United Fire Group Q2 net loss $0.11/diluted share; adjusted op loss $0.07; rating error charge $3.2M

UNITED FIRE GROUP INC

2024-Q2 EPS reported $0.42 revenue$597,168,000

Net loss of $2.7M ($0.11 per diluted share); adjusted operating loss of $0.07 per diluted share.
Net premiums written up 9.0% to $326.1M; net investment income +59.2% to $18.0M.
GAAP combined ratio improved 27.4 pts to 105.6%; underlying combined ratio improved 4.8 pts to 94.4%.
Recorded $3.2M pre-tax charge for estimated contingent liability from rating errors on umbrella/general liability policies.
Completed $70M private placement of 9.0% senior unsecured notes due 2039 to support growth.

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