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Section 1: 10-Q (10-Q)

ufcs-20200930
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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 September 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 November 2, 2020, 25,031,234 shares of common stock were outstanding.


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United Fire Group, Inc.
Index to Quarterly Report on Form 10-Q
September 30, 2020
 Page
 
 
 


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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)September 30,
2020
 December 31,
2019
 (unaudited)  
ASSETS   
Investments   
Fixed maturities   
Available-for-sale, at fair value (amortized cost $1,612,626 in 2020 and $1,659,760 in 2019; allowance for credit losses $8 in 2020 and $ in 2019)
$1,717,039  $1,719,607 
Trading securities, at fair value (amortized cost $12,258 in 2020 and $11,941 in 2019)
14,811 15,256 
Equity securities at fair value (cost $61,467 in 2020 and $67,529 in 2019)
198,791 299,203 
Mortgage loans47,809  42,520 
Less: allowance for mortgage loan losses76  72 
Mortgage loans, net47,733 42,448 
Other long-term investments62,903  78,410 
Short-term investments175  175 
2,041,452  2,155,099 
Cash and cash equivalents99,604  120,722 
Accrued investment income15,028  15,182 
Premiums receivable (net of allowance for doubtful accounts of $812 in 2020 and $1,239 in 2019)
352,150  357,632 
Deferred policy acquisition costs94,223  94,292 
Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $54,145 in 2020 and $50,183 in 2019)
127,990  116,989 
Reinsurance receivables and recoverables (net of allowance for credit losses of $241 in 2020 and $ in 2019)
199,920  72,369 
Prepaid reinsurance premiums12,284  9,550 
Goodwill and intangible assets6,920 22,542 
Income taxes receivable57,388 19,190 
Other assets41,521  29,905 
TOTAL ASSETS$3,048,480  $3,013,472 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Liabilities   
Future policy benefits and losses, claims and loss settlement expenses   
Losses and loss settlement expenses$1,555,083  $1,421,754 
Unearned premiums499,730  505,162 
Accrued expenses and other liabilities156,874  155,498 
Deferred tax liability16,511  20,586 
TOTAL LIABILITIES$2,228,198  $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 capital200,849  200,179 
Retained earnings568,501  697,116 
Accumulated other comprehensive income, net of tax50,907  13,152 
TOTAL STOCKHOLDERS’ EQUITY$820,282  $910,472 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,048,480  $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 September 30,Nine Months Ended September 30,
(In Thousands, Except Share Data)2020 201920202019
Revenues   
Net premiums earned$259,061  $274,942 $791,519 $813,742 
Investment income, net of investment expenses7,244  13,291 22,303 43,923 
Net realized investment gains (losses) (includes reclassifications for net unrealized investment gains/(losses) on available-for-sale securities of $54 and $13 in 2020 and $130 and $257 in 2019; previously included in accumulated other comprehensive income)
15,212 9,822 (62,416)50,126 
Other income604   6,323  
Total revenues$282,121  $298,055 $757,729 $907,791 
Benefits, Losses and Expenses  
Losses and loss settlement expenses$234,693  $211,752 $626,169 $596,001 
Amortization of deferred policy acquisition costs52,095  54,828 158,440 161,842 
Other underwriting expenses (includes reclassifications for employee benefit costs of $1,072 and $3,217 in 2020 and $1,124 and $3,372 in 2019; previously included in accumulated other comprehensive income)
35,470  36,003 114,020 104,370 
Goodwill impairment15,091  15,091  
Total benefits, losses and expenses$337,349  $302,583 $913,720 $862,213 
Income (loss) before income taxes$(55,228) $(4,528)$(155,991)$45,578 
Federal income tax expense (benefit) (includes reclassifications of $213 and $672 in 2020 and $209 and $654 in 2019; previously included in accumulated other comprehensive income)
(17,987) (2,186)(52,176)7,595 
Net Income (loss)$(37,241)$(2,342)$(103,815)$37,983 
Other comprehensive income (loss)
Change in net unrealized appreciation on investments$4,116  $15,410 $44,586  $77,360 
Change in liability for underfunded employee benefit plans    
Other comprehensive income, before tax and reclassification adjustments$4,116  $15,410 $44,586  $77,360 
Income tax effect(864) (3,237)(9,363) (16,246)
Other comprehensive income, after tax, before reclassification adjustments$3,252  $12,173 $35,223  $61,114 
Reclassification adjustment for net realized investment (gains) losses included in income$(54) $(130)$(13) $(257)
Reclassification adjustment for employee benefit costs included in expense1,072  1,124 3,217  3,372 
Total reclassification adjustments, before tax$1,018 $994 $3,204 $3,115 
Income tax effect(213)(209)(672)(654)
Total reclassification adjustments, after tax$805 $785 $2,532 $2,461 
Comprehensive income (loss)$(33,184) $10,616 $(66,060) $101,558 
Diluted weighted average common shares outstanding25,031,234  25,176,334 25,023,401 25,643,744 
Earnings (loss) per common share:
Basic$(1.49)$(0.09)$(4.15)$1.51 
Diluted (1.49)(0.09)(4.15)1.48 
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 
Net income (loss) $ $ $(37,241)$ $(37,241)
Stock based compensation  1,053   1,053 
Dividends on common stock ($0.33 per share)
   (8,254) (8,254)
Change in net unrealized investment appreciation(1)
    3,209 3,209 
Change in liability for underfunded employee benefit plans(2)
    848 848 
Balance, September 30, 202025,031,234 $25 $200,849 $568,501 $50,907 $820,282 
(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 $968,303 
Net income (loss)$— $— $— $(2,342)$— $(2,342)
Shares repurchased(177,249)— (8,058)— — (8,058)
Stock based compensation13,775 — 1,591 — — 1,591 
Dividends on common stock $0.33 per share)
— — — (8,284)— (8,284)
Change in net unrealized investment appreciation(1)
— — — — 12,070 12,070 
Change in liability for underfunded employee benefit plans(2)
— — — — 888 888 
Balance, September 30, 201925,081,726 $25 $202,504 $728,536 $33,103 $964,168 
(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)
Nine Months Ended September 30,
(In Thousands)2020 2019
Cash Flows From Operating Activities   
Net income (loss)$(103,815) $37,983 
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Net accretion of bond premium7,719  7,074 
Depreciation and amortization5,009  4,235 
Goodwill impairment15,091  
Stock-based compensation expense3,979  5,248 
Net realized investment (gains) losses62,416  (50,126)
Net cash flows from equity and trading investments37,552  911 
Deferred income tax benefit(21,824) 8,829 
Changes in: 
Accrued investment income154  170 
Premiums receivable5,482  (40,792)
Deferred policy acquisition costs69  (5,704)
Reinsurance receivables(127,551) 3,664 
Prepaid reinsurance premiums(2,734) (887)
Income taxes receivable(38,198) 3,029 
Other assets(11,616) (17,645)
Losses and loss settlement expenses133,329  48,056 
Unearned premiums(5,432) 35,296 
Accrued expenses and other liabilities4,593  16,821 
Deferred income taxes7,713  (434)
Other, net15,196  437 
Cash from operating activities90,947 18,182 
Net cash provided by (used in) operating activities$(12,868) $56,165 
Cash Flows From Investing Activities   
Proceeds from sale of available-for-sale investments$16,907  $36,490 
Proceeds from call and maturity of available-for-sale investments239,438  206,478 
Proceeds from sale of other investments5,391  3,607 
Purchase of investments in mortgage loans(5,564) (10,723)
Purchase of investments available-for-sale(216,001)(151,528)
Purchase of other investments(4,829) (16,939)
Purchase of property and equipment$(15,506) (27,796)
Net cash provided by investing activities19,836 39,589 
Cash Flows From Financing Activities