UFCS 10-Q Quarterly Report Sept. 30, 2025 | Alphaminr
UNITED FIRE GROUP INC
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UFCS 10-Q Quarter ended Sept. 30, 2025

Balance Sheet
Cash Flow
Income Statement
Debt
UNITED FIRE GROUP INC
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-34257
ufglogo2017color600a32.gif
________________________
UNITED FIRE GROUP, INC .
(Exact name of registrant as specified in its charter)
Iowa 45-2302834
(State of incorporation) (I.R.S. Employer Identification No.)
118 Second Avenue SE
Cedar Rapids Iowa
52401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: ( 319 ) 399-5700
Securities Registered Pursuant to Section 12(b) of the Exchange Act of 1934:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.001 par value UFCS The NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒

As of November 3, 2025, 25,514,329 shares of common stock were outstanding.





United Fire Group, Inc.
Index to Quarterly Report on Form 10-Q
September 30, 2025
Page





FORWARD-LOOKING INFORMATION
This report may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our"), the industry in which we operate, and beliefs and assumptions made by management. Words such as "expect(s)," "anticipate(s)," "intend(s)," "plan(s)," "believe(s)," "continue(s)," "seek(s)," "estimate(s)," "goal(s)," "remain(s) optimistic," "target(s)," "forecast(s)," "project(s)," "predict(s)," "should," "could," "may," "will," "might," "hope," "can" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. See Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our other filings with the Securities and Exchange Commission (the "SEC") for more information concerning factors that could cause actual results to differ materially from those in the forward-looking statements.
Risks and uncertainties that may affect the actual financial condition and results of the Company include, but are not limited to, the following:
◦ The success of our strategy may be adversely impacted by various internal and external factors;
◦ Core insurance business is dependent on strong and beneficial relationships with a large network of independent insurance agents and not maintaining these relationships could result in loss of sufficient business opportunities within our expertise and stated risk appetite;
◦ Geographic concentration ties our performance to the business, economic and regulatory conditions of certain states;
◦ We will be at a competitive disadvantage if, over time, our competitors are more effective in pricing their products, development of new product offering, implementation of technology and data analytics;
◦ Our strategy's success could be affected by our timely ability to recognize and adapt to our position in the insurance cycle;
◦ Our success depends primarily on our ability to underwrite risks effectively and adequately price the risks we insure;
◦ We may be unable to predict the rising cost of insurance claims resulting from changing societal expectations that lead to increasing litigation, broader definitions of liability, broader contract interpretations, more plaintiff-friendly legal decisions and larger compensatory jury awards;
◦ Reserves for property and casualty insurance losses and loss settlement expenses are based on estimates and may be inadequate, adversely impacting our financial results;
◦ We insure property that is exposed to various natural perils that can give rise to significant claims cost;
◦ We are subject to certain risks related to our investment portfolio that could negatively affect our profitability;
◦ A downgrade in our financial strength or issuer credit ratings could result in a loss of business and could have a material adverse effect on our financial condition, results of operations and liquidity;
◦ We may be unable to secure reinsurance capacity that provides necessary risk protection at a reasonable cost;
◦ We may be unable to attract, retain or effectively manage the succession of key personnel;
◦ Changing weather patterns and climate change add to the unpredictability, frequency and severity of catastrophe losses and may adversely affect the results of our operations, liquidity and financial conditions;
◦ Unauthorized data access, cyber-attacks and other security breaches could have an adverse impact on our business and reputation;
◦ We are subject to comprehensive laws and regulations, changes to which may have an adverse effect on our financial condition and results of operations;
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◦ Macroeconomic conditions could materially and adversely affect our business, results of our operations, financial condition, and growth;
◦ Our stock price could become more volatile, and your investment could lose value;
◦ Efforts to disrupt the structure, management or ownership of the Company could diminish the value of our common stock; and
◦ The ability of our subsidiaries to pay dividends to UFG may affect our liquidity and ability to pay dividends to shareholders.
These are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
2




PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
United Fire Group, Inc.
Consolidated Balance Sheets
September 30,
2025 		December 31,
2024
(In thousands, except share data) (unaudited)
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost $ 2,054,127 in 2025 and $ 1,961,531 in 2024)
$ 2,016,366 $ 1,868,331
Mortgage loans (net of allowance for credit loss of $ 1,147 in 2025 and $ 45 in 2024)
39,333 40,922
Other long-term investments 215,363 183,741
Short-term investments — 100
Total investments 2,271,062 2,093,094
Cash and cash equivalents 233,737 200,949
Accrued investment income 15,926 15,795
Premiums receivable (net of allowance for doubtful accounts of $ 1,949 in 2025 and $ 1,604 in 2024)
520,838 450,801
Deferred policy acquisition costs 164,446 147,224
Property and equipment, at cost (less accumulated depreciation of $ 82,847 in 2025 and $ 75,866 in 2024)
134,698 136,021
Reinsurance receivables (net of allowance for credit losses of $ 121 in 2025 and $ 103 in 2024)
233,132 230,828
Prepaid reinsurance premiums 32,334 44,892
Intangible assets 3,374 3,906
Deferred tax asset 16,603 23,018
Income taxes receivable 2,691 14,181
Other assets 125,071 127,760
Total assets $ 3,753,912 $ 3,488,469
Liabilities
Losses and loss settlement expenses $ 1,882,067 $ 1,796,782
Unearned premium 691,429 621,448
Accrued expenses and other liabilities 135,577 171,649
Long term debt 146,128 117,059
Total liabilities $ 2,855,201 $ 2,706,938
Stockholders' Equity
Common stock, $ 0.001 par value; authorized 75,000,000 shares; 25,514,329 and 25,378,291 shares issued and outstanding in 2025 and 2024, respectively
$ 25 $ 25
Additional paid-in capital 221,633 215,851
Retained earnings 688,050 620,436
Accumulated other comprehensive income (loss), net of tax ( 10,997 ) ( 54,781 )
Total stockholders' equity $ 898,711 $ 781,531
Total liabilities and stockholders' equity $ 3,753,912 $ 3,488,469

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.
3




United Fire Group, Inc.
Consolidated Statements of Income (Unaudited)

Three months ended September 30, Nine months ended September 30,
(In thousands, except share data) 2025 2024 2025 2024
Revenues
Net earned premium $ 328,431 $ 300,185 $ 951,644 $ 868,613
Net investment income 25,992 24,459 71,123 58,830
Net investment gains (losses) ( 405 ) ( 1,680 ) ( 2,161 ) ( 4,111 )
Other income (loss) — — — ( 3,200 )
Total revenues $ 354,018 $ 322,964 $ 1,020,606 $ 920,132
Benefits, Losses and Expenses
Losses and loss settlement expenses $ 188,180 $ 187,148 $ 571,608 $ 568,119
Amortization of deferred policy acquisition costs 81,513 71,425 233,280 204,504
Other underwriting expenses 32,124 36,454 107,017 103,532
Interest expense 3,118 2,481 8,085 4,800
Other non-underwriting expenses 407 481 884 1,688
Total benefits, losses and expenses $ 305,342 $ 297,989 $ 920,874 $ 882,643
Income (loss) before income taxes $ 48,676 $ 24,975 $ 99,732 $ 37,489
Income tax expense (benefit) 9,486 5,227 19,895 6,974
Net Income (loss) $ 39,190 $ 19,748 $ 79,837 $ 30,515
Earnings (loss) per common share:
Basic $ 1.54 $ 0.78 $ 3.14 $ 1.21
Diluted 1.49 0.76 3.03 1.18
Weighted average common shares outstanding:
Basic 25,501,551 25,337,147 25,455,052 25,308,951
Diluted 26,367,501 25,912,313 26,311,815 25,884,623

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.













4





United Fire Group, Inc.
Consolidated Statements of Comprehensive Income (Unaudited)

Three months ended September 30, Nine months ended September 30,
(In thousands, except share data) 2025 2024 2025 2024
Net Income (loss) $ 39,190 $ 19,748 $ 79,837 $ 30,515
Other comprehensive income (loss)
Change in net unrealized gain (loss) on investments $ 20,136 $ 51,745 $ 53,195 $ 33,995
Change in net benefit asset plans and obligations ( 724 ) ( 724 ) ( 2,172 ) ( 2,172 )
Foreign currency translation adjustment ( 462 ) 853 2,244 865
Other comprehensive income (loss), before tax and reclassification adjustments $ 18,950 $ 51,874 $ 53,267 $ 32,688
Income tax effect ( 4,552 ) ( 10,714 ) ( 11,190 ) ( 6,683 )
Other comprehensive income (loss), after tax, before reclassification adjustments $ 14,398 $ 41,160 $ 42,077 $ 26,005
Reclassification adjustments:
Change in unrealized (gains) losses on investments included in net investment gains (losses) $ 405 $ 1,680 $ 2,161 $ 5,473
Total reclassification adjustments, before tax $ 405 $ 1,680 $ 2,161 $ 5,473
Income tax effect ( 85 ) ( 352 ) ( 454 ) ( 1,149 )
Total reclassification adjustments, after tax $ 320 $ 1,328 $ 1,707 $ 4,324
Comprehensive income (loss) $ 53,908 $ 62,236 $ 123,621 $ 60,844

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.
5




United Fire Group, Inc.
Consolidated Statement of Stockholders' Equity (Unaudited)

Three months ended September 30, Nine months ended September 30,
(In thousands, except share data) 2025 2024 2025 2024
Common stock
Balance, beginning of period $ 25 $ 25 $ 25 $ 25
Balance, end of period 25 25 25 25
Additional paid-in capital
Balance, beginning of period $ 218,332 212,327 215,851 209,986
Stock based compensation 3,301 1,047 5,782 3,388
Balance, end of period 221,633 213,374 221,633 213,374
Retained earnings
Balance, beginning of period 653,026 577,359 620,436 574,691
Net income (loss) 39,190 19,748 79,837 30,515
Dividends on common stock ($ 0.16 and $ 0.48 per share)
( 4,082 ) ( 4,055 ) ( 12,223 ) ( 12,154 )
Foreign currency translation adjustment, tax impact ( 84 ) — — —
Balance, end of period 688,050 593,052 688,050 593,052
Accumulated other comprehensive income (loss)
Balance, beginning of period ( 25,715 ) ( 63,116 ) ( 54,781 ) ( 50,957 )
Change in net unrealized investment gain (loss) (1)
16,223 42,207 43,727 31,180
Change in liability for underfunded employee benefit plans (1)
( 572 ) ( 572 ) ( 1,716 ) ( 1,716 )
Foreign currency translation adjustment ( 933 ) 853 1,773 865
Balance, end of period ( 10,997 ) ( 20,628 ) ( 10,997 ) ( 20,628 )
Total stockholders' equity $ 898,711 $ 785,823 $ 898,711 $ 785,823
Common stock shares outstanding
Balance, beginning of period 25,490,995 25,336,103 25,378,291 25,269,842
Stock based compensation 23,334 5,145 136,038 71,406
Balance, end of period 25,514,329 25,341,248 25,514,329 25,341,248
(1) Amount is net of reclassification adjustments and income taxes.
The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.


6




United Fire Group, Inc.
Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30,
(In thousands) 2025 2024
Cash Flows From Operating Activities
Net income (loss) $ 79,837 $ 30,515
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net accretion of bond premium 1,145 3,921
Depreciation and amortization 7,813 8,377
Stock-based compensation expense 6,015 3,798
Net investment (gains) losses 2,509 4,403
Net cash flows from equity and trading investments — 56,381
Deferred income tax expense (benefit) ( 5,229 ) ( 8,611 )
Changes in:
Accrued investment income ( 131 ) ( 135 )
Premiums receivable ( 70,037 ) ( 144,092 )
Deferred policy acquisition costs ( 17,222 ) ( 22,506 )
Reinsurance receivables ( 2,304 ) ( 26,773 )
Prepaid reinsurance premiums 12,558 ( 14,331 )
Income taxes receivable 11,490 4,872
Other assets 2,606 7,670
Losses and loss settlement expenses 85,285 156,186
Unearned premium 69,981 100,655
Accrued expenses and other liabilities ( 38,244 ) 23,840
Other, net 3,839 ( 159 )
Net cash provided by (used in) operating activities $ 149,911 $ 184,011
Cash Flows From Investing Activities
Proceeds from sale of available-for-sale investments $ 119,943 $ 397,379
Proceeds from call and maturity of available-for-sale investments 177,381 136,227
Proceeds from sale of other investments 7,843 7,613
Purchase of available-for-sale investments ( 392,486 ) ( 671,083 )
Purchase of other investments ( 40,459 ) ( 4,278 )
Net purchases and sales of property and equipment ( 5,791 ) ( 8,930 )
Net cash provided by (used in) investing activities $ ( 133,569 ) $ ( 143,072 )
Cash Flows From Financing Activities
Debt note issuance $ 30,000 $ 70,000
Debt note issuance costs ( 1,098 ) ( 3,050 )
Issuance of common stock ( 233 ) ( 410 )
Payment of cash dividends ( 12,223 ) ( 12,154 )
Net cash provided by (used in) financing activities $ 16,446 $ 54,386
Net Change in Cash and Cash Equivalents $ 32,788 $ 95,325
Cash and Cash Equivalents at Beginning of Period 200,949 102,046
Cash and Cash Equivalents at End of Period $ 233,737 $ 197,371
Supplemental Disclosures of Cash Flow Information
Income taxes paid $ 27,800 $ 10,712
Interest paid $ 8,085 $ 4,800

The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.
7





UNITED FIRE GROUP, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share amounts or as otherwise noted)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
United Fire Group, Inc. ("UFG," the "Registrant," the "Company," "we," "us," or "our") and its consolidated subsidiaries and affiliates are engaged in the business of writing property and casualty insurance through a network of independent agencies. Our insurance company subsidiaries are licensed as property and casualty insurers in 50 states and the District of Columbia.
Basis of Presentation
The financial information for interim periods presented in these Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Regulation S-X promulgated by the SEC. Certain financial information that is included in our Annual Report on Form 10-K for the year ended December 31, 2024, including financial statement footnote disclosures, is not required by the rules and regulations of the SEC for interim financial reporting and has been condensed or omitted.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statement categories that are most dependent on management estimates and assumptions include: investments; losses and loss settlement expenses; and pension benefit obligations.
Management believes the accompanying Consolidated Financial Statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. All significant intercompany transactions have been eliminated in consolidation. The results reported for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025.
Updates to Summary of Significant Accounting Policies
Since our Annual Report on Form 10-K for the year ended December 31, 2024, we have had no changes to significant accounting policies, which have been followed in preparing the accompanying unaudited Consolidated Financial Statements.
Subsequent Events
In the preparation of the accompanying financial statements, the Company has evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure in the Company's financial statements.
Recently Issued Accounting Standards
Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding
8




on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, and retrospective application is permitted. We are in the process of assessing its impact on our disclosures upon adoption.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.





9




NOTE 2. SUMMARY OF INVESTMENTS
Fair Value of Investments
A reconciliation of the amortized cost to fair value of investments in our available-for-sale fixed maturity portfolio, presented on a consolidated basis, as of September 30, 2025 and December 31, 2024, is provided below:
September 30, 2025
Type of Investment Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Allowance for Credit Losses Fair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies $ 109,416 $ 468 $ 6,252 $ — $ 103,632
States, municipalities and political subdivisions 249,977 1,653 1,914 — 249,716
Corporate 743,936 8,964 24,450 — 728,450
Residential mortgage-backed 649,677 7,308 26,613 — 630,372
Commercial mortgage-backed 143,857 2,407 10 — 146,254
Other asset-backed 157,264 1,212 534 — 157,942
Total Available-for-Sale Fixed Maturities $ 2,054,127 $ 22,012 $ 59,773 $ — $ 2,016,366

December 31, 2024
Type of Investment Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Allowance for Credit Losses Fair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies $ 126,402 $ 153 $ 9,255 $ — $ 117,301
States, municipalities and political subdivisions 252,936 52 5,084 — 247,904
Corporate 728,662 1,354 40,633 — 689,382
Residential mortgage-backed 623,431 864 40,884 — 583,411
Commercial mortgage-backed 102,975 624 44 — 103,554
Other asset-backed 127,125 593 940 — 126,779
Total Available-for-Sale Fixed Maturities $ 1,961,531 $ 3,640 $ 96,840 $ — $ 1,868,331
Maturities
The amortized cost and fair value of available-for-sale fixed maturity securities at September 30, 2025, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity.
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Available-For-Sale
September 30, 2025 Amortized Cost Fair Value
Due in one year or less $ 70,764 $ 70,531
Due after one year through five years 288,363 287,062
Due after five years through 10 years 483,535 476,760
Due after 10 years 260,667 247,445
Asset-backed securities 950,798 934,568
$ 2,054,127 $ 2,016,366
Allowance for Credit Losses

We regularly review available-for-sale securities for declines in fair value that we determine to be credit-related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit-related, and if so, the magnitude of the credit loss:

• The extent to which the fair value is less than the amortized cost basis;
• The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening);
• The financial condition and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);
• Current delinquencies and nonperforming assets of underlying collateral;
• Expected future default rates;
• Collateral value by vintage, geographic region, industry concentration or property type;
• Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and
• Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.

We recognize an allowance for credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We recognize the credit loss in net investment gains (losses) in the Consolidated Statements of Income, with an offset for the amount of non-credit impairments recognized in accumulated other comprehensive income. We do not measure an allowance for credit losses on accrued investment income because we write-off accrued interest through net investment income when collectability concerns arise.

We consider the following in determining whether write-offs of a security's amortized cost are necessary:
• We believe amounts related to securities have become uncollectible;
• We intend to sell a security; or
• It is more likely than not that we will be required to sell a security prior to recovery.

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for credit losses, to net investment gains (losses) in the Consolidated Statements of Income. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible, an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for credit losses, to net investment gains (losses) in the Consolidated Statements of Income. The remainder of unrealized loss is held in other comprehensive income in the Consolidated Statements of Stockholders' Equity.
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As of September 30, 2025, we had no allowance for credit losses for the available-for-sale fixed maturity securities portfolio.
Unrealized Gain and Loss
Changes in unrealized gains and losses on available-for-sale fixed maturity securities do not affect net income and earnings per share but do impact comprehensive income, stockholders' equity and book value per share. A summary of changes in net unrealized investment gain (loss), net of taxes, during the reporting period is as follows:
Nine months ended September 30,
2025 2024
Change in net unrealized investment gain (loss)
Available-for-sale fixed maturities (1)
$ 55,356 $ 39,468
Income tax effect ( 11,629 ) ( 8,288 )
Total change in net unrealized investment gain (loss), net of tax $ 43,727 $ 31,180
(1) As a member of Lloyd's, the Company participates in the syndicate results which include unrealized gains and losses on investments. The change in net unrealized gains and losses on Lloyd's syndicate investments included above was $ 0.1 million as of September 30, 2025.
The following tables summarize our fixed maturity securities that were in an unrealized loss position at September 30, 2025 and December 31, 2024. The securities are presented by the length of time they have been continuously in an unrealized loss position.
September 30, 2025 Less than 12 months 12 months or longer Total
Type of Investment Number
of Issues 		Fair
Value 		Gross Unrealized
Loss 		Number
of Issues 		Fair
Value 		Gross Unrealized Loss Fair
Value 		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies 1 $ 900 $ 1 24 $ 74,062 $ 6,251 $ 74,962 $ 6,252
States, municipalities and political subdivisions 30 39,700 241 56 111,261 1,673 150,961 1,914
Corporate 44 125,943 580 92 248,875 23,870 374,818 24,450
Residential mortgage-backed 29 83,281 463 103 153,709 26,150 236,990 26,613
Commercial mortgage-backed 1 5,481 10 — — — 5,481 10
Other asset-backed 6 20,819 104 3 3,389 430 24,208 534
Total Available-for-Sale 111 $ 276,124 $ 1,399 $ 278 $ 591,296 $ 58,374 $ 867,420 $ 59,773
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December 31, 2024 Less than 12 months 12 months or longer Total
Type of Investment Number
of Issues 		Fair
Value 		Gross Unrealized
Loss 		Number
of Issues 		Fair
Value 		Gross Unrealized Loss Fair
Value 		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies 5 $ 16,006 $ 67 28 $ 83,386 $ 9,188 $ 99,392 $ 9,255
States, municipalities and political subdivisions 67 92,003 1,159 72 135,350 3,925 227,353 5,084
Corporate 73 203,142 4,474 154 370,211 36,159 573,352 40,633
Residential mortgage-backed 79 318,810 4,549 131 151,879 36,335 470,689 40,884
Commercial mortgage-backed 4 8,198 44 — — — 8,198 44
Other asset-backed 14 32,645 804 2 3,915 136 36,560 940
Total Available-for-Sale 242 $ 670,804 $ 11,097 387 $ 744,741 $ 85,743 $ 1,415,544 $ 96,840

We believe that any unrealized losses on our available-for-sale fixed maturity securities at September 30, 2025 are temporary based upon our current analysis of the issuers of the securities we hold and current market conditions. We invest in high quality assets to provide protection from future credit quality issues. Non-credit related unrealized losses are recognized as a component of other comprehensive income and represent other market movements that are not credit related, for example, interest rate changes. We have no intent to sell, and it is more likely than not that we will not be required to sell these securities until the fair value recovers to at least equal our cost basis or the securities mature.

Mortgage Loans
The mortgage loan portfolio consists entirely of commercial mortgage loans. We did not acquire new loans during the nine months ended September 30, 2025 or the year ended December 31, 2024. The following tables present the carrying value of our commercial mortgage loans and additional information at September 30, 2025 and December 31, 2024:
Commercial Mortgage Loans
September 30, 2025 December 31, 2024
Loan-to-value Carrying Value Carrying Value
Less than 65% $ 32,160 $ 32,499
65%-75% 8,320 8,468
Total amortized cost $ 40,480 $ 40,967
Allowance for mortgage loan losses ( 1,147 ) ( 45 )
Mortgage loans, net $ 39,333 $ 40,922

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Commercial Mortgage Loans by Region
September 30, 2025 December 31, 2024
Carrying Value Percent of Total Carrying Value Percent of Total
East North Central $ 3,176 7.8 % $ 3,218 7.9 %
Southern Atlantic 16,868 41.8 17,021 41.4
East South Central 7,048 17.4 7,257 17.7
New England 6,588 16.3 6,588 16.1
Middle Atlantic 2,041 5.0 2,078 5.1
Mountain 1,992 4.9 1,992 4.9
West North Central 2,767 6.8 2,813 6.9
Total mortgage loans at amortized cost $ 40,480 100.0 % $ 40,967 100.0 %
Commercial Mortgage Loans by Property Type
September 30, 2025 December 31, 2024
Carrying Value Percent of Total Carrying Value Percent of Total
Commercial
Multifamily $ 8,229 20.3 % $ 8,362 20.4 %
Office 10,378 25.7 10,615 25.9
Industrial
9,855 24.4 9,912 24.2
Retail
9,977 24.6 10,000 24.4
Mixed use/Other
2,041 5.0 2,078 5.1
Total mortgage loans at amortized cost $ 40,480 100.0 % $ 40,967 100.0 %
Mortgage loans are evaluated on a quarterly basis for impairment on an individual basis through a monitoring process and review of key credit indicators, such as economic trends, delinquency rates, property valuations, occupancy and rental rates and loan-to-value ratios. A loan is considered impaired when the Company believes it will not collect the principal and interest set forth in the contractual terms of the loan. An internal grade is assigned to each mortgage loan, with a grade of 1 being the highest and least likely for an impairment and a grade of 7 being the lowest and most likely for an impairment. An allowance for mortgage loan losses is established on each loan for those amounts we believe will not be collected according to the contractual terms of the respective loan agreement. The table below shows mortgage loans by year of origination as of September 30, 2025.
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
2023 2022 2020 2019 2018 Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade $ 8,109 $ 97 5,053 $ 7,639 $ 12,994 $ 33,892
3-4 internal grade — — — — 6,588 6,588
Total commercial mortgage loans $ 8,109 $ 97 $ 5,053 $ 7,639 $ 19,582 $ 40,480









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As of September 30, 2025, the Company had a credit loss allowance of $ 1,147 , summarized in the following rollforward:

Beginning balance, January 1, 2025 $ 45
Current-period provision for expected credit losses 1,102
Write-off charged against the allowance, if any —
Recoveries of amounts previously written off, if any —
Ending balance, September 30, 2025
$ 1,147
The increase in the credit loss allowance relates to a mortgage loan collateralized by commercial office property with declining occupancy rates. There were no other material changes in the expected credit loss reserve for the nine months ended September 30, 2025. The carrying value of commercial mortgage loans excludes accrued interest of $ 153 .

Net Investment Gains and Losses
Details of net investment gains (losses) reported on the accompanying Consolidated Statements of Income were as follows:
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Net investment gains (losses):
Fixed maturities:
Available-for-sale $ ( 609 ) $ ( 1,731 ) $ ( 1,406 ) $ ( 5,776 )
Allowance for credit losses — — — 1
Equity securities
Net gains (losses) recognized on equity securities sold during the period — — — 1,362
Unrealized gains (losses) recognized during the period on equity securities held at reporting date — — — —
Net gains (losses) recognized during the reporting period on equity securities — — — 1,362
Mortgage loans allowance for credit losses — — ( 1,102 ) 10
Other long-term investments 204 51 347 292
Total net investment gains (losses) $ ( 405 ) $ ( 1,680 ) $ ( 2,161 ) $ ( 4,111 )
The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities are as follows:

Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Proceeds from sales $ 95,625 $ 163,380 $ 119,943 $ 397,379
Gross realized gains 76 362 100 1,859
Gross realized losses ( 685 ) ( 2,093 ) ( 1,506 ) ( 7,635 )




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Net Investment Income

Net investment income is comprised of the following:

Investment Results
Three months ended September 30, Nine months ended September 30,
(In thousands) 2025 2024 2025 2024
Investment income:
Interest on fixed maturities $ 21,874 $ 18,719 $ 64,300 $ 49,826
Dividends on equity securities — — — 341
Income on other long-term investments 2,655 5,408 4,584 5,789
Other 4,381 3,173 11,415 11,259
Total investment income $ 28,910 $ 27,300 $ 80,299 $ 67,215
Less investment expenses 2,918 2,841 9,176 8,385
Net investment income $ 25,992 $ 24,459 $ 71,123 $ 58,830

Funding Commitment
Pursuant to agreements with our limited liability partnership investments, we are contractually committed through 2030 to make capital contributions upon the request of certain of the partnerships. Our remaining potential contractual obligation was $ 17.7 million at September 30, 2025.
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NOTE 3. FAIR VALUE OF FINANCIAL INSTRUMENTS

Current accounting guidance on fair value measurements includes the application of a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Our financial instruments that are recorded at fair value are categorized into a three-level hierarchy, which is based upon the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (i.e., Level 1) and the lowest priority to unobservable inputs (i.e., Level 3). Financial instruments recorded at fair value are categorized in the fair value hierarchy as follows:
• Level 1 : Valuations are based on unadjusted quoted prices for identical financial instruments in active markets that we have the ability to access at the measurement date.
• Level 2 : Valuations are based on quoted prices for similar financial instruments in active markets, in markets that are not active or on inputs that are observable either directly or indirectly for the full term of the financial instrument.
• Level 3 : Valuations are based on pricing or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement of the financial instrument. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument.
If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the financial instrument. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. We review our fair value hierarchy categorizations on a quarterly basis at which time the classification of certain financial instruments may change if the input observations have changed. Transfers between levels, if any, are recorded as of the beginning of the reporting period.
When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.




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The following tables present the categorization for our financial instruments measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024:

September 30, 2025 Fair Value Measurements
Description Total Level 1 Level 2 Level 3
Fixed Maturity, Available-for-Sale:
US Treasury and government agencies $ 103,632 $ 26,544 $ 77,088 $ —
States, municipalities and political subdivisions 249,716 — 249,716 —
Corporate 728,450 — 728,450 —
Residential mortgage-backed 630,372 — 630,372 —
Commercial mortgage-backed 146,254 — 146,254 —
Other asset-backed 157,942 — 157,942 —
Total Fixed Maturity, Available-for-Sale $ 2,016,366 $ 26,544 $ 1,989,822 $ —
Short-Term Investments — — — —
Money Market Accounts 47,794 47,794 — —
Corporate-Owned Life Insurance 13,289 — 13,289 —
Total Assets Measured at Fair Value $ 2,077,449 $ 74,338 $ 2,003,111 $ —


December 31, 2024 Fair Value Measurements
Description Total Level 1 Level 2 Level 3
Fixed Maturity, Available-for-Sale:
US Treasury and government agencies $ 117,301 $ 30,914 $ 86,387 $ —
States, municipalities and political subdivisions 247,904 — 247,904 —
Corporate 689,382 689,382 —
Residential mortgage-backed 583,411 — 583,411 —
Commercial mortgage-backed 103,554 — 103,554 —
Other asset-backed 126,779 126,779 —
Total Fixed Maturity, Available-for-Sale $ 1,868,331 $ 30,914 $ 1,837,417 $ —
Short-Term Investments 100 100 — —
Money Market Accounts 23,098 23,098 — —
Corporate-Owned Life Insurance 13,003 — 13,003 —
Total Assets Measured at Fair Value $ 1,904,532 $ 54,112 $ 1,850,420 $ —

The Company receives updated pricing information from a third-party on a monthly basis to determine the fair value for the majority of our investments. The third party obtains pricing information from independent pricing services and brokers on a monthly basis and validates for reasonableness prior to use for reporting purposes. At least annually, we review the methodologies and assumptions used by our third-party and verify they are reasonable and representative of the fair value of the underlying securities held in the investment portfolio. In our opinion, the pricing information obtained as of September 30, 2025 and December 31, 2024 was reasonable.
We use quoted market prices when available to determine the fair value of fixed maturities and short-term investments. When quoted market prices do not exist, we base estimates of fair value on market information obtained from our third-party. Such inputs may reflect management's own assumptions about the assumptions a market participant would use in pricing the financial instrument. The most appropriate valuation methodology is
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selected based on the specific characteristics of the fixed maturity or short-term investment and we consistently apply the valuation methodology to measure the security’s fair value.
The fair value of securities categorized as Level 1 is based on quoted market prices that are readily and regularly available.

We use a market-based approach for valuing all of our Level 2 securities and submit them primarily to a third-party valuation service provider. Any of these securities not valued by this service provider are submitted to another third-party valuation service provider. Both service providers use a market approach to find pricing of similar financial instruments. The market inputs our service providers normally use to value our securities include the following: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. The method and inputs for securities classified as Level 2 are the same regardless of industry category, credit quality, duration, geographical concentration or economic characteristics. For our mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, our service providers use additional market inputs to value these securities, including the following: new issue data, periodic payment information, monthly payment information, collateral performance and real estate analysis from third parties. Our service providers prioritize inputs based on market conditions, and not all inputs listed are available for use in the valuation process for each security on any given day.
The fair value of our Level 3 securities is determined by unobservable inputs reflecting assumptions market participants would use, including assumptions about risk. There is inherent uncertainty of the fair value measurement of Level 3 securities due to the use of significant unobservable inputs. A change in significant unobservable inputs may result in a significantly higher or lower fair value measurement as of the reporting date.
The Company formed a rabbi trust in 2014 to fund obligations under the United Fire & Casualty Company Supplemental Executive Retirement and Deferral Plan (the "Executive Retirement Plan"). Within the rabbi trust, corporate-owned life insurance ("COLI") policies are utilized as an investment vehicle and source of funding for the Company's Executive Retirement Plan. The COLI policies invest in mutual funds, which are priced daily by independent sources. The cash surrender value of the COLI policies is equal to the fair value measured using Level 2 inputs, based on the underlying assets of the COLI policies, and is included in the "Other assets" line in the Consolidated Balance Sheets.
For the nine-month period ended September 30, 2025, the change in our available-for-sale securities categorized as Level 1 and Level 2 was the result of investment purchases, disposals, and the change in unrealized gains.
For the nine-month period ended September 30, 2025, we have no Level 3 assets measured at fair value on a recurring basis.









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The fair value of financial instruments that are not carried at fair value on a recurring basis in the financial statements at September 30, 2025 and December 31, 2024 are summarized below:
September 30, 2025
Description Fair Value Total Level 1 Level 2 Level 3 Net Asset Value
Financial assets:
Cash and cash equivalents $ 185,943 $ 181,955 $ 3,988 $ — $ —
Other Long Term Investments (1)
215,363 — 1,409 — 213,954
Mortgage Loans 38,621 — — 38,621 —
Total $ 439,927 $ 181,955 $ 5,397 $ 38,621 $ 213,954
Financial Liabilities:
Long Term Debt $ 142,638 $ — $ 142,638 $ — $ —
Total $ 142,638 $ — $ 142,638 $ — $ —
(1) As a member of Lloyd's, the Company participates in the syndicate results which include the fair value of the investments. As of December 31, 2024, these investments are included in other long-term investments. The fair value of Lloyd's syndicate investments included in other long-term investments was $ 116.6 million as of September 30, 2025. Also included in our other long term investments on the Consolidated Balance Sheets is our interest in limited liability partnerships with a current fair value of $ 97.3 million at September 30, 2025.
December 31, 2024
Description Fair Value Total Level 1 Level 2 Level 3 Net Asset Value
Financial assets:
Cash and cash equivalents $ 177,851 $ 177,851 $ — $ — $ —
Other Long Term Investments (1)
183,741 — 1,277 — 182,464
Mortgage Loans 38,879 — — 38,879 —
Total $ 400,471 $ 177,851 $ 1,277 $ 38,879 $ 182,464
Financial Liabilities:
Long Term Debt $ 108,353 $ — $ 108,353 $ — $ —
Total $ 108,353 $ — $ 108,353 $ — $ —
For cash and cash equivalents, carrying value is a reasonable estimate of fair value due to the short-term nature of these financial instruments.
Our other long-term investments consist primarily of interests in limited liability partnerships that are recorded on the equity method of accounting and investments related to our participation in Lloyd's of London ("Lloyd's") syndicates which are measured at fair value. The fair value of the limited liability partnerships is obtained from the fund managers, which is based on the fair value of the underlying investments held in the limited liability partnerships. The fair value of the Lloyd's syndicate investments is based on the fair value of the investments held for each syndicate and the Company's respective participation percentage. In management's opinion, these values represent a reasonable estimate of fair value. We have not adjusted the net asset value provided by the fund managers or fair value provided by the Lloyd's syndicates.
The fair value of our mortgage loans is determined by modeling performed by our third-party fund manager based on the stated principal and coupon payments provided for in the loan agreements. These cash flows are then discounted using an appropriate risk-adjusted discount rate to determine the security's fair value.
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The fair value of our long-term debt is estimated using Level 2 inputs based on quoted prices for similar financial instruments. The fair value is estimated using a discounted cash flow analysis.

NOTE 4. RESERVES FOR LOSSES AND LOSS SETTLEMENT EXPENSES
Property insurance indemnifies an insured with an interest in physical property for loss of, or damage to, such property or the loss of its income-producing abilities. Casualty insurance is primarily concerned with losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others. In most cases, casualty insurance also obligates the insurance company to provide a defense for the insured in litigation, arising out of events covered by the policy.
Liabilities for losses and loss settlement expenses reflect management's best estimates at a given point in time of what we expect to pay for claims that have been reported and those that have been incurred but not reported ("IBNR"), based on known facts, circumstances, and historical trends. Because property and casualty insurance reserves are estimates of the unpaid portions of incurred losses that have been reported to us, as well as losses that have been IBNR, the establishment of appropriate reserves, including reserves for catastrophes, is an inherently uncertain and complex process. The ultimate cost of losses and related loss settlement expenses may vary materially from recorded amounts. We regularly update our reserve estimates as new information becomes available and as events unfold that may affect the resolution of unsettled claims. Changes in prior year reserve estimates, which may be material, are reported as a component of losses and loss settlement expenses incurred in the period such changes are determined.
The determination of reserves (particularly those relating to liability lines of insurance that have relatively longer lag in claim reporting) requires significant estimation to reasonably project expected future claim reporting and payment patterns. If, during the course of our regular monitoring of reserves, we determine that coverages previously written are incurring higher than expected losses, we will evaluate an appropriate response that may include, among other things, increasing the related reserves. Any adjustments we make to reserves are reflected in operating results in the year in which we make those adjustments. In addition to our internal process, we engage a third-party firm to provide an independent and unbiased assessment of our reserves to assist in establishing appropriate reserves.
On a quarterly basis, we perform a detailed review of IBNR reserves. There are two fundamental types or sources of IBNR reserves. We record IBNR reserves for "normal" types of claims and also specific IBNR reserves related to unique circumstances or events. A major hurricane is an example of an event that might necessitate establishing specific IBNR reserves because an analysis of existing historical data would not provide an appropriate estimate.

We do not discount loss reserves based on the time value of money.

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The following table provides an analysis of changes in our property and casualty losses and loss settlement expense reserves at September 30, 2025 and December 31, 2024 (net of reinsurance amounts):
September 30, 2025 December 31, 2024
Gross liability for losses and loss settlement expenses
at beginning of year 		$ 1,796,782 $ 1,638,755
Ceded losses and loss settlement expenses ( 198,083 ) ( 191,640 )
Net liability for losses and loss settlement expenses
at beginning of year 		$ 1,598,699 $ 1,447,115
Losses and loss settlement expenses incurred
for claims occurring during
Current year $ 585,403 $ 745,813
Prior years ( 13,795 ) ( 1,208 )
Total incurred $ 571,608 $ 744,605
Losses and loss settlement expense payments
for claims occurring during
Current year $ 137,516 $ 186,322
Prior years 355,983 406,699
Total paid $ 493,499 $ 593,021
Net liability for losses and loss settlement expenses
at end of period 		$ 1,676,808 $ 1,598,699
Ceded losses and loss settlement expenses 205,259 198,083
Gross liability for losses and loss settlement expenses
at end of period 		$ 1,882,067 $ 1,796,782

Generally, we base case reserves for each claim on the estimated ultimate exposure for that claim. However, due to the uncertainty associated with the ultimate claim settlement values and additional claims not yet reported, we believe that it is appropriate and reasonable to establish a best estimate for reserves within a range of reasonable estimates, especially when we are reserving for claims for bodily injury, disabilities and similar claims as settlements and verdicts can vary widely. We believe our approach produces recorded reserves that are consistent as to their relative position within a range of reasonable reserves from year-to-year. However, conditions and trends that affect the reserve development for a given year do change. Therefore, such development cannot be used to project future reserve redundancies or deficiencies.

Our IBNR methodologies and assumptions are reviewed periodically for appropriateness and reasonability. Items reviewed and revised include development factors for paid and reported loss, paid development factors for allocated loss adjustment expense ("LAE"), expected loss and LAE ratios, as well as selected frequency and severity trend factors.

Because of the type of property coverage we write, we have potential exposure to environmental pollution, mold and asbestos claims. Our underwriters are aware of these exposures and use riders or endorsements to limit exposure. We are not aware of any significant contingent liabilities related to environmental issues.

Reserve Development

The Company experienced $ 1.9 million and $ 13.8 million of favorable reserve development in net reserves for prior accident years for the three- and nine-month periods ended September 30, 2025, respectively. The favorable reserve development for both the three- and nine-month periods was driven in part by reductions in prior year reserves as catastrophe experience emerged better than expected. Also contributing to the nine-month development was better
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than expected LAE payments. The Company experienced $ 0.1 million and $ 5.1 million favorable non-catastrophe development for the three- and nine-month periods ended September 30, 2025, respectively. For the nine-month period, strengthening in other liability lines of business due to continued uncertainty in future loss cost trends related to economic and social inflation was offset by improvement in the automobile, fire and allied lines, workers’ compensation, and surety lines of business.

NOTE 5. EMPLOYEE BENEFITS

Net Periodic Benefit Cost

The components of the net periodic benefit cost for our pension benefit plan are as follows:

Three months ended September 30, 2025 2024
Net periodic benefit cost
Service cost $ 835 $ 822
Interest cost 2,396 2,478
Expected return on plan assets ( 3,396 ) ( 3,635 )
Amortization of prior service credit ( 724 ) ( 724 )
Net periodic benefit cost $ ( 889 ) $ ( 1,059 )

Nine months ended September 30, 2025 2024
Net periodic benefit cost
Service cost $ 2,505 $ 2,465
Interest cost 7,189 7,435
Expected return on plan assets ( 10,189 ) ( 10,906 )
Amortization of prior service credit ( 2,172 ) ( 2,172 )
Net periodic benefit cost $ ( 2,666 ) $ ( 3,178 )

A portion of the prior service cost component of net periodic pension benefit costs are capitalized and amortized on a straight-line basis as part of deferred acquisition costs and is included in the line "Amortization of deferred policy acquisition costs" within the Consolidated Statements of Income. The portion not related to the compensation and the other components of net periodic pension benefit costs are included in "Other underwriting expenses" within the Consolidated Statements of Income.

We previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 that we are not required to make a contribution to the pension plan during 2025. See our 2024 Annual Report on Form 10-K, Item 8, Note 8 "Employee Benefits" for information on our retirement benefits.













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NOTE 6. STOCK-BASED COMPENSATION

Non-Qualified Employee Stock Award Plan

At September 30, 2025, there were 1,016,402 authorized shares remaining available for future issuance pursuant to the United Fire Group, Inc. 2021 Stock and Incentive Plan (as amended, the "Stock Plan"). The activity in the Stock Plan is displayed in the following table:
Authorized Shares Available for Future Award Grants Nine months ended September 30, 2025
Beginning balance 1,335,589
Additional shares authorized —
Number of awards granted ( 381,854 )
Number of awards forfeited or expired 116,444
Performance-based adjustments ( 53,777 )
Ending balance 1,016,402
Number of option awards exercised 15,363
Number of restricted awards vested and issued 85,298

Non-Qualified Non-Employee Director Stock Plan
At September 30, 2025, the Company had 37,210 authorized shares available for future issuance pursuant to the United Fire Group, Inc. Non-Employee Director Stock Plan (the "Director Stock Plan"). The activity in the Director Stock Plan is displayed in the following table:
Authorized Shares Available for Future Award Grants Nine months ended September 30, 2025
Beginning balance 71,410
Additional authorization —
Number of awards granted ( 34,200 )
Number of awards forfeited or expired —
Ending balance 37,210
Number of option awards exercised —
Number of restricted awards vested and issued 32,190

Stock-Based Compensation Expense

For the three-month periods ended September 30, 2025 and 2024, the Company recognized stock-based compensation expense of $ 2,316 and $ 1,087 , respectively.

As of September 30, 2025, we had $ 11,796 in stock-based compensation expense that has yet to be recognized through our results of operations. We expect this compensation to be recognized over the remainder of 2025 and subsequent years according to the table below, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated.

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2025 $ 2,076
2026 6,316
2027 3,045
2028 359
Total $ 11,796
NOTE 7. EARNINGS PER COMMON SHARE
The components of basic and diluted earnings per share were as follows for the three- and nine-month periods ended September 30, 2025 and 2024:
Three months ended September 30,
(In thousands, except share and per share data) 2025 2024
Basic Diluted Basic Diluted
Net income (loss) $ 39,190 $ 39,190 $ 19,748 $ 19,748
Weighted-average common shares outstanding 25,501,551 25,501,551 25,337,147 25,337,147
Add dilutive effect of restricted stock unit awards 855,579 575,124
Add dilutive effect of stock options 10,371 42
Weighted-average common shares outstanding 25,501,551 26,367,501 25,337,147 25,912,313
Earnings (loss) per common share $ 1.54 $ 1.49 $ 0.78 $ 0.76
Awards excluded from diluted earnings per share calculation (1)
75,029 517,500
(1) Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would inherently have been anti-dilutive.


Nine months ended September 30,
(In thousands, except share and per share data) 2025 2024
Basic Diluted Basic Diluted
Net income (loss) $ 79,837 $ 79,837 $ 30,515 $ 30,515
Weighted-average common shares outstanding 25,455,052 25,455,052 25,308,951 25,308,951
Add dilutive effect of restricted stock unit awards 855,579 575,124
Add dilutive effect of stock options 1,184 548
Weighted-average common shares outstanding 25,455,052 26,311,815 25,308,951 25,884,623
Earnings (loss) per common share $ 3.14 $ 3.03 $ 1.21 $ 1.18
Awards excluded from diluted earnings per share calculation (1)
173,409 517,500
(1) Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would inherently have been anti-dilutive.
Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards, restricted stock unit awards, and performance stock unit awards.

We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the
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weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation .


NOTE 8. DEBT

Long Term Debt

December 2020 Private Placement

On December 15, 2020, United Fire & Casualty Company ("UF&C") issued $ 50 million of notes due 2040 ("UF&C Notes") at par value. The UF&C notes are senior, unsecured unsubordinated obligations of UF&C and are fully and unconditionally guaranteed on an unsecured, unsubordinated basis by each of UF&C's subsidiaries. The UF&C Notes mature on December 15, 2040. The UF&C Notes may be redeemed by UF&C, in whole or in part, at par, at any time following the tenth (10th) anniversary of the issuance date, but subject to the payment restrictions, including the prior approval of the Iowa Insurance Commissioner.

Interest payments will be paid quarterly on March 15, June 15, September 15 and December 15 of each year (each such date, an "Interest Payment Date"). The interest rate will equal the rate that corresponds to the A.M. Best Co. (or its successor's) financial strength rating for members of the UF&C Pooled Group as of the applicable Interest Payment Date, as set forth in the table below. For the nine-month period ended September 30, 2025, interest expense totaled $ 2,578 . Payment of interest is subject to approval by the Iowa Insurance Division.

A.M. Best Co. Financial Strength Rating Applicable Interest Rate
A+ 5.875 %
A 6.375 %
A- 6.875 %
B++ (or lower) 7.375 %
May 2024 and July 2025 Priv ate Placements
The Company issued $ 70 million aggregate principal on May 31, 2024 ("Series A") and $ 30 million aggregate principal on July 10, 2025 ("Series B") of its 9 % senior unsecured notes due 2039 (collectively, the "UFG Notes") at par value. The UFG Notes mature on May 31, 2039. The UFG Notes may be redeemed by the Company, in whole or in part, at par, at any time on or after May 31, 2034. Prior to May 31, 2034, the UFG Notes may not be redeemed except for a change in control offer or upon an event of default.
Interest payments will be paid quarterly on February 28, May 31, August 31 and November 30 of each year. Costs incurred of $ 3,050 and $ 1,098 for the issuance of the Series A and Series B notes, respectively, were capitalized and will be amortized over the life of the non-cancellable period of the debt. The capitalization of such debt issuance costs are included as an offset to the "Long term debt" in the Consolidated Balance Sheets and the related amortization is included in "Interest expense" in the Consolidated Statements of Income. For the nine-month period ended September 30, 2025, interest expense totaled $ 5,507 .
The Company is required to maintain an investment grade rating for each series of the UFG Notes from a rating agency. The UFG Notes also require and impose certain operating restrictions, financial restrictions, and financial covenants on the Company, including:
• incurring or assuming additional indebtedness, including guarantees;
• incurring or assuming liens;
• engaging in mergers or consolidations;
• conveying, transferring, leasing or disposing of assets;
• making certain investments;
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• entering into transactions with affiliates;
• declaring or making dividend payments or distributions or repurchasing capital stock or other equity interests;
• changing the nature of our business materially; and
• making changes in accounting treatment or reporting practices that affect the calculation of financial covenants, or changing our fiscal year.
As of September 30, 2025, we were in compliance with all covenants.
Credit Facilities
In December 2023, UF&C became a member of the Federal Home Loan Bank of Des Moines ("FHLB Des Moines"). As part of the FHLB Des Moines application process and in connection with its membership in FHLB Des Moines, UF&C entered into FHLB Des Moines' standard Advances, Pledge and Security Agreement (the "Advances Agreement"). The Advances Agreement governs the terms and conditions under which UF&C may borrow and FHLB Des Moines may make loans or advances from time to time. The Advances Agreement requires UF&C to pledge certain collateral, including the capital stock in FHLB Des Moines owned by UF&C and such other assets (including mortgage-related securities, loans, and stock in UF&C) as agreed by UF&C and FHLB Des Moines in connection with any such loans or advances.

Membership in FHLB Des Moines provides UF&C with access to FHLB Des Moines' product line of financial services, including funding agreements, general asset/liability management, and collateralized advances that can be used for liquidity management. As a member, UF&C has an aggregate borrowing capacity of up to 20.0 percent of total assets of UF&C. As of September 30, 2025, UF&C has FHLB Des Moines borrowing capacity up to $ 489.9 million if an immediate liquidity need would arise. UF&C had no outstanding balance as of September 30, 2025 and December 31, 2024 related to these lines of credit.


NOTE 9. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the three-month period ended September 30, 2025:
Net benefit Foreign
Net unrealized plan assets currency
gain (loss) and translation
on investments obligations adjustment Total
Balance as of June 30, 2025
( 44,737 ) 16,516 $ 2,506 $ ( 25,715 )
Change in accumulated other comprehensive income (loss) before reclassifications 15,903 ( 572 ) ( 933 ) 14,398
Reclassification adjustments from accumulated other comprehensive income (loss) 320 — — 320
Balance as of September 30, 2025
$ ( 28,514 ) $ 15,944 $ 1,573 $ ( 10,997 )








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The following table shows the changes in the components of our accumulated other comprehensive income (loss), net of tax, for the nine-month period ended September 30, 2025:
Liability for Foreign
Net unrealized underfunded currency
gain (loss) employee translation
on investments benefit costs adjustment Total
Balance as of January 1, 2025
( 72,241 ) 17,660 ( 200 ) $ ( 54,781 )
Change in accumulated other comprehensive income (loss) before reclassifications 42,020 ( 1,716 ) 1,773 42,077
Reclassification adjustments from accumulated other comprehensive income (loss) 1,707 — — 1,707
Balance as of September 30, 2025
$ ( 28,514 ) $ 15,944 $ 1,573 $ ( 10,997 )

Income tax effects are released from accumulated other comprehensive income (loss) for unrealized gains or losses when the gains or losses are realized.

NOTE 10. LEASE COMMITMENTS

The Company has operating leases consisting of office space, vehicle leases, computer equipment, and office equipment. Lease terms and options in the Company's operating leases vary dependent upon the underlying leased asset. As of September 30, 2025, we have leases with remaining terms of one year to six years , some of which may include no options for renewal and others with options to extend the lease terms from six months to five years .
As of September 30, 2025, the Company is the lessor for five lease agreements related to office space and parking. The terms of the leases vary depending on the property and range from two years to eight years , which may include options for renewal or to extend the lease terms. Lessor income and sublease income are included in net income in the Consolidated Statements of Income.
The components of our operating leases were as follows for the three- and nine-month periods ended September 30, 2025 and 2024:
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Components of lease expense:
Operating lease expense $ 2,207 $ 2,323 $ 6,777 $ 7,076
Less lessor income 143 145 430 436
Less sublease income 133 133 399 399
Net lease expense $ 1,931 $ 2,045 5,948 6,241
Cash flows information related to leases:
Operating cash outflow from operating leases $ 1,950 $ 2,050 6,002 6,234

There have been no allowances for credit losses recorded or write-offs against our receivables related to our lessor agreements because, due to the nature of the operating leases and history of collectability, there is no expectation of credit quality concerns.




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NOTE 11. REINSURANCE
The following table provides a roll-forward of the allowance for credit losses in our reinsurance recoverable balance at September 30, 2025:
As of
September 30, 2025
Beginning balance, January 1, 2025
$ 103
Current period provision for expected credit losses 18
Ending balance of the allowance for reinsurance receivables, September 30, 2025
$ 121
For additional information, refer to Note 4 "Reinsurance" to the Consolidated Financial Statements of our 2024 Annual Report on Form 10-K.


NOTE 12. INCOME TAX
Income tax expense (benefit) is composed of the following:
Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
Current $ 8,345 $ 4,109 $ 25,124 $ 15,584
Deferred 1,141 1,118 ( 5,229 ) ( 8,610 )
Income tax expense (benefit) $ 9,486 $ 5,227 $ 19,895 $ 6,974
Our effective tax rate for the three- and nine-month periods ended September 30, 2025 and 2024 is different than the federal statutory rate of 21 percent, due primarily to the net effect of tax-exempt municipal bond interest income, state income taxes and interest on a federal tax refund.
As of September 30, 2025 and 2024, the Company has recorded no valuation allowance as we believe it is more likely than not that all the deferred tax assets will be realized. Our determination was based on evidence of taxable income in the carryback and carryforward periods and our tax planning strategy of holding debt securities with unrealized losses to recovery.
For each of the nine-month periods ended September 30, 2025 and 2024, we made payments for income taxes totaling $ 27,800 and $ 10,712 , respectively. For the nine-month periods ended September 30, 2025 and 2024, we received a federal tax refund of $ 16,319 and $ 0 , respectively. Interest on the federal tax refund of $ 2,571 was also received in the nine-month period ended September 30, 2025.
We file a consolidated federal income tax return. We also file income tax returns in various state jurisdictions. We are no longer subject to federal or state income tax examination for tax years 2018 and prior.
Enactment of the One Big Beautiful Bill Act of 2025
On July 4, 2025, the One Big Beautiful Bill Act of 2025 (the "Tax Act") was signed into law, which includes both tax and non-tax provisions. Changes in tax law are recorded in the period of enactment. The changes resulting from the tax provisions in the Tax Act did not have a material impact on the Company's financial statements.



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NOTE 13. SEGMENT INFORMATION
The Company operates as one operating segment. The Company's chief operating decision maker (CODM) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated net income to assess financial performance and allocate resources. This financial metric is used by the CODM to make key operating decisions, such as determination of which products to market and sell; determination of distribution networks with insurance agents; and allocation of budgets between sales and marketing, technology, and general and administrative expenses. Refer to the Consolidated Financial Statements for financial information regarding the Company's one operating segment.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with Part I, Item 1 "Financial Statements and Supplementary Data."

CRITICAL ACCOUNTING POLICIES
Critical accounting policies are defined as those that are representative of significant judgments and uncertainties and that may result in materially different results under different assumptions and conditions. We base our discussion and analysis of our consolidated financial condition and results of operations on the amounts reported in our Consolidated Financial Statements, which we have prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). As we prepare these Consolidated Financial Statements, we must make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses for the reporting period. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience and on other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. Our critical accounting policies are more fully described in our Management's Discussion and Analysis of Financial Condition and Results of Operations presented in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025. There have been no changes in our critical accounting policies from December 31, 2024.

INTRODUCTION

The purpose of this Management's Discussion and Analysis is to provide an understanding of our results of operations and consolidated financial condition. Our Management's Discussion and Analysis should be read in conjunction with our Consolidated Financial Statements and related notes, including those in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2024. Our Consolidated Financial Statements are prepared in accordance with GAAP. We also prepare financial statements for each of our insurance company subsidiaries based on statutory accounting principles and file them with insurance regulatory authorities in the states where they do business.

When we provide information on a statutory or other basis, we label it as such, otherwise all other data is presented in accordance with GAAP.

BUSINESS OVERVIEW

Originally founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc. ("UFG," the "Company," "we," "us," or "our") and its consolidated insurance subsidiaries provide insurance protection for individuals and businesses through several regional companies. Our property and casualty insurance company subsidiaries are licensed in 50 s tates and the District of Columbia and are represented by approximately 1,000 independent agencies.
Reportable Segments

Our property and casualty insurance business operates and reports as one business segment. For more information, refer to Note 13 "Segment Information" in Part I, Item 1.
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Products and Lines of Business
Our business consists primarily of commercial lines property and casualty insurance, including surety bonds. In 2020, the Company announced its intent to withdraw as a direct writer of personal lines insurance. As of September 30, 2025, no exposure to direct personal lines of business remain.
Our core commercial products support a wide variety of customers including small business owners and middle market businesses operating in industries such as construction, services, retail trade, financial and manufacturing, along with contract surety and commercial surety bonds offered through approximately 1,000 independent property and casualty agencies. We also provide specialty and surplus lines coverage written exclusively through wholesale brokers on an admitted and non-admitted basis. The Company also participates as a member of Lloyd's of London syndicates through our insurance subsidiary, McIntyre Cedar Corporate Member LLP. Additionally, the Company offers reinsurance coverage for property and casualty insurance through traditional treaty reinsurance channels. The reinsurance operation supports primarily commercial lines of business but also assumes risk in professional, financial and personal lines of insurance. We also partner with Management General Agents ("MGAs") to offer delegated underwriting programs providing niche products including marine specialty, professional liability and earthquake coverages.
We review and report our results using lines of business. The following table shows the principal types of property and casualty insurance policies we write and issue, and in which lines of business they are reported:
Direct Writer
Treaty Reinsurance (1)
Lloyd's of London MGAs
Commercial Lines
Other Liability x P x
Fire and allied lines x P x
Automobile x P
Workers' compensation x P
Fidelity and surety x P
Other x x
Personal Lines
Fire and allied lines * P
Automobile *
Other *
Reinsurance Assumed NP x
* Personal lines direct business was discontinued in 2020, and as of September 30, 2025 no exposure to direct personal lines of business remain.
(1) Treaty Reinsurance is split between proportional reinsurance (P) and non-proportional reinsurance (NP).

Commercial other liability - primarily business insurance covering bodily injury and property damage including construction defect, excess and surplus lines excess casualty, and standard umbrella. Proportional assumed reinsurance on these lines and professional liability coverage managed by an MGA partner.
Commercial fire and allied lines - primarily multi-peril non-liability property coverage and inland marine. Proportional assumed reinsurance on these lines and earthquake coverage managed by an MGA partner.
Commercial automobile - physical damage to an insured's vehicle, as well as liabilities to third parties. Automobile physical damage insurance covers loss or damage to vehicles from collision, vandalism, fire, theft, flood or other causes. Automobile liability insurance covers bodily injury, damage to property resulting from automobile accidents caused by the insured, uninsured or under-insured motorists and the legal costs of defending the insured against lawsuits. Proportional reinsurance on these lines is also included.
Workers' compensation - business coverage for employees who are injured or become ill as a result of their job,
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including proportional assumed reinsurance for this coverage. Our workers' compensation insurance covers primarily small- to mid-sized accounts.
Fidelity and surety - contract and commercial surety bond coverage which guarantees performance and payment by our bonded principals, protects owners from failure to perform on the part of our principals, and protects material suppliers and subcontractors from nonpayment by our contractors. Proportional reinsurance on these lines is also included.
Commercial other - commercial theft coverage, boiler and machinery and ocean marine business managed by an MGA partner.
Personal fire and allied lines - proportional assumed reinsurance for homeowners multi-peril coverage.
Reinsurance assumed - primarily non-proportional assumed reinsurance and Funds at Lloyd's property and casualty syndicates.

Lloyd's of London ("Lloyds") Syndicates
The Company is a member of Lloyd's through its insurance subsidiary, McIntyre Cedar Corporate Member LLP. Lloyd's operates as an insurance marketplace whereby members join syndicates to underwrite property and casualty and reinsurance business through a managing agent in return for receiving premiums. The Company participates in Syndicate 1492, Syndicate 1729, Syndicate 1969, Syndicate 1971, Syndicate 4747, Syndicate 2988, Syndicate 1699, Syndicate 5623, Syndicate 2358, Syndicate 1955 and Syndicate 1609. The Company is required to maintain capital at Lloyd's, referred to as Funds at Lloyd's ("FAL"), to support participation in these syndicates.

Pooling Arrangement

All of our property and casualty insurance subsidiaries belong to an intercompany reinsurance pooling arrangement. Pooling arrangements permit the participating companies to rely on the capacity of the entire pool's capital and surplus, rather than being limited to policy exposures of a size commensurate with each participant's own surplus level. Under such arrangements, the members share substantially all of the insurance business that is written and allocate the combined premiums, losses and expenses based on percentages defined in the arrangement.

Geographic Concentration

For the nine-month period ended September 30, 2025, approximately 48.9 percent of our property and casualty premiums were written in Texas, California, Iowa, Missouri, and New Jersey.

NON-GAAP FINANCIAL MEASURES
We evaluate profit or loss based upon operating and investment results. Profit or loss described in the following sections of this Management's Discussion and Analysis is reported on a pre-tax basis. Our primary sources of revenue are premiums and investment income. Major categories of expenses include losses and loss settlement expenses, underwriting and other operating expenses. Management uses metrics to provide financial statement users with a better understanding of results of operations, including adjusted operating income and three components of the loss ratio: underlying loss ratio, impacts of catastrophes and non-catastrophe prior period reserve development.
Adjusted operating income is calculated by excluding net investment gains and losses, after applicable federal and state income taxes from net income (loss). Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest in and report on the insurance industry and the Company generally focus on this metric in their analyses.
Underlying loss ratio represents the net loss ratio less the impacts of catastrophes and non-catastrophe prior period reserve development. The underlying combined ratio represents the combined ratio less the impacts of catastrophes and non-catastrophe prior period reserve development. The Company believes that the underlying loss ratio and
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underlying combined ratio are meaningful measures to understand the underlying trends in the core business in the current accident year, removing the volatility of catastrophes and impact of prior period reserve development. Management believes separate discussions on catastrophe losses and prior period reserve development are important to understanding how the Company is managing catastrophe risk and in identifying developments in longer-tailed business. Catastrophe losses is an operational measure that utilizes the designations of the Insurance Services Office ("ISO") and is reported with losses and loss adjustment expense amounts net of reinsurance recoverables, unless specified otherwise. In addition to ISO catastrophes, we also include as catastrophes those events ("non-ISO catastrophes"), which may include U.S. or international losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Catastrophes are not predictable and are unique in terms of timing and financial impact. While management estimates catastrophe losses as incurred, due to the inherently unique nature of catastrophe losses, the impact in a reporting period is inclusive of catastrophes that occurred in the reporting period, as well as development on catastrophes that may have occurred in prior periods. Prior period reserve development is the increase (unfavorable) or decrease (favorable) in incurred loss and loss adjustment expense reserves at the valuation dates for losses which occurred in previous calendar years. This measure excludes development on catastrophe losses.

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RESULTS OF OPERATIONS

The following table includes the consolidated results of our operations for the three- and nine-month periods ended September 30, 2025 and 2024, with more detailed components and discussion in the sections that follow. Discussions of the components of net income are presented on a pre-tax basis, unless otherwise noted.
FINANCIAL HIGHLIGHTS
Three months ended September 30, Nine months ended September 30,
(In thousands, except ratios) 2025 2024 2025 2024
Revenues
Net premiums earned $ 328,431 $ 300,185 $ 951,644 $ 868,613
Net investment income 25,992 24,459 71,123 58,830
Net investment gains (losses) (405) (1,680) (2,161) (4,111)
Other income (loss) — — — (3,200)
Total revenues $ 354,018 $ 322,964 $ 1,020,606 $ 920,132
Benefits, Losses and Expenses
Losses and loss settlement expenses $ 188,180 $ 187,148 $ 571,608 $ 568,119
Amortization of deferred policy acquisition costs 81,513 71,425 233,280 204,504
Other underwriting expenses 32,124 36,454 107,017 103,532
Interest expense 3,118 2,481 8,085 4,800
Other non-underwriting expenses 407 481 884 1,688
Total benefits, losses and expenses $ 305,342 $ 297,989 $ 920,874 $ 882,643
Income (loss) before income taxes $ 48,676 $ 24,975 $ 99,732 $ 37,489
Income tax expense (benefit) 9,486 5,227 19,895 6,974
Net income (loss) $ 39,190 $ 19,748 $ 79,837 $ 30,515
Combined ratio:
Net loss ratio 57.3 % 62.3 % 60.1 % 65.4 %
Underwriting expense ratio 34.6 35.9 35.8 35.5
Combined ratio 91.9 % 98.2 % 95.9 % 100.9 %
Additional ratios (1) :
Net loss ratio 57.3 % 62.3 % 60.1 % 65.4 %
Catastrophes 1.3 4.4 3.9 6.7
Reserve development (favorable) unfavorable — — (0.5) —
Underlying loss ratio (non-GAAP)
56.0 % 57.9 % 56.7 % 58.7 %
Underwriting expense ratio 34.6 % 35.9 % 35.8 % 35.5 %
Underlying combined ratio (non-GAAP) 90.6 % 93.8 % 92.5 % 94.2 %
(1) Underlying loss ratio and underlying combined ratio are non-GAAP financial measures. See "Non-GAAP Financial Measures" in Part I, Item 2 for additional information.


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Net Written Premium
Net written premium is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Net written premium is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Management believes net written premium is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premium for an insurance company consists of direct written premium and assumed premiums, less ceded premiums. The following shows our written premium for the three- and nine-month periods ended September 30, 2025 and 2024.

Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 % 2025 2024 %
Direct written premium $ 311,878 $ 295,729 5.5 % $ 1,005,908 $ 901,286 11.6 %
Assumed written premium 49,277 55,882 (11.8) 153,154 171,182 (10.5)
Ceded written premium (32,943) (46,060) (28.5) (122,590) (119,527) 2.6
Net written premium $ 328,212 $ 305,551 7.4 % $ 1,036,472 $ 952,941 8.8 %
See "Premiums" below for a description of the changes in premiums for the periods presented.
Revenues
Premiums
Net earned premium is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premium applicable to the unexpired terms of the insurance policies in force. The difference between net earned premium and net written premium is the change in unearned premium and the change in prepaid reinsurance premiums. Direct earned premium is recognized ratably over the life of a policy and differs from direct written premium, which is recognized on the effective date of the policy. The following shows our earned premium for the three- and nine-month periods ended September 30, 2025 and 2024.
Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 % 2025 2024 %
Direct earned premium 319,203 283,447 12.6 % 931,984 815,614 14.3 %
Assumed earned premium 49,339 54,406 (9.3) % 153,596 158,947 (3.4) %
Ceded earned premium (40,111) (37,668) 6.5 % (133,936) (105,948) 26.4 %
Net earned premium $ 328,431 $ 300,185 9.4 % $ 951,644 $ 868,613 9.6 %
Direct Premiums
Direct premiums are the total policy premiums, net of cancellations, associated with policies issued and underwritten by the Company. Direct premiums increased $35.8 million and $116.4 million in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024 driven by growth in our core commercial lines resulting from substantial new business production, increased pricing and improved retention.
Assumed Premiums
Assumed premiums are the total premiums associated with the insurance risk transferred to us by other insurance and reinsurance companies pursuant to reinsurance contracts. Assumed premiums decreased $5.1 million and $5.4 million in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024 due to targeted management actions of exiting certain reinsurance programs.

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Ceded Premiums
Ceded premiums are the portion of direct premiums that we cede to reinsurers under our reinsurance contracts. Ceded premiums increased $2.4 million and $28.0 million in the three- and nine-month periods ended September 30, 2025, respectively, compared to the same periods in 2024 due primarily to growth in the subject premium base and ceded reinsurance premium adjustments.
Net Investment Income

Net investment income was $26.0 million for the third quarter of 2025, an increase of $1.5 million compared to the same period in 2024. The increase was primarily from our fixed income portfolio increase of $3.2 million as a result of portfolio management actions and investing at higher rates and increased income on cash and cash equivalents, offset by lower income on other long-term investments.
Net investment income was $71.1 million for the nine-month period ended September 30, 2025, an increase of $12.3 million compared to the same period in 2024. The increase was primarily from the fixed income portfolio increase of $14.5 million as a result of portfolio management actions and investing at higher rates, offset by lower income on other long-term investments

Refer to Note 2 "Investments" in Part I, Item 1 for more information on net investment income.
Net Investment Gains (Losses)
Net investment losses were $0.4 million and $2.2 million for the three- and nine-month periods ended September 30, 2025, respectively, as compared to net investment losses of $1.7 million and $4.1 million for the same periods in 2024. The primary reason for the change relates to portfolio management actions taken during the year ended December 31, 2024 and an increase in the allowance for credit losses related to mortgage loans during the nine-month period ended September 30, 2025.

Refer to Note 2 "Investments" in Part I, Item 1 for more information on net investment gains and losses.
Benefits, Losses and Expenses
Losses and Loss Settlement Expenses
The following is a summary of losses and loss settlement expenses for the three- and nine-month periods ended September 30, 2025 and 2024:
Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 2025 2024
Loss and loss settlement expenses, excluding catastrophes and prior year reserve development $ 183,920 $ 173,919 $ 539,593 $ 510,009
Impact of catastrophes, including prior year reserve development 4,310 13,266 37,155 58,225
Prior year (favorable) unfavorable reserve development on non-catastrophe losses (50) (37) (5,140) (115)
Loss and loss settlement expenses $ 188,180 $ 187,148 $ 571,608 $ 568,119
Net loss ratio 57.3 % 62.3 % 60.1 % 65.4 %



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For the three-month period ended September 30, 2025, our loss and loss settlement expenses were $1.0 million, or 0.6%, higher than the same period in 2024, and our net loss ratio improved 5.0 points compared to the same period in 2024. This was driven by improvement in the underlying loss ratio and a catastrophe ratio below the five-year and 10-year historical averages. The underlying loss ratio improvement was driven by sustained lower frequency and earned rate achievement, as well as favorable large loss experience compared to historical levels.

For the nine-month period ended September 30, 2025, our loss and loss settlement expenses were $3.5 million, or 0.6%, higher than the same period in 2024, and our net loss ratio improved 5.3 points compared to the same period in 2024. This was driven by improvement in the underlying loss ratio, $5.1 million of favorable prior year reserve development on non-catastrophe losses, and a catastrophe ratio below the five-and ten-year historical averages. The underlying loss ratio improvement was driven by rate achievement and continued favorable frequency in most major lines.

The Company experienced favorable reserve development of $0.1 million and $5.1 million, excluding catastrophe losses, for prior accident years during the three- and nine-month periods ended September 30, 2025, respectively. The nine- month development was driven by better than expected loss adjustment expense payments. Adverse development in commercial other liability reflects the Company's continued response to increased loss settlements resulting from the impact of economic and social inflation, including increased litigation activity. This was offset by improvement in several other core commercial lines.
In the three- and nine-month periods ended September 30, 2025, our pre-tax catastrophe losses were $4.3 million and $37.2 million, respectively, a decrease of $9.0 million and $21.1 million, respectively, compared to the same periods in 2024. Our catastrophe losses included 14 new events in the third quarter of 2025. Catastrophe losses in the three- and nine-month periods ended September 30, 2025 added 1.3 and 3.9 points to the combined ratio, respectively, which is below our five-year and 10-year historical averages.
Amortization of Deferred Policy Acquisition Costs ("DAC")
The following is a summary of the components of DAC, including amortization:
Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 2025 2024
Deferred policy acquisition costs asset, beginning of period $ 161,976 $ 144,021 $ 147,224 $ 126,532
Underwriting costs deferred 84,225 75,844 249,627 226,412
Amortization of deferred policy acquisition costs (1)
(81,755) (70,827) (232,405) (203,906)
Deferred policy acquisition costs asset, end of period $ 164,446 $ 149,038 $ 164,446 $ 149,038
(1) Amortization of deferred policy acquisition costs includes impact of changes in foreign currency exchange rates on the Lloyd's of London business, which is included as a component of accumulated other comprehensive income (loss).
DAC is amortized over the period the related premiums are earned. Amortization increased for the three- and nine-month periods ended September 30, 2025, primarily reflecting an increase in deferred underwriting costs over the last year aligned with continued premium expansion.











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Net Loss Ratios by Line

The following tables display our net loss ratio for the three- and nine-month periods ended September 30, 2025:
Three months ended September 30, 2025 2024
(In thousands, except ratios) Net Earned Premium Net Losses and Loss Settlement Expenses Incurred Net Loss Ratio Net Earned Premium Net Losses and Loss Settlement Expenses Incurred Net Loss Ratio
Commercial lines
Other liability $ 101,540 $ 73,890 72.8 % $ 86,688 $ 68,495 79.0 %
Fire and allied lines 64,071 23,537 36.7 64,070 34,113 53.2
Automobile 74,696 42,033 56.3 62,489 22,214 35.5
Workers' compensation 17,657 12,295 69.6 13,959 14,630 104.8
Fidelity and surety 16,909 4,422 26.2 15,900 4,799 30.2
Other 2,299 1,030 44.8 2,840 3,104 109.3
Total commercial lines $ 277,172 $ 157,207 56.7 % $ 245,946 $ 147,355 59.9 %
Personal lines
Fire and allied lines $ 5,211 $ 2,323 44.6 % $ 2,780 $ (1,753) NM
Automobile 364 232 63.7 % 332 198 59.6
Other — (6) NM 2 171 NM
Total personal lines $ 5,575 $ 2,549 45.7 % $ 3,114 $ (1,384) NM
Reinsurance assumed (1)
$ 45,684 $ 28,424 62.2 % $ 51,125 $ 41,177 80.5 %
Total $ 328,431 $ 188,180 57.3 % $ 300,185 $ 187,148 62.4 %
NM = Not meaningful
(1) Reinsurance assumed includes Lloyd's of London.

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Nine months ended September 30, 2025 2024
(In thousands, except ratios) Net Earned Premium Net Losses and Loss Settlement Expenses Incurred Net Loss Ratio Net Earned Premium Net Losses and Loss Settlement Expenses Incurred Net Loss Ratio
Commercial lines
Other liability $ 283,797 $ 207,438 73.1 % $ 252,011 $ 200,980 79.8 %
Fire and allied lines 193,013 88,600 45.9 190,123 109,293 57.5
Automobile 208,198 124,858 60.0 176,688 109,624 62.0
Workers' compensation 47,073 30,607 65.0 39,901 29,291 73.4
Fidelity & Surety 48,104 14,372 29.9 44,748 14,992 33.5
Miscellaneous 8,694 5,122 58.9 6,579 5,131 78.0
Total commercial lines $ 788,879 $ 470,997 59.7 % $ 710,050 $ 469,311 66.1 %
Personal lines
Fire and allied lines $ 9,876 $ 4,226 42.8 % $ 10,423 $ 3,215 30.8 %
Automobile 1,522 972 63.9 575 308 53.6
Miscellaneous 2 (47) NM 8 193 NM
Total personal lines $ 11,400 $ 5,151 45.2 % $ 11,006 $ 3,716 33.8 %
Reinsurance assumed (1)
$ 151,365 $ 95,460 63.1 % $ 147,557 $ 95,092 64.4 %
Total $ 951,644 $ 571,608 60.1 % $ 868,613 $ 568,119 65.4 %
NM = Not meaningful
(1) Reinsurance assumed includes Lloyd's of London.

Commercial Lines
The net loss ratio in our commercial lines of business was 56.7% for the third quarter of 2025, compared to 59.9% for the third quarter of 2024. This result was driven by improvement in the underlying loss ratio and favorable catastrophe experience.

Commercial Other Liability
We write numerous types of risk that are exposed to liability losses in our direct and assumed books of business. This includes, but is not limited to, bodily injury, property damage, standard umbrella, excess liability, and product liability (including construction defect).

The net loss ratio improved 6.2 and 6.7 points in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. For both the three- and nine-month periods, the result was driven by improvement in the underlying loss ratio and favorable prior year development in 2025 compared to 2024.

Commercial Fire and Allied Lines
The net loss ratio improved 16.5 and 11.6 points in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. For the three-month period, the result was driven by improvement in the underlying ratio including favorable large loss experience, coupled with a favorable catastrophe result. For the nine-month period, the result was driven in part by the underlying loss ratio, better favorable prior year development in 2025 compared to 2024, and a favorable catastrophe result.

Commercial Automobile
The net loss ratio deteriorated 20.8 and improved 2.0 points in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. The three-month result was driven by less favorable prior year development in 2025 compared to 2024 and the catastrophe ratio. The catastrophe ratio for the three-month period in 2025 was higher than 2024, with the 2024 ratio impacted by favorable emergence on prior
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period catastrophes. The nine-month result was driven in part by consistent pricing increases throughout 2024 and continued favorable frequency trends associated with more restrictive underwriting guidelines and exposure appetite.


Workers' Compensation
The net loss ratio improved 35.2 and 8.4 points in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. Both the three- and nine-month improvement was driven by prior period favorable development in 2025.

Fidelity and Surety
The net loss ratio improved 4.0 and 3.6 points in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. When surety losses occur, our loss is determined by estimating the cost to complete the remaining work and to pay the contractor's unpaid bills, offset by contract funds due to the contractor, reinsurance, and the value of any collateral to which we may have access. The change in loss ratio was driven by favorable prior year development in 2025 compared to 2024 on large losses from 2023 and 2022.

Reinsurance Assumed
The net loss ratio improved 18.3 and 1.3 points in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. The change from 2024 was driven by favorable catastrophe results in 2025 compared to 2024.
Underwriting Expenses
The following is a summary of underwriting expenses, including the underwriting expense ratio:
Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 2025 2024
Amortization of deferred policy acquisition costs $ 81,513 $ 71,425 $ 233,280 $ 204,504
Other underwriting expenses 32,124 36,454 107,017 103,532
Underwriting expenses $ 113,637 $ 107,879 $ 340,297 $ 308,036
Net earned premium 328,431 300,185 951,644 868,613
Expense ratio (1)
34.6 % 35.9 % 35.8 % 35.5 %
(1) Expense ratio is calculated by dividing non-deferred underwriting expenses and amortization of deferred policy acquisition costs by net earned premium. The expense ratio measures a company's operational efficiency in producing, underwriting and administering its insurance business.

The expense ratio decreased 1.3 points and increased 0.3 points in the three- and nine-month periods ended September 30, 2025, respectively, as compared to the same periods in 2024. The decrease in the third quarter of 2025, compared to the same period in 2024, was mainly driven by continued focus on disciplined expense management and business growth. The increase in the nine-month period ended September 30, 2025, compared to the same period in 2024, was driven by non-recurring expenses associated with the final stages of development of a new policy administrative system in the first quarter of 2025, offset by continued focus on disciplined expense management and business growth.




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Interest Expenses
The following is a summary of interest expense:
Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 2025 2024
Interest paid $ 3,118 $ 2,481 $ 8,085 $ 4,800
Our long term debt obligations include $50.0 million of private placement notes issued in December 2020 and $70.0 million and $30.0 million of senior unsecured notes issued in May 2024 and July 2025, respectively. Interest expense increased for the three- and nine-month periods ended September 30, 2025 due to the issuance of the senior unsecured notes. Refer to Note 8 "Debt" in Part I, Item 1 for more information on our long term debt.
Income Taxes
The following is a summary of income tax expense (benefit), including the effective tax rate:
Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 2025 2024
Income (loss) before income taxes $ 48,676 $ 24,975 $ 99,732 $ 37,489
Income tax expense (benefit) 9,486 5,227 19,895 6,974
Effective tax rate (1)
19.5 % 20.9 % 19.9 % 18.6 %
(1) The effective tax rate is calculated by dividing "Income tax expense (benefit)" by "Income (loss) before income taxes."

The consolidated effective tax rate was 19.5 percent and 19.9 percent for the three- and nine-month periods ended September 30, 2025, respectively. Our effective tax rate for the three- and nine-month periods ended September 30, 2025 is different than the federal statutory rate of 21 percent, due primarily to the net effect of tax-exempt municipal bond interest income, state income taxes and interest on a federal tax refund.
Refer to Note 12 "Income Tax" in Part I, Item 1 for more information on the Company's income taxes.
Adjusted Operating Income (See "Non-GAAP Financial Measures")

The table below shows the adjustments made to reconcile Net income (loss) to Adjusted operating earnings:

Net Income Reconciliation
Three months ended September 30, Nine months ended September 30,
(In Thousands) 2025 2024 2025 2024
Income statement data
Net income (loss) $ 39,190 $ 19,748 $ 79,837 $ 30,515
Less: Net investment gains (losses), after-tax (320) (1,327) (1,707) (3,249)
Adjusted operating income (loss) $ 39,510 $ 21,075 $ 81,544 $ 33,764

Adjusted operating income increased in the third quarter of 2025, primarily due to an increase in net earned premium of $28.2 million combined with the underlying loss ratio improvement of 1.9 points to 56.0% and catastrophe loss ratio improvement of 3.1 points to 1.3%. In addition, net investment income increased by $1.5 million, driven by portfolio repositioning in 2024. The underwriting expense ratio improved 1.3 points to 34.6%.
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Adjusted operating income increased in the nine-month period ended September 30, 2025, compared to the same period in 2024, primarily due to an increase in net earned premium of $83.0 million combined with an underlying loss ratio improvement of 2.0 points to 56.7%, catastrophe loss ratio improvement of 2.8 points to 3.9% and favorable prior year reserve development, excluding catastrophe losses, of 0.5 points. In addition, net investment income increased by $12.3 million, driven by portfolio repositioning in 2024. The underwriting expense ratio increased 0.3 points to 35.8%.
INVESTMENTS

Investment Philosophy
The Company's assets are invested to preserve capital and maximize total return while maintaining an appropriate balance of risk. The risk-adjusted return on our portfolio is an important component of overall financial results, but quality and safety of principal is the highest priority of our investment program. We administer our investment portfolio based on investment guidelines approved by management and the Investment Committee of our Board of Directors that comply with applicable statutory regulations. The portfolio is structured to be compliant with state insurance laws that prescribe the quality, concentration and type of investments that may be made by insurance companies.

We monitor our portfolio to appropriately manage risk, achieve portfolio objectives and maximize investment income as market conditions change. Our overall investment strategy is to stay fully invested (i.e., minimize cash balances). If additional cash is needed, we have the ability to take advances through the Federal Home Loan Bank of Des Moines ("FHLB Des Moines") facility. The Company entered into an investment management agreement with New England Asset Management ("NEAM") effective as of February 1, 2024, pursuant to which NEAM will provide investment management services.

Investment Portfolio

Our invested assets totaled $2.3 billion at September 30, 2025, compared to $2.1 billion at December 31, 2024, an increase of $178 million. We utilize a conservative investment philosophy, investing in a diversified portfolio of high-quality, intermediate-term taxable corporate bonds, taxable U.S. government and government agency bonds and tax-exempt U.S. municipal bonds. The composition of our investment portfolio at September 30, 2025 is presented at carrying value in the following table:

Carrying Percent
(In thousands, except ratios) Value of Total
Fixed maturities, available-for-sale (1)
US Treasury and government agencies $ 103,632 5.0 %
States, municipalities, and political subdivisions 249,716 11.0
Corporate 728,450 32.0
Residential mortgage-backed 630,372 28.0
Commercial mortgage-backed 146,254 6.0
Other asset-backed 157,942 7.0
Total Fixed maturities, available for sale 2,016,366 89.0
Mortgage loans 39,333 2.0
Other long-term investments (2)
215,363 9.0
Total $ 2,271,062 100.0 %
(1) Available-for-sale securities with fixed maturities are carried at fair value.
(2) As a member of Lloyd's, the Company participates in the syndicate results which include the fair value of the investments. As of December 31, 2024, these investments are included in other long-term investments. The fair value of Lloyd's syndicate investments included in other long-term investments was $116.6 million as of September 30, 2025. Also included in our other long-term investments on the Consolidated Balance Sheets is our interest in limited liability partnerships with a current fair value of $97.3 million at September 30, 2025.

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Credit Quality

The following table shows the composition of fixed maturity securities by credit rating at September 30, 2025 and December 31, 2024. Information contained in the table is generally based upon the issued credit ratings provided by external rating agencies.
(In thousands, except ratios) September 30, 2025 December 31, 2024
Rating Carrying Value % of Total Carrying Value % of Total
AAA $ 582,754 28.9 % $ 1,013,702 54.3 %
AA 777,641 38.6 243,353 13.0
A 437,613 21.7 373,208 20.0
Baa/BBB 215,569 10.7 233,523 12.5
Other/Not Rated 2,789 0.1 4,545 0.2
$ 2,016,366 100.0 % $ 1,868,331 100.0 %

As of September 30, 2025 and December 31, 2024, we did not have direct exposure to investments in subprime mortgages or other credit enhancement vehicles.

Duration

Our investment portfolio is invested primarily in fixed maturity securities whose fair value is susceptible to market risk, specifically interest rate changes. Duration is a measurement used to quantify our inherent interest rate risk and analyze our ability to match our invested assets to our reserve liabilities. Invested assets and reserve liability accounts with similar durations will have an offsetting effect of any change in interest rates. The primary purpose for matching invested assets and reserve liabilities is liquidity, and with appropriate matching, our investments will mature when cash is needed, preventing the need to liquidate other assets prematurely. Mismatches in the duration of assets and liabilities can cause significant fluctuations in our results of operations.
We analyze potential changes in the value of our investment portfolio due to the market risk factors noted above within the overall context of asset and liability management. A technique we use in the management of our investment portfolio specifically related to interest rate risk is the calculation of duration. Our actuaries estimate the payout pattern of our reserve liabilities to determine their duration, which is the present value of the weighted average payments expressed in years. We then establish a target duration for our investment portfolio so that at any given time the estimated cash generated by the investment portfolio will closely match the estimated cash required for the payment of the related reserves. We structure the investment portfolio to meet the target duration to achieve the required cash flow, based on liquidity and market risk factors.
The weighted average effective duration of our portfolio of fixed maturity securities was 4.29 years at September 30, 2025 compared to 4.22 years at December 31, 2024. Refer to Note 2 "Investments" in Part I, Item 1 for more information on maturities.
Unrealized Investment Gains and Losses
As of September 30, 2025, net unrealized investment losses, after tax, totaled $28.5 million compared to net unrealized losses, after tax, of $72.2 million as of December 31, 2024. The net unrealized investment loss position improved from December 31, 2024 due to the decrease in bond market interest rates during the nine-month period ended September 30, 2025.
Refer to Note 2 "Investments" in Part I, Item 1 for more information on net investment unrealized gains and losses.
Allowance for Credit Losses and Watch List

We prepare a watch list with securities identified to evaluate for the potential of credit loss. Factors used in preparing the watch list include fair values relative to amortized cost, ratings, negative ratings actions and other factors. Detailed analysis is performed for each security on the watch list to further assess the presence of credit
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impairment loss indicators and, where present, calculate an allowance for credit losses or direct write-down of a security’s amortized cost.

At September 30, 2025, our fixed maturity watch list included five fixed maturity securities in an unrealized loss position with an amortized cost of $13.2 million, no allowance for credit losses, unrealized losses of $0.6 million and a fair value of $12.5 million.

At September 30, 2025, our mortgage loan watch list included one commercial mortgage loan in an unrealized loss position with an amortized cost of $6.6 million, $1.1 million allowance for credit losses, unrealized loss of $0.9 million and a fair value of $5.7 million.
Refer to Note 2 "Investments" in Part I, Item 1 for more information on our investments.

LIQUIDITY AND CAPITAL RESOURCES
Liquidity measures our ability to generate sufficient cash flows to meet our short-term and long-term cash obligations. Our cash inflows are primarily a result of the receipt of premiums, reinsurance recoveries, sales or maturities of investments, and investment income. Cash provided from these sources is used to fund the payment of losses and loss settlement expenses, the purchase of investments, operating expenses, dividends, and common stock repurchases. When considering our liquidity and cash flow, it is important to distinguish between the needs of our insurance subsidiaries and the needs of the holding company, United Fire Group, Inc. As a holding company with no operations of its own, United Fire Group, Inc. derives its cash primarily from its insurance subsidiaries.
The sources of liquidity of the holding company are principally comprised of dividends from subsidiaries, existing surplus notes, investment income on holding company assets and the ability to raise long-term public financing under an SEC-filed registration statement or private placement offering. These sources of liquidity and cash flow support the general corporate needs of the holding company, interest and debt service, and investment in core businesses.
We monitor our capital adequacy to support our business on a regular basis. The future capital requirements of our business will depend on many factors, including our ability to write new business successfully and to establish premium rates and reserves at levels sufficient to cover losses. Our ability to underwrite is largely dependent upon the quality of our claims paying and financial strength ratings as evaluated by independent rating agencies. In particular, we require (1) sufficient capital to maintain our financial strength ratings, as issued by various rating agencies, at a level considered necessary by management to enable our insurance company subsidiaries to compete and (2) sufficient capital to enable our insurance company subsidiaries to meet the capital adequacy tests performed by regulatory agencies in the United States.
Cash outflows may be variable because of the uncertainty regarding settlement dates for losses. In addition, the timing and amount of individual catastrophe losses are inherently unpredictable and could increase our liquidity requirements. The timing and amount of reinsurance recoveries may be affected by reinsurer solvency and reinsurance coverage disputes.






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The following table displays a consolidated summary of cash sources and uses for the nine-month periods ended September 30, 2025 and 2024:
Cash Flow Summary Nine months ended September 30,
(In thousands) 2025 2024
Cash provided by (used in)
Operating activities $ 149,911 $ 184,011
Investing activities (133,569) (143,072)
Financing activities 16,446 54,386
Net change in cash and cash equivalents $ 32,788 $ 95,325
Our cash flows were sufficient to meet our liquidity needs for the nine-month periods ended September 30, 2025 and 2024 and we anticipate they will be sufficient to meet our future liquidity needs. We also have the ability to draw on our credit facility if needed.
At September 30, 2025, our cash and cash equivalents included $47.8 million related to money market accounts, compared to $23.1 million at December 31, 2024.
Operating Activities

Net cash flows provided by operating activities were $149.9 million and $184.0 million for the nine-month periods ended September 30, 2025 and 2024, respectively. For the nine-month period ended September 30, 2025, the net operating cash inflows were driven by premium and investment income offsetting loss and expense outflows.
Investing Activities
Cash in excess of operating requirements is generally invested in fixed maturity securities. Fixed maturity securities provide regular interest payments and allow us to match the duration of our liabilities. For further discussion of our investments, including our philosophy and strategy for our portfolio, see the "Investment Portfolio" section of this Item 2.
Sales of investments and proceeds from calls or maturities of fixed maturity securities can also provide liquidity. During the next five years, $405.6 million, or 20.1 percent, of our fixed maturity portfolio will mature.
Net cash flows used in investing activities were $133.6 million for the nine-month period ended September 30, 2025, compared to net cash flows used in investing activities of $143.1 million for the nine-month period ended September 30, 2024. For the nine-month periods ended September 30, 2025 and 2024, we had cash inflows from scheduled and unscheduled investment maturities, redemptions, prepayments, and sales of investments of $305.2 million and $541.2 million, respectively. Our cash outflows for investment purchases were $432.9 million for the nine-month period ended September 30, 2025, compared to $675.4 million for the same period of 2024.
Financing Activities
Net cash flows provided by financing activities were $16.4 million for the nine-month period ended September 30, 2025, compared to $54.4 million provided by financing activities in the nine-month period ended September 30, 2024. The decrease of $37.9 million in net cash flows from financing activities was a result of our successful completion of a $30 million private placement offering of senior unsecured notes completed in the third quarter of 2025, compared to the $70 million private placement offering of senior unsecured notes completed in the second quarter of 2024.



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Commitments for Capital Expenditures
Credit Facilities

In December 2023, UF&C became a member of FHLB Des Moines. Membership allows access to loans or advances pursuant to the terms of FHLB Des Moines' standard Advances, Pledge and Security Agreement (the "Advances Agreement"). As of September 30, 2025, there were no advances outstanding under the Advances Agreement. For further information regarding the agreement with FHLB Des Moines, see Note 8 "Debt" contained in Part I, Item 1.
Dividends
Dividends paid to shareholders totaled $12.2 million in each of the nine-month periods ended September 30, 2025 and 2024. Our practice has been to pay quarterly cash dividends, which we have paid every quarter since March 1968. Payments of any future dividends and the amounts of such dividends will depend upon factors such as net income, financial condition, capital requirements, and general business conditions. We will only pay dividends if declared by our Board of Directors out of legally available funds.
As a holding company with no independent operations of its own, UFG relies on dividends received from its insurance company subsidiaries in order to pay dividends to its common shareholders. Dividends payable by our insurance subsidiaries are governed by the laws in the states in which they are domiciled. In all cases, these state laws permit the payment of dividends only from earned surplus arising from business operations. For example, under Iowa law, the maximum dividend or distribution that may be paid within a 12-month period without prior approval of the Iowa Insurance Commissioner is generally restricted to the greater of 10 percent of statutory surplus as of the preceding December 31 less any dividends paid in the previous 12 months, or net income of the preceding calendar year on a statutory basis less any dividends paid in the previous 12 months, not greater than earned statutory surplus. Other states in which our insurance company subsidiaries are domiciled may impose similar restrictions on dividends and distributions. Based on these restrictions, at September 30, 2025, UFG's sole direct insurance company subsidiary, UF&C, is able to make a maximum of $51 million in dividend payments without prior regulatory approval. These restrictions are not expected to have a material impact in meeting the cash obligations of UFG.
Funding Commitments

Pursuant to agreements with our limited liability partnership investments, we are contractually committed through 2030 to make capital contributions upon request of the partnerships. The timing of these additional contributions is unknown and based upon the timing of when investments and agreements are executed or signed compared to when the actual commitments are funded or closed. Our remaining potential contractual obligation was $17.7 million at September 30, 2025.
Stockholders' Equity
Stockholders' equity increased to $898.7 million at September 30, 2025, from $781.5 million at December 31, 2024. The Company's book value per share was $35.22, which is an increase of $4.42 per share, or 14.4 percent, from December 31, 2024. The increase is primarily attributable to net income of $79.8 million and reduction in net unrealized losses of $43.7 million on fixed maturity securities, slightly offset by shareholder dividends of $12.2 million during the first nine months of 2025.


Recently Issued Accounting Standards

Information specific to accounting standards we adopted for the nine-month period ended September 30, 2025 or pending accounting standards we expect to adopt in the future is incorporated by reference from Note 1 "Summary of Significant Accounting Policies" contained in Part I, Item 1.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There were no material changes in our market risk components for the three-month period ended September 30, 2025. See the Quantitative and Qualitative Disclosures About Market Risk included in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures, as of the end of the period covered by this report, were designed and functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

Changes in Internal Control Over Financial Reporting

Our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated our internal control over financial reporting to determine whether any changes occurred during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We believe our operational processes, internal controls over financial reporting and disclosures, and financial reporting systems are operating effectively in the present environment.

Based on our evaluation, no such change in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15 and 15d-15) that occurred during the fiscal quarter ended September 30, 2025 has materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
In the normal course of its business, the Company is a party to a variety of legal proceedings. While the final outcome of these legal proceedings cannot be predicted with certainty, management believes all of the proceedings pending as of September 30, 2025 to be ordinary and routine and does not expect these legal proceedings to have a material adverse effect on the Company's financial condition or results of operations.
ITEM 1A. RISK FACTORS

Our business is subject to a number of risks, including those identified in Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 26, 2025.

These risks are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material effect on our business, results of operations, financial condition and/or liquidity.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Under our share repurchase program, we may purchase UFG common stock on the open market or through privately negotiated transactions. The amount and timing of any purchases will be at our discretion and will depend upon a number of factors, including the share price, general economic and market conditions, and corporate and regulatory requirements. Our share repurchase program may be modified or discontinued at any time. The Board of Directors reauthorized the share repurchase program in August 2024 and extended the program through August 2026.

The Company did not repurchase any shares of our common stock during the three-month period ended September 30, 2025. At September 30, 2025, we remain authorized to purchase up to one million shares of our common stock.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

Securities Trading Plans of Officers and Directors

UFG has an Insider Trading Policy applicable to all individuals, including officers and directors of UFG, who have access to nonpublic information about UFG which limits the periods during which officers and directors are allowed to trade in Company securities. UFG's Insider Trading Policy permits trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as "Rule 10b5-1 trading plans." Under UFG's Insider Trading Policy, enactment of a Rule 10b5-1 trading plan by an officer or director requires approval by UFG's Nominating & Governance Committee, the Chief Executive Officer, or the Chief Financial Officer. During the third quarter of 2025, none of UFG's directors or officers adopted or terminated Rule 10b5-1 trading plans and none of UFG's directors or officers adopted or terminated a non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(c) of Regulation S-K).
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ITEM 6. EXHIBITS
Exhibit number Exhibit description Furnished herewith Filed herewith
10.2 X
31.1 X
31.2 X
32.1 X
32.2 X
101.1
The following financial information from United Fire Group, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 formatted in Inline eXtensible Business Reporting Language (Inline XBRL): (i) Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 ; (ii) Consolidated Statements of Income (unaudited) for the three- and nine -month periods ended Sep te mber 30 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income (unaudited) for the three- and nine -month periods ended Septem ber 30, 2025 and 2024; (iv) Consolidated Statement of Stockholders' Equity (unaudited) for the three- and nine -month periods ended September 30, 2025 and 2024 ; (v) Consolidated Statements of Cash Flows (unaudited) for the nine -month periods ended September 30, 2025 and 2024 ; and (vi) Notes to Unaudited Consolidated Financial Statements, tagged as a block of text .

X
104.1 X

50




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

UNITED FIRE GROUP, INC.
(Registrant)
/s/ Kevin J. Leidwinger /s/ Eric J. Martin
Kevin J. Leidwinger Eric J. Martin
President, Chief Executive Officer, Director and Principal Executive Officer
Executive Vice President, Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer
November 5, 2025 November 5, 2025
(Date) (Date)

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TABLE OF CONTENTS
Part I Financial InformationItem 1. Financial Statements and Supplementary DataNote 1. Summary Of Significant Accounting PoliciesNote 2. Summary Of InvestmentsNote 3. Fair Value Of Financial InstrumentsNote 4. Reserves For Losses and Loss Settlement ExpensesNote 5. Employee BenefitsNote 6. Stock-based CompensationNote 7. Earnings Per Common ShareNote 8. DebtNote 9. Accumulated Other Comprehensive Income (loss)Note 10. Lease CommitmentsNote 11. ReinsuranceNote 12. Income TaxNote 13. Segment InformationItem 2. Management's Discussion and Analysis Of Financial Condition and Results Of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II - Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits

Exhibits

10.2 Supplement to Master Note Purchase Agreement, dated as of July 10, 2025 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on July 10, 2025) 31.1 Certification of Kevin J. Leidwinger pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Eric J. Martin pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of Kevin J. Leidwinger pursuant to 18 U.S.C. Section1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of Eric J. Martin pursuant to 18 U.S.C. Section1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.