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Section 1: 10-Q (10-Q)

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Table of Contents

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-34257
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________________________
 UNITED FIRE GROUP INC.
(Exact name of registrant as specified in its charter)
Iowa
 
45-2302834
(State of incorporation)
 
(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: (319399-5700
Securities Registered Pursuant to Section 12(b) of the Exchange Act of 1934:
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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
Accelerated filer

Non-accelerated filer

Smaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
No

As of May 4, 2020, 25,016,093 shares of common stock were outstanding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

United Fire Group, Inc.
Index to Quarterly Report on Form 10-Q
March 31, 2020
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

FORWARD-LOOKING INFORMATION
This report may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our"), the industry in which we operate, and beliefs and assumptions made by management. Words such as "expect(s)," "anticipate(s)," "intend(s)," "plan(s)," "believe(s)," "continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain(s) optimistic," "target(s)," "forecast(s)," "project(s)," "predict(s)," "should," "could," "may," "will," "might," "hope," "can" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. See Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our other filings with the Securities and Exchange Commission ("SEC") for more information concerning factors that could cause actual results to differ materially from those in the forward-looking statements.
Risks and uncertainties that may affect the actual financial condition and results of the Company include, but are not limited to, the following:
The frequency and severity of claims, including those related to catastrophe losses and the impact those claims have on our loss reserve adequacy; the occurrence of catastrophic events, including international events, significant severe weather conditions, climate change, acts of terrorism, acts of war and pandemics, including the ongoing impact of the novel coronavirus (COVID-19) pandemic;
The adequacy of our reserves for property and casualty insurance losses and loss settlement expenses;
Geographic concentration risk in our property and casualty insurance business;
The potential disruption of our operations and reputation due to unauthorized data access, cyber-attacks or cyber-terrorism and other security breaches;
Developments in general economic conditions, domestic and global financial markets, interest rates and other-than-temporary impairment losses that could affect the performance of our investment portfolio;
Litigation or regulatory actions that could require us to pay significant damages, fines or penalties or change the way we do business;
Our ability to effectively underwrite and adequately price insured risks;
Changes in industry trends, an increase in competition and significant industry developments;
Lowering of one or more of the financial strength ratings of our operating subsidiaries or our issuer credit ratings and the adverse impact such action may have on our premium writings, policy retention, profitability and liquidity;
Governmental actions, policies and regulations, including, but not limited to, domestic health care reform, financial services regulatory reform, corporate governance, new laws or regulations or court decisions interpreting existing laws and regulations or policy provisions; changes in laws, regulations and stock exchange requirements relating to corporate governance and the cost of compliance;
Our relationship with and the financial strength of our reinsurers; and
Competitive, legal, regulatory or tax changes that affect the distribution cost or demand for our products through our independent agent/agency distribution network.
These are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have


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any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.


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PART I — FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
United Fire Group, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
March 31,
2020
 
December 31,
2019
 
(unaudited)
 
 
ASSETS
 
 
 
Investments
 
 
 
Fixed maturities
 
 
 
Available-for-sale, at fair value (amortized cost $1,633,875 in 2020 and $1,659,760 in 2019; allowance for credit losses $59 in 2020 and $0 in 2019)
$
1,699,359

 
$
1,719,607

Trading securities, at fair value (amortized cost $10,502 in 2020 and $11,941 in 2019)
11,208

 
15,256

Equity securities at fair value (cost $66,992 in 2020 and $67,529 in 2019)
206,951

 
299,203

Mortgage loans
45,192

 
42,520

Less: allowance for mortgage loan losses
77

 
72

Mortgage loans, net
45,115

 
42,448

Other long-term investments
66,917

 
78,410

Short-term investments
175

 
175

 
2,029,725

 
2,155,099

Cash and cash equivalents
120,724

 
120,722

Accrued investment income
15,193

 
15,182

Premiums receivable (net of allowance for doubtful accounts of $1,170 in 2020 and $1,239 in 2019)
363,202

 
357,632

Deferred policy acquisition costs
94,335

 
94,292

Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $51,122 in 2020 and $50,183 in 2019)
122,646

 
116,989

Reinsurance receivables and recoverables (net of allowance for credit losses of $46 in 2020 and $0 in 2019)
98,395

 
72,369

Prepaid reinsurance premiums
11,689

 
9,550

Income taxes receivable
34,340

 
19,190

Goodwill and intangible assets
22,365

 
22,542

Other assets
37,032

 
29,905

TOTAL ASSETS
$
2,949,646

 
$
3,013,472

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Liabilities
 
 
 
Losses and loss settlement expenses
$
1,438,405

 
$
1,421,754

Unearned premiums
520,960

 
505,162

Accrued expenses and other liabilities
152,469

 
155,498

Deferred tax liability
4,668

 
20,586

TOTAL LIABILITIES
$
2,116,502

 
$
2,103,000

Stockholders’ Equity
 
 
 
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,016,093 and 25,015,963 shares issued and outstanding in 2020 and 2019, respectively
$
25

 
$
25

Additional paid-in capital
198,317

 
200,179

Retained earnings
616,303

 
697,116

Accumulated other comprehensive income, net of tax
18,499

 
13,152

TOTAL STOCKHOLDERS’ EQUITY
$
833,144

 
$
910,472

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
2,949,646

 
$
3,013,472

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.


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United Fire Group, Inc.
Consolidated Statements of Income and Comprehensive Income (Unaudited)
 
Three Months Ended March 31,
(In Thousands, Except Share Data)
2020
 
2019
Revenues
 
 
 
Net premiums earned
$
268,849

 
$
262,314

Investment income, net of investment expenses
2,363

 
16,512

Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of ($121) in 2020 and $90 in 2019; previously included in accumulated other comprehensive income)
(93,407
)
 
26,713

Total revenues
$
177,805

 
$
305,539

Benefits, Losses and Expenses
 
 
 
Losses and loss settlement expenses
$
186,503

 
$
164,240

Amortization of deferred policy acquisition costs
54,452

 
52,219

Other underwriting expenses (includes reclassifications for employee benefit costs of $1,072 in 2020 and $1,124 in 2019; previously included in accumulated other comprehensive income)
41,849

 
34,403

Total benefits, losses and expenses
$
282,804

 
$
250,862

Income (loss) before income taxes
$
(104,999
)
 
$
54,677

Federal income tax expense (benefit) (includes reclassifications of $250 in 2020 and $217 in 2019; previously included in accumulated other comprehensive income)
(32,465
)
 
10,156

Net Income (loss)
$
(72,534
)
 
$
44,521

 
 
 
 
Other comprehensive income (loss)
 
 
 
Change in net unrealized appreciation on investments
$
7,168

 
$
33,354

Change in net unrealized appreciation on investments for which an allowance for a credit loss has been recorded
(1,593
)
 

Change in liability for underfunded employee benefit plans

 

Other comprehensive income, before tax and reclassification adjustments
$
5,575

 
$
33,354

Income tax effect
(1,171
)
 
(7,005
)
Other comprehensive income, after tax, before reclassification adjustments
$
4,404

 
$
26,349

Reclassification adjustment for net realized investment (gains) losses included in income
$
121

 
$
(90
)
Reclassification adjustment for employee benefit costs included in expense
1,072

 
1,124

Total reclassification adjustments, before tax
$
1,193

 
$
1,034

Income tax effect
(250
)
 
(217
)
Total reclassification adjustments, after tax
$
943

 
$
817

Comprehensive income (loss)
$
(67,187
)
 
$
71,687

Diluted weighted average common shares outstanding
25,014,027

 
25,604,268

Earnings (loss) per common share:
 
 
 
Basic
$
(2.90
)
 
$
1.77

Diluted
(2.90
)
 
1.74

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.


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United Fire Group, Inc.
Consolidated Statement of Stockholders’ Equity (Unaudited)

 
Common Stock
 
 
 
(In Thousands, Except Share Data)
Shares outstanding
Common stock
Additional paid-in capital
Retaining Earnings
Accumulated other comprehensive income
Total
 
 
 
 
 
 
 
Balance, January 1, 2020
25,015,963

$
25

$
200,179

$
697,116

$
13,152

$
910,472

Net income (loss)



(72,534
)

(72,534
)
Shares repurchased
(70,467
)

(2,741
)


(2,741
)
Stock based compensation
70,597


879



879

Dividends on common stock ($0.33 per share)



(8,249
)

(8,249
)
Change in net unrealized investment appreciation(1)




4,500

4,500

Change in liability for underfunded employee benefit plans(2)




847

847

Cumulative effect of change in accounting principle



(30
)

(30
)
Balance, March 31, 2020
25,016,093

$
25

$
198,317

$
616,303

$
18,499

$
833,144


(1)
The change in net unrealized appreciation is net of reclassification adjustments and income taxes.
(2)
The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes.

 
Common Stock
 
 
 
(In Thousands, Except Share Data)
Shares outstanding
Common stock
Additional paid-in capital
Retaining Earnings
Accumulated other comprehensive income
Total
 
 
 
 
 
 
 
Balance, January 1, 2019
25,097,408

$
25

$
203,350

$
715,472

$
(30,472
)
$
888,375

Net income



44,521


44,521

Stock based compensation
70,414


3,438



3,438

Dividends on common stock ($0.31 per share)



(7,797
)

(7,797
)
Change in net unrealized investment appreciation(1)




26,279

26,279

Change in liability for underfunded employee benefit plans(2)




888

888

Cumulative effect of change in accounting principle



(513
)

(513
)
Balance, March 31, 2019
25,167,822

$
25

$
206,788

$
751,683

$
(3,305
)
$
955,191

(1)
The change in net unrealized appreciation is net of reclassification adjustments and income taxes.
(2)
The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes.
The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.



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United Fire Group, Inc.
Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31,
(In Thousands)
2020
 
2019
Cash Flows From Operating Activities
 
 
 
Net income (loss)
$
(72,534
)
 
$
44,521

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Net accretion of bond premium
3,008

 
2,763

Depreciation and amortization
1,636

 
1,166

Stock-based compensation expense
1,634

 
2,688

Net realized investment (gains) losses
93,407

 
(26,713
)
Net cash flows from equity and trading investments
2,156

 
1,235

Deferred income tax benefit
(21,803
)
 
4,863

Changes in:
 
 
 
Accrued investment income
(11
)
 
(709
)
Premiums receivable
(5,570
)
 
(18,361
)
Deferred policy acquisition costs
(43
)
 
(3,095
)
Reinsurance receivables
(26,026
)
 
4,720

Prepaid reinsurance premiums
(2,139
)
 
(443
)
Income taxes receivable
(15,150
)
 
10,647

Other assets
(7,126
)
 
(21,034
)
Losses and loss settlement expenses
16,651

 
(8,987
)
Unearned premiums
15,798

 
17,795

Accrued expenses and other liabilities
(1,958
)
 
1,275

Deferred income taxes
4,463

 

Other, net
11,120

 
(1,628
)
Cash from operating activities
70,047

 
(33,818
)
Net cash provided by (used in) operating activities
$
(2,487
)
 
$
10,703

Cash Flows From Investing Activities
 
 
 
Proceeds from sale of available-for-sale investments
$
11,910

 
$
36,490

Proceeds from call and maturity of available-for-sale investments
68,976

 
38,740

Proceeds from short-term and other investments
1,889

 
1,027

Purchase of available-for-sale investments
(57,182
)
 
(25,007
)
Purchase of mortgage loans
(2,746
)
 
(8,496
)
Purchase of short-term and other investments
(1,469
)
 
(3,311
)
Net purchases and sales of property and equipment
$
(7,144
)
 
(12,017
)
Net cash provided by investing activities
14,234

 
27,426

Cash Flows From Financing Activities
 
 
 
Payment of cash dividends
$
(8,249
)
 
$
(7,797
)
Repurchase of common stock
(2,741
)
 

Issuance of common stock
(755
)
 
750

Net cash used in financing activities
$
(11,745
)
 
(7,047
)
Net Change in Cash and Cash Equivalents
$
2

 
$
31,082

Cash and Cash Equivalents at Beginning of Period
120,722

 
64,454

Cash and Cash Equivalents at End of Period
$
120,724

 
$
95,536

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.


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UNITED FIRE GROUP, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share amounts or as otherwise noted)

NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Nature of Business
United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our") and its consolidated subsidiaries and affiliates are engaged in the business of writing property and casualty insurance through a network of independent agencies. Our insurance company subsidiaries are licensed as property and casualty insurers in 46 states and the District of Columbia.
Basis of Presentation
The unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Regulation S-X promulgated by the SEC. Certain financial information that is included in our Annual Report on Form 10-K for the year ended December 31, 2019, including certain financial statement footnote disclosures, is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; deferred policy acquisition costs; reinsurance receivables and recoverables; loss settlement expenses; and pension and post-retirement benefit obligations.
Certain prior year amounts have been reclassified to conform to the current year presentation.
Management of UFG believes the accompanying unaudited Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. All significant intercompany transactions have been eliminated in consolidation. The results reported for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019.
Segment Information
On September 19, 2017, the Company announced that it had agreed to sell its subsidiary, United Life Insurance Company ("United Life"), to Kuvare US Holdings, Inc. ("Kuvare"). The sale closed on March 30, 2018. Prior to the announcement to sell United Life, we had two reportable business segments in our operations: property and casualty insurance and life insurance. The property and casualty insurance business has six domestic locations from which it conducts its direct business. The life insurance segment operated from our home office in Cedar Rapids, Iowa. Because all of our insurance is sold domestically, we have no revenues from foreign operations.

After the announcement of the United Life transaction, our continuing operations, the property and casualty insurance business, was reported as one reportable segment. The property and casualty insurance business profit or loss is consistent with consolidated reporting as disclosed on the Consolidated Statements of Income and Comprehensive Income. We analyze the property and casualty insurance business results based on profitability (i.e., loss ratios), expenses and return on equity. The Company's property and casualty insurance business was determined using a management approach to make decisions on operating matters, including allocating resources, assessing performance, determining which products to market and sell, determining distribution networks with insurance


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agents and monitoring the regulatory environment. The property and casualty insurance business products have similar economic characteristics and use a similar marketing and distribution strategy with our independent agents. The property and casualty insurance business geographic concentration did not change after the announcement of the sale of the life insurance business. We will continue to evaluate our continuing operations on the basis of both statutory accounting principles prescribed or permitted by our states of domicile and GAAP.
Discontinued Operations
On September 18, 2017, the Company signed a definitive agreement to sell its subsidiary, United Life, to Kuvare for $280,000 in cash, less a $21 adjustment as set forth in the definitive agreement, for a net amount of $279,979. The sale closed on March 30, 2018 (the "closing date") and we reported an after-tax gain on the sale of discontinued operations of $27,307. The life insurance business (previously reported as a separate segment) was considered held for sale and reported as discontinued operations and its financial position, results of operations and cash flows were reported separately for all periods presented, as applicable, unless otherwise noted.
UFG has agreed to provide services to Kuvare through a transition services agreement ("TSA"). The TSA included, among other considerations, accounting management, human resources, legal and information technology services, from the closing date for up to 24 months. The TSA terminated on March 30, 2020. Since the closing date, the Company received $930 as part of the TSA.
Cash and Cash Equivalents
For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts, and non-negotiable certificates of deposit with original maturities of three months or less.
For the three-month periods ended March 31, 2020 and 2019, we made payments for income taxes totaling $20 and $19, respectively. We did not receive a tax refund during the three-month period ended March 31, 2020 and we received a tax refund of $5,401 during the three-month period ended March 31, 2019.
For the three-month periods ended March 31, 2020 and 2019, we made no interest payments (excluding interest credited to policyholders’ accounts).
Deferred Policy Acquisition Costs ("DAC")

Certain costs associated with underwriting new business (primarily commissions, premium taxes and variable underwriting and policy issue expenses associated with successful acquisition efforts) are deferred. The following table is a summary of the components of DAC, including the related amortization recognized for the three-month period ended March 31, 2020.
 
 
 
Total
Recorded asset at beginning of period
$
94,292

Underwriting costs deferred
54,495

Amortization of deferred policy acquisition costs
(54,452
)
Recorded asset at March 31, 2020
$
94,335



Property and casualty insurance policy acquisition costs deferred are amortized as premium revenue is recognized. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value. This takes into account the premium to be earned, losses and loss settlement expenses expected to be incurred and certain other costs expected to be incurred as the premium is earned.




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Income Taxes
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss ("NOL") carryovers and carrybacks to offset 100 percent of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company has considered the implications of the CARES Act on its tax provision and has included an income tax benefit of $9.5 million as the result of this Act.
Deferred tax assets and liabilities are established based on differences between the financial statement bases of assets and liabilities and the tax bases of those same assets and liabilities, using the currently enacted statutory tax rates. Deferred income tax expense is measured by the year-to-year change in the net deferred tax asset or liability, except for certain changes in deferred tax amounts that affect stockholders' equity and do not impact federal income tax expense.
We reported consolidated federal income tax benefit of $32,465 for the three-month period ended March 31, 2020 compared to income tax expense from of $10,156 during the same period of 2019. Our effective tax rate is different than the federal statutory rate of 21 percent, due principally to the impact of the provisions of the CARES Act.
The Company performs a quarterly review of its tax positions and makes a determination of whether it is more likely than not that the tax position will be sustained upon examination. If, based on review, it appears not more likely than not that the positions will be sustained, the Company will calculate any unrecognized tax benefits and, if necessary, calculate and accrue any related interest and penalties. We did not recognize any liability for unrecognized tax benefits at March 31, 2020 or December 31, 2019. In addition, we have not accrued for interest and penalties related to unrecognized tax benefits. However, if interest and penalties would need to be accrued related to unrecognized tax benefits, such amounts would be recognized as a component of federal income tax expense.
We file a consolidated federal income tax return. We also file income tax returns in various state jurisdictions. We are no longer subject to federal or state income tax examination for years before 2015. The Internal Revenue Service is conducting an examination of our federal income tax return for the 2017 tax year.

Leases

The Company determines if a contract contains a lease at inception of the contract. The Company's inventory of leases consists of operating leases which are recorded as a lease obligation liability disclosed in the "Accrued expenses and other liabilities" line on the Consolidated Balance Sheets and as a lease right-of-use asset disclosed in the "Other assets" line on the Consolidated Balance Sheets. The Company's operating leases consist of office space, vehicles, computer equipment and office equipment. The lease right-of-use asset represents the Company's right to use each underlying asset for the lease term and the lease obligation liability represents the Company's obligation over the lease term. The Company's lease obligation is recorded at the present value of the lease payments based on the term of the applied lease. Short-term leases of 12 months or less are recorded on the Consolidated Balance Sheets and lease payments are recognized on the Consolidated Statements of Income and Comprehensive Income. For more information on leases refer to Note 10 "Leases."
Variable Interest Entities
The Company and certain related parties are equity investors in one investment in which the Company determined is a variable interest entity ("VIE") as a result of participation in the risks and rewards of the VIE based on the objectives and strategies of the VIE. The VIE is a limited liability company that primarily invests in commercial real estate. The Company and certain related parties are not the primary beneficiary largely due to their inability to influence management or direct the activities that most significantly impact the VIE's economic performance. Based on these facts and circumstances, the Company has a variable interest in the VIE, but has not consolidated the VIE's financial results as it is not the primary beneficiary. The Company's investment is reported in other long-term


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investments in the Consolidated Balance Sheets and accounted for under the equity method of accounting. The fair value of the VIE at March 31, 2020 was $6.9 million and there are no future funding commitments.
Credit Losses
The Company recognizes credit losses for our available-for-sale fixed-maturity portfolio, reinsurance receivables, mortgage loans and premium receivables by setting up allowances which are remeasured each reporting period and recorded in the Consolidated Statements of Income and Comprehensive Income.
For our available-for-sale fixed-maturity portfolio an allowance for credit losses is recorded net of available-for-sale fixed maturities in the Consolidated Balance Sheets and a corresponding credit loss recognized as a realized loss or gain in the Consolidated Statements of Income and Comprehensive Income. The Company determines if an allowance for credit losses is recorded based on a number of factors including the current economic conditions, management's expectations of future economic conditions and performance indicators, such as market value vs. amortized cost, investment spreads widening or contracting, rating actions, payment and default history.
The Company does not recognize an allowance for credit losses for accrued interest receivable for available-for-sale fixed-maturity securities, which is recorded in "Accrued investment income" in the Consolidated Balance Sheets and "Investment income, net of investment expenses" in the Consolidated Statements of Income and Comprehensive Income. The Company considers collections of accrued investment income within six months to be timely and therefore not requiring a write-off. If a write-off is required for accrued investment income outstanding greater than six months, the Company writes off accrued interest by reversing net investment income. For more information on credit losses and the allowance for credit losses for available-for-sale fixed-maturity portfolio, see Note 2 "Summary of Investments."
An allowance for mortgage loan losses is established based on historical loss information of the collective pool of the Company's commercial mortgage loan investments which have similar risk characteristics. To calculate the allowance for mortgage loan losses, the Company starts with historical loan experience to predict the future expected losses and then layers on a market-linked adjustment. An example of a market linked adjustment is the change in commercial market price appreciation or change in gross domestic product, with every point of fall leading to an increase in the allowance. Local market economics are also considered. On a quarterly basis, quantitative credit risk metrics, including for example, cash-flows, rent rolls and financial statements are reviewed for each loan to determine if it is performing in line with its expectations. This allowance is presented as a separate line in the Consolidated Balance Sheets beneath the asset value as well as presented net and recorded through "Net realized investment gains (losses)" in the Consolidated Statements of Income and Comprehensive Income. For more information on credit losses and the allowance for credit losses for our investment in mortgage loans see Note 3 "Fair Value of Financial Instruments."
For reinsurance receivables, the Company's model estimates expected credit loss by multiplying the exposure at default by both the probability of default and loss given default ("LGD"). The LGD is estimated by the rating of the Company, historical relationship with UFG, existence of letters of credit and known regulation the company may be held accountable for. The ultimate LGD percentage is estimated after considering Moody’s experience with unsecured year 1 bond recovery rates from 1983-2017. The allowance calculated as of March 31, 2020 is recorded through the line "Reinsurance receivables and recoverables" in the Consolidated Balance Sheets and through the line "Other underwriting expenses" in the Consolidated Statements of Income and Other Comprehensive Income. As of March 31, 2020, the Company had a credit loss allowance for reinsurance receivables of $46.


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Rollforward of credit loss allowance for reinsurance receivable:
 
 
As of
 
 
March 31, 2020
Beginning balance, January 1, 2020
 
$
38

Current-period provision for expected credit losses
 
8

Write-off charged against the allowance, if any
 

Recoveries of amounts previously written off, if any
 

Ending balance of the allowance for reinsurance receivable, March 31, 2020
 
$
46



With respect to premiums receivable, the Company utilizes an aging method to estimate credit losses. An allowance for doubtful accounts is based on a periodic evaluation of the aging and collectability of amounts due from agents and policyholders. "Premiums receivable" are presented in the Consolidated Balance Sheets net of an estimated allowance for doubtful accounts and recorded through "Other underwriting expenses" in the Consolidated Statements of Income and Comprehensive Income.

Subsequent Events

In the preparation of the accompanying financial statements, the Company has evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure in the Company's financial statements. Subsequent to December 31, 2019, the spread of the COVID-19 virus caused significant financial market volatility, economic uncertainty and interruptions to normal business activities. As of the date of issuance of these financial statements, we expect the effect of COVID-19 on claims currently under our coverages to be manageable, based on the information presently available. However, the effects of the COVID-19 pandemic continue to evolve and we cannot predict the extent to which our business, results of operations, financial condition, liquidity, capital position, the value of investments we hold in our investment portfolio, premiums and the demand for our products and our ability to collect premiums or requirement to return premiums to our policyholders, will ultimately be impacted. Additionally, if established written contract policy exclusions of business interruption coverage for losses attributable to this COVID-19 pandemic are voided or changed through legislation, regulations or interpretations by the courts, such changes have the potential to materially increase claims, losses and legal expenses which will impact our business, financial condition, results of operations or liquidity. See further discussion in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 1A, Risk Factors, of this Quarterly Report on Form 10-Q.
Recently Issued Accounting Standards
Accounting Standards Adopted in 2020

Intangibles - Other Internal Use Software

In August 2018, the FASB issued guidance to align the requirements for capitalizing implementation costs incurred in a cloud computing hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance requires the Company to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The new guidance was effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new guidance as of January 1, 2020. The adoption did not have a significant impact on the Company's financial position or results of operations.
Financial Instruments - Credit Losses
In June 2016, the FASB issued new guidance on the measurement of credit losses for most financial instruments. The new guidance replaces the current incurred loss model for recognizing credit losses with an expected loss model


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for instruments measured at amortized cost and requires allowances to be recorded for available-for-sale debt securities rather than reduce the carrying amount. These allowances are remeasured each reporting period. The new guidance was effective for annual periods beginning after December 15, 2019 and interim periods within those years. The new guidance impacted the Company's impairment model related to our available-for-sale fixed-maturity portfolio, reinsurance receivables and mortgage loans. The Company has performed a run of the credit loss models as of January 1, 2020. These models resulted in an immaterial expected credit loss at January 1, 2020. Prior to the adoption of the new guidance, the Company utilized an aging method to estimate credit losses on premiums receivable. This aging method is permitted under the new guidance. The Company adopted the new guidance prospectively as of January 1, 2020 with an immaterial estimated cumulative effect adjustment to opening retained earnings. This cumulative effect adjustment is an allowance related to the Company's reinsurance receivables. The adoption of the new guidance did not have a material impact on the Company's financial position and results of operations.
Goodwill
In January 2017, the FASB issued new guidance which simplifies the test for goodwill impairment. The new guidance eliminates the implied fair value calculation when measuring a goodwill impairment charge. Under the new guidance, impairment charges are based on the excess of the carrying value over fair value of goodwill. The new guidance was effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new guidance as of January 1, 2020. The adoption did not have a significant impact on the Company's financial position or results of operations.
Financial Instruments - Disclosures
In August 2018, the FASB issued new guidance which modifies the disclosure requirements on fair value measurements of financial instruments. The new guidance removes the requirement for disclosing the amount and reason for transfers between Level 1 and Level 2 investment securities and the valuation processes for Level 3 fair value measurements. The guidance also requires additional disclosures on the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The new guidance is effective for annual and interim periods beginning after December 15, 2019. The Company adopted the new guidance as of January 1, 2020. The adoption modified existing fair value disclosures, but did not have an impact on the Company's financial position or results of operations.
Pending Adoption of Accounting Standards
Defined Benefit Plans - Disclosures
In August 2018, the FASB issued new guidance which modifies the disclosure requirements for employers that sponsor defined benefit pension and postretirement plans. The new guidance removes the requirement for disclosing the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit costs in the next year and the sensitivity of postretirement health plans to one-percentage-point changes in medical trend rates. The new guidance is effective for annual periods beginning after December 15, 2020. The Company will adopt the new guidance as of January 1, 2021. Management currently believes the new guidance will modify existing disclosures, but will not have an impact on the Company's financial position and results of operations.


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NOTE 2. SUMMARY OF INVESTMENTS
Fair Value of Investments
A reconciliation of the amortized cost (cost for equity securities) to fair value of investments in available-for-sale fixed maturity and equity securities, presented on a consolidated basis, as of March 31, 2020 and December 31, 2019, is provided below:
March 31, 2020
 
 
 
 
 
Type of Investment
Cost or Amortized Cost
 
Gross Unrealized Appreciation
 
Gross Unrealized Depreciation
 
Fair Value
 
Allowance for Credit Losses
 
Carrying Value
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
49,068

 
$
1,026

 
$

 
$
50,094

 
$

 
$
50,094

U.S. government agency
75,504

 
4,184

 

 
79,688

 

 
79,688

States, municipalities and political subdivisions
 
 
 
 
 
 
 
 
 
 
 
General obligations:
 
 
 
 
 
 
 
 
 
 
 
Midwest
85,521

 
2,925

 

 
88,446

 

 
88,446

Northeast
30,067

 
1,071

 

 
31,138

 

 
31,138

South
111,497

 
3,579

 

 
115,076

 

 
115,076

West
105,363

 
4,712

 

 
110,075

 

 
110,075

Special revenue:
 
 
 
 
 
 
 
 
 
 
 
Midwest
130,758

 
6,740

 

 
137,498

 

 
137,498

Northeast
58,540

 
2,892

 

 
61,432

 

 
61,432

South
223,360

 
10,617

 
48

 
233,929

 

 
233,929

West
137,256

 
6,051

 

 
143,307

 

 
143,307

Foreign bonds
4,935

 
179

 
2

 
5,112

 

 
5,112

Public utilities
74,192

 
2,072

 
424

 
75,840

 

 
75,840

Corporate bonds

 

 

 

 
 
 
 
Energy
27,124

 
236

 
1,360

 
26,000

 
16

 
25,984

Industrials
56,173

 
1,640

 
380