Outlooks Revised to Negative for Iowa’s United Fire Group, Property/Casualty Subs December 21, 2020
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the property/casualty (P/C) subsidiaries of United Fire Group Inc. (UFG) [NASDAQ: UFCS] (collectively known as United Fire & Casualty Group), headquartered in Cedar Rapids, Iowa.
Concurrently, AM Best has revised the outlook to negative from stable and affirmed the Long-Term ICR of “bbb” of UFG.
AM Best said the ratings reflect United Fire & Casualty Group’s balance sheet strength, which is categorized as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.