Micah G. Woolstenhulme, the Senior Vice President and Chief Risk Officer of United Fire Group Inc. (NASDAQ:UFCS), a property and casualty insurance company currently valued at $675 million, recently acquired additional shares in the company. According to InvestingPro analysis, UFCS appears undervalued with a GOOD financial health rating and trades at a modest P/E ratio of 13.6x. According to an SEC filing, Woolstenhulme purchased 2,500 shares of common stock at an average price of $19.201 per share on August 14, 2024. This transaction amounts to a total value of $48,002. Following this acquisition, Woolstenhulme now holds 39,940 shares directly. The purchase comes as UFCS maintains its impressive 52-year streak of consecutive dividend payments, currently yielding 2.4%. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access detailed research reports covering 1,400+ US stocks.
In other recent news, United Fire Group Insurance has reported strong Q3 results, marking the highest net and operating income seen in ten quarters. The company's net written premiums jumped by 23% to $305.6 million, largely driven by substantial growth in the core commercial and alternative distribution sectors. Additionally, the GAAP combined ratio improved, signaling a solid underwriting performance.
Investment income also saw a significant increase of 49%, largely due to a strategic shift in the fixed income portfolio. The company also declared a cash dividend of $0.16 per share for shareholders. However, the total headcount was reduced by 20% since the start of 2023, but the expense ratio remains high.
Despite some challenges, such as dealing with rating errors identified in the previous quarter, United Fire Group Insurance remains committed to improving risk profiles and sustaining growth momentum. The company's focus on larger, more sophisticated accounts may result in a slight reduction in client numbers. These are among the recent developments in the company's operations.
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