AM Best downgrades United Fire Group's financial strength rating to A-; surplus note rate rises to 6.875%

UNITED FIRE GROUP INC

AM Best downgraded UFG's Financial Strength Rating to A- (Excellent) from A (Excellent); outlook revised to stable from negative.
Long-Term ICR of property/casualty subsidiaries downgraded to "a-" from "a"; UFG's ICR to "bbb-" from "bbb".
Interest rate on UFG's $50 million surplus note increases from 6.375% to 6.875% due to the downgrade.
CEO Kevin Leidwinger cites disappointment but outlines steps: core commercial growth, catastrophe exposure reduction, expense ratio cuts.
Chairman Jim Noyce expresses confidence in management's strategy to restore profitability.

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