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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 June 30, 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 RapidsIowa
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 classTrading SymbolName of each exchange on which registered
Common Stock, $0.001 par valueUFCSThe 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 August 3, 2020, 25,031,234 shares of common stock were outstanding.


Table of Contents
United Fire Group, Inc.
Index to Quarterly Report on Form 10-Q
June 30, 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, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and other federal stimulus relief legislation, 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 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)June 30,
2020
 December 31,
2019
 (unaudited)  
ASSETS   
Investments   
Fixed maturities   
Available-for-sale, at fair value (amortized cost $1,595,817 in 2020 and $1,659,760 in 2019; allowance for credit losses $10 in 2020 and $ in 2019)
$1,696,166   $1,719,607  
Trading securities, at fair value (amortized cost $8,916 in 2020 and $11,941 in 2019)
11,223  15,256  
Equity securities at fair value (cost $63,615 in 2020 and $67,529 in 2019)
207,626  299,203  
Mortgage loans47,685   42,520  
Less: allowance for mortgage loan losses76   72  
Mortgage loans, net47,609  42,448  
Other long-term investments68,941   78,410  
Short-term investments175   175  
2,031,740   2,155,099  
Cash and cash equivalents146,262   120,722  
Accrued investment income14,485   15,182  
Premiums receivable (net of allowance for doubtful accounts of $947 in 2020 and $1,239 in 2019)
376,808   357,632  
Deferred policy acquisition costs97,566   94,292  
Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $52,630 in 2020 and $50,183 in 2019)
126,036   116,989  
Reinsurance receivables and recoverables (net of allowance for credit losses of $41 in 2020 and $ in 2019)
127,881   72,369  
Prepaid reinsurance premiums14,506   9,550  
Goodwill and intangible assets22,188  22,542  
Income taxes receivable38,374  19,190  
Other assets39,067   29,905  
TOTAL ASSETS$3,034,913   $3,013,472  
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Liabilities   
Future policy benefits and losses, claims and loss settlement expenses   
Losses and loss settlement expenses$1,477,689   $1,421,754  
Unearned premiums530,801   505,162  
Accrued expenses and other liabilities151,257   155,498  
Deferred tax liability14,499   20,586  
TOTAL LIABILITIES$2,174,246   $2,103,000  
Stockholders’ Equity   
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,031,234 and 25,015,963 shares issued and outstanding in 2020 and 2019, respectively
$25   $25  
Additional paid-in capital199,796   200,179  
Retained earnings613,996   697,116  
Accumulated other comprehensive income, net of tax46,850   13,152  
TOTAL STOCKHOLDERS’ EQUITY$860,667   $910,472  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,034,913   $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 June 30,Six Months Ended June 30,
(In Thousands, Except Share Data)2020 201920202019
Revenues   
Net premiums earned$263,609   $276,486  $532,458  $538,800  
Investment income, net of investment expenses12,696   14,120  15,059  30,632  
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $80 and $(41) in 2020 and $37 and $127 in 2019; previously included in accumulated other comprehensive income)
15,779  13,591  (77,628) 40,304  
Other income5,719     5,719    
Total revenues$297,803   $304,197  $475,608  $609,736  
Benefits, Losses and Expenses  
Losses and loss settlement expenses$204,973   $220,009  $391,476  $384,249  
Amortization of deferred policy acquisition costs51,893   54,795  106,345  107,014  
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,072 and $2,144 in 2020 and $1,124 and $2,248 in 2019; previously included in accumulated other comprehensive income)
36,701   33,964  78,550  68,367  
Total benefits, losses and expenses$293,567   $308,768  $576,371  $559,630  
Income (loss) before income taxes$4,236   $(4,571) $(100,763) $50,106  
Federal income tax expense (benefit) (includes reclassifications of $207 and $458 in 2020 and $229 and $445 in 2019; previously included in accumulated other comprehensive income)
(1,724)  (375) (34,189) 9,781  
Net Income (loss)$5,960  $(4,196) $(66,574) $40,325  
Other comprehensive income (loss)
Change in net unrealized appreciation on investments$33,037   $28,596  $40,205   $61,950  
Change in net unrealized appreciation on investments for which an allowance for a credit loss has been recorded1,858    265    
Change in liability for underfunded employee benefit plans        
Other comprehensive income, before tax and reclassification adjustments$34,895   $28,596  $40,470   $61,950  
Income tax effect(7,329)  (6,004) (8,499)  (13,009) 
Other comprehensive income, after tax, before reclassification adjustments$27,566   $22,592  $31,971   $48,941  
Reclassification adjustment for net realized investment (gains) losses included in income$(80)  $(37) $41   $(127) 
Reclassification adjustment for employee benefit costs included in expense1,072   1,124  2,144   2,248  
Total reclassification adjustments, before tax$992  $1,087  $2,185  $2,121  
Income tax effect(207) (229) (458) (445) 
Total reclassification adjustments, after tax$785  $858  $1,727  $1,676  
Comprehensive income (loss)$34,311   $19,254  $(32,876)  $90,942  
Diluted weighted average common shares outstanding25,255,604   25,210,354  25,019,441  25,659,803  
Earnings (loss) per common share:
Basic$0.24  $(0.17) $(2.66) $1.60  
Diluted 0.24  (0.17) (2.66) 1.57  
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 outstandingCommon stockAdditional paid-in capitalRetaining EarningsAccumulated other comprehensive incomeTotal
 
Balance, January 1, 202025,015,963  $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 compensation70,597  —  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, 202025,016,093  $25  $198,317  $616,303  $18,499  $833,144  
Net income—  $—  $—  $5,960  $—  $5,960  
Stock based compensation15,141  —  1,479  —  —  1,479  
Dividends on common stock ($0.33 per share)
—  —  —  (8,267) —  (8,267) 
Change in net unrealized investment appreciation(1)
—  —  —  —  27,504  27,504  
Change in liability for underfunded employee benefit plans(2)
—  —  —  —  847  847  
Balance, June 30, 202025,031,234  $25  $199,796  $613,996  $46,850  $860,667  
(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.


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Common Stock
(In Thousands, Except Share Data)Shares outstandingCommon stockAdditional paid-in capitalRetaining EarningsAccumulated other comprehensive incomeTotal
 
Balance, January 1, 201925,097,408  $25  $203,350  $715,472  $(30,472) 888,375  
Net income—  —  —  44,521  —  44,521  
Stock based compensation70,414  —  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, 201925,167,822  $25  $206,788  $751,683  $(3,305) $955,191  
Net income (loss)$—  $—  $—  $(4,196) $—  $(4,196) 
Shares repurchased(1,507) —  (69) —  —  (69) 
Stock based compensation78,885  —  2,252  —  —  2,252  
Dividends on common stock $0.33 per share)
—  —  —  (8,325) —  (8,325) 
Change in net unrealized investment appreciation(1)
—  —  —  —  22,562  22,562  
Change in liability for underfunded employee benefit plans(2)
—  —  —  —  888  888  
Balance, June 30, 201925,245,200  $25  $208,971  $739,162  $20,145  $968,303  
(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)
Six Months Ended June 30,
(In Thousands)2020 2019
Cash Flows From Operating Activities   
Net income (loss)$(66,574)  $40,325  
Adjustments to reconcile net income to net cash provided by operating activities 
Net accretion of bond premium5,501   5,039  
Depreciation and amortization3,318   2,618  
Stock-based compensation expense2,927   4,045  
Net realized investment (gains) losses77,628   (40,304) 
Net cash flows from equity and trading investments17,148   639  
Deferred income tax benefit(19,229)