United Fire Group completes debt offering
United Fire Group , a property and casualty insurance holding company, announced the completion of a $70 million placement of senior unsecured 9.0% notes due May 31, 2039, in a private offering with Ares Management Credit funds as the lead investor. Proceeds from the offering will support anticipated growth and general corporate purposes.
The company held a shareholder meeting on May 15, where it shared recent progress. This included restoring growth across the core commercial portfolio by strengthening engagement with distribution partners and introducing greater actuarial rigor through the appointment of UFG’s first Chief Actuary. Additionally, new leaders for pricing, reserving, and reinsurance were appointed to enable more informed portfolio management. The company also reduced and optimized its catastrophe footprint by refining underwriting guidelines and risk limits for properties exposed to hurricanes and earthquakes.
In the underwriting organization, UFG established small business, middle market, and construction business units to better align with the specialized needs of distribution agents. A new Chief Underwriting Officer, along with industry segment and line of business leaders, was appointed to enhance knowledge and skill sets.
To streamline processes and ensure the right work is done by the right people, several support teams were combined to form a business enablement organization led by the newly appointed Chief Administrative Officer. Additionally, UFG continues to modernize its technology, introducing a new small business quoting platform to agents in 12 additional states in 2023, with the remaining states launching this year.
The company is also implementing a new policy administration system, with all core commercial product lines expected to be fully enabled by the end of 2025.