Micah G. Woolstenhulme, Senior Vice President and Chief Risk Officer of United Fire Group Inc. (NASDAQ: UFCS ), a property and casualty insurer currently valued at $675 million, recently acquired additional shares in the company. According to InvestingPro analysis, UFCS appears to be undervalued with a GOOD financial health rating and trades at a modest P/E ratio of 13.6x. According to an SEC filing, Woolstenhulme bought 2,500 shares of common stock at an average price of $19,201 per share on August 14, 2024. This transaction is worth a total of $48,002. Following this acquisition, Woolstenhulme now directly holds 39,940 shares. The purchase comes as UFCS maintains its impressive 52-year streak of consecutive dividend payouts, currently yielding 2.4%. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access detailed research reports covering more than 1,400 US stocks.
In other recent news, United Fire Group Insurance reported strong third-quarter results, posting the highest net and operating income in ten quarters. The company’s net written premiums jumped 23% to $305.6 million, mainly driven by significant growth in the prime commercial and alternative distribution sectors. Additionally, the combined GAAP ratio improved, signaling solid takeover performance.
Investment income also saw a significant increase of 49%, mainly due to a strategic shift in the fixed income portfolio. The company also declared a cash dividend of $0.16 per share to shareholders. However, the total number of employees has been reduced by 20% since the beginning of 2023, but the cost ratio is still high.
Despite some challenges, such as dealing with rating errors identified in the previous quarter, United Fire Group Insurance remains committed to improving its risk profile and maintaining its growth momentum. The company’s focus on larger, more sophisticated accounts may result in a slight decrease in the number of clients. These are one of the recent developments in the company’s operations.
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