury awards have resulted in an increase in severity of commercial auto losses."

United Fire Group, Inc. will report fourth quarter and full year 2019 earnings before the market opens on February 18, 2020, 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 46 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 or contact:

Randy Patten, AVP and Controller, Corporate Finance, 319-286-2537 or IR@unitedfiregroup.com