United Fire & Casualty to transfer personal lines business to Nationwide
BPC Staff May 5, 2020 | 8:53 pm
1 min read time172 wordsAll Latest News, Insurance & Investments, Iowa News
United Fire & Casualty has reached a deal for its independent insurance agents to transfer its personal lines policies to Nationwide Mutual Insurance Co., the Corridor Business Journal reported. The move represents a strategic refocusing by the Cedar Rapids-based property-casualty insurance group, the companies said in a joint release. Under the agreement, which is subject to regulatory approval, United Fire’s network of independent insurance agents will have the opportunity to transfer their policies to Nationwide beginning in the third quarter of this year. UFG Insurance, the corporate parent of United Fire & Casualty, said the change is meant to focus on the success of its commercial insurance lines, which makes up 94% of its total business, and was not a result of market conditions from the COVID-19 pandemic. Nationwide, based in Columbus, Ohio, has about 3,300 employees in Des Moines. The companies did not disclose the financial value of the transaction. UFG plans to release its first-quarter earnings report Wednesday morning; a 9 a.m. earnings call can be accessed at this link.