AM Best Affirms Credit Ratings of United Fire Group, Inc. and Its Property/Casualty Subsidiaries
2024年8月16日 - 6:03AM
ビジネスワイヤ(英語)
AM Best has affirmed the Financial Strength Rating (FSR)
of A- (Excellent) and the Long-Term Issuer Credit Ratings
(Long-Term ICR) of “a-” (Excellent) of the property/casualty (P/C)
subsidiaries of United Fire Group, Inc. (UFG) [NASDAQ: UFCS]
(collectively known as United Fire & Casualty Group), which
operate under an intercompany pooling agreement led by United Fire
& Casualty Company. Concurrently, AM Best has affirmed the
Long-Term ICR of “bbb-” (Good) of UFG as well as the Long-Term
Issue Credit Rating of “bbb-” (Good) on UFG’s $70.0 million, 9%
senior unsecured notes due 2039. The outlook of these Credit
Ratings (ratings) is stable. All companies are headquartered in
Cedar Rapids, IA. (See below for a detailed listing of the
companies and ratings.)
The ratings reflect United Fire & Casualty Group’s balance
sheet strength, which AM Best assesses as very strong, as well as
its marginal operating performance, neutral business profile and
appropriate enterprise risk management.
The stable outlooks reflect AM Best’s expectation of
stabilization in United Fire & Casualty Group’s operating
performance and balance sheet strength fundamentals over the
intermediate term given management’s strategic initiatives intended
to improve operating performance, as well as the adequacy of
reserve development over time.
The ratings also consider the group’s well-established position
within core markets that provide a diversified range of product
offerings in commercial lines. The group also benefits from its
solid regional franchise, local market knowledge, and long-standing
agency relationships. Despite these strengths, the group remains
exposed to potential catastrophe and weather-related losses and
will need to manage rate and underwriting risk carefully to improve
operating performance. The Long-Term ICR of UFG recognizes the
capital strength of its operating subsidiaries. Financial leverage
and interest coverage at the holding company is supportive of the
current ratings.
The FSR of A- (Excellent) has been affirmed and the Long-Term
ICRs of “a-” (Excellent) affirmed with stable outlooks for United
Fire & Casualty Company and its following P/C subsidiaries:
- Lafayette Insurance Company
- Addison Insurance Company
- United Fire & Indemnity Company
- United Fire Lloyds
- Mercer Insurance Company
- Financial Pacific Insurance Company
- Mercer Insurance Company of New Jersey, Inc.
- Franklin Insurance Company
- UFG Specialty Insurance Company
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of
Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance
industry. Headquartered in the United States, the company does
business in over 100 countries with regional offices in London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Gordon McLean Senior Financial Analyst +1 908 882
2109 gordon.mclean@ambest.com
Rosemarie Mirabella Director +1 908 882
2125 rosemarie.mirabella@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
United Fire (NASDAQ:UFCS)
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