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United Fire Group reports first-quarter earnings

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Cedar Rapids-based United Fire Group Inc. reported consolidated net income, including net realized investment gains and changes in the fair value of equity securities, of $18.7 million, or 74 cents per share, for the quarter ended March 31. That compares with a consolidated net loss of $72.5 million, or $2.90 per share, for the same period in 2020. Higher investment earnings and lower expenses contributed to the latest quarter’s income, offset by an increase in catastrophe losses and severity of commercial auto losses involving bodily injuries. The increase in catastrophe losses was primarily due to winter storm Uri, which occurred mostly in Texas. During the first quarter of 2021, the company paid a 15-cent-per-share cash dividend to shareholders of record as of March 5; UFG has paid a quarterly dividend every quarter since March 1968.