Insurer United Fire Group Inc.’s stock was down 14% Tuesday, after the company issued a profit warning for its second quarter amid elevated catastrophe...
Insurer United Fire Group Inc.’s stock UFCS was down 14% Tuesday, after the company issued a profit warning for its second quarter amid elevated catastrophe claims. The Cedar Rapids, Iowa-based company said it expects a loss of $2.23 a share and an adjusted loss of $2.27 a share. Two analysts that provided estimates to FactSet were expecting a loss of $1.11 a share before Monday’s announcement.
27 a share. Two analysts that provided estimates to FactSet were expecting a loss of $1.11 a share before Monday’s announcement. The company said the quarter would include pretax reserve strengthening for prior accident years of $53 million and pretax catastrophe losses of $33 million. That’s after 18 separate weather events. The U.S.
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