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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 March 31, 2024
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 RapidsIowa
52401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (319399-5700
Securities Registered Pursuant to Section 12(b) of the Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.001 par valueUFCSThe 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 May 1, 2024, 25,295,942 shares of common stock were outstanding.


United Fire Group, Inc.
Index to Quarterly Report on Form 10-Q
March 31, 2024
 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, 2023 and in our other filings with the Securities and Exchange Commission ("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:
Our ability to effectively underwrite and adequately price insured risks;
Risks related to our investment portfolio that could negatively affect our profitability;
General macroeconomic conditions, interest rate risk, the impact of inflation and changes in governmental regulations and monetary policy;
Geographic concentration risk in our property and casualty insurance business;
The properties we insure are exposed to various natural perils that can give rise to significant claims costs;
Changing weather patterns and climate change add to the unpredictability, frequency and severity of catastrophe losses and may adversely affect our results of operations, liquidity and financial condition;
Further downgrades of the financial strength ratings of our operating subsidiaries or our issuer credit ratings and the adverse impact such action may have on our premium writings, policy retention, profitability and liquidity;
We may be unable to attract, retain or effectively manage the succession of key personnel;
The risk of not being able 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;
The potential disruption of our operations and reputation due to unauthorized data access, cyber-attacks or cyber-terrorism and other security breaches;
The adequacy of our reserves for property and casualty insurance losses and loss settlement expenses;
Our 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;
Competitive, legal, regulatory or tax changes that affect the distribution cost or demand for our products through our independent agent/agency distribution network;
Governmental actions, policies and regulations, including, but not limited to, domestic health care reform, financial services regulatory reform, and other federal stimulus relief legislation, corporate governance, new laws or regulations or court decisions interpreting existing laws and regulations or policy provisions; changes in laws, regulations and stock exchange requirements relating to corporate governance and the cost of compliance;
We will be at a competitive disadvantage if, over time, our competitors are more effective than us in their utilization of technology and evolving data analytics;
We may be unable to secure reinsurance capacity that provides necessary risk protection at a reasonable cost; and
1

Our stock price could become more volatile and your investment could lose value.
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
United Fire Group, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)March 31,
2024
 December 31,
2023
 (unaudited)  
ASSETS   
Investments:   
Fixed maturities   
Available-for-sale, at fair value (amortized cost $1,683,486 in 2024 and $1,771,041 in 2023)
$1,589,248  $1,686,502 
Equity securities at fair value (cost $0 in 2024 and $29,238 in 2023)
 55,019 
Mortgage loans41,426  45,421 
Less: allowance for mortgage loan losses46  55 
Mortgage loans, net41,380 45,366 
Other long-term investments99,020  99,507 
Short-term investments 100  100 
Total investments1,729,748  1,886,494 
Cash and cash equivalents217,785  102,046 
Accrued investment income16,325  15,934 
Premiums receivable (net of allowance for doubtful accounts of $1,942 in 2024 and $1,794 in 2023)
518,245  464,791 
Deferred policy acquisition costs135,210  126,532 
Property and equipment (primarily land and buildings, at cost, less accumulated depreciation of $70,615 in 2024 and $68,242 in 2023)
134,354  134,247 
Reinsurance receivables and recoverables (net of allowance for credit losses of $102 in 2024 and $97 in 2023)
239,971  223,269 
Prepaid reinsurance premiums24,608  27,682 
Intangible assets4,438 4,615 
Deferred tax asset22,735 13,621 
Income taxes receivable11,524 21,463 
Other assets189,692  123,496 
TOTAL ASSETS$3,244,635  $3,144,190 
LIABILITIES AND STOCKHOLDERS' EQUITY   
Liabilities   
Losses and loss settlement expenses$1,690,885  $1,638,755 
Unearned premiums586,742  549,384 
Accrued expenses and other liabilities180,242  172,306 
Long term debt50,000 50,000 
TOTAL LIABILITIES$2,507,869  $2,410,445 
Stockholders' Equity   
Common stock, $0.001 par value; authorized 75,000,000 shares; 25,293,156 and 25,269,842 shares issued and outstanding in 2024 and 2023, respectively
$25  $25 
Additional paid-in capital210,886  209,986 
Retained earnings584,147  574,691 
Accumulated other comprehensive income, net of tax(58,292) (50,957)
TOTAL STOCKHOLDERS' EQUITY$736,766  $733,745 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,244,635  $3,144,190 
The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.
3

United Fire Group, Inc.
Consolidated Statements of Income and Comprehensive Income (Unaudited)
Three Months Ended March 31,
(In Thousands, Except Share Data)2024 2023
Revenues   
Net premiums earned$280,859  $256,127 
Investment income, net of investment expenses16,342  12,722 
Net investment gains (losses) (includes reclassifications for net unrealized investment gains (losses) on available-for-sale securities of $(2,564) in 2024 and $(540) in 2023; previously included in accumulated other comprehensive income (loss))
(1,202)(1,745)
Other income (loss)   
Total revenues$295,999  $267,104 
Benefits, Losses and Expenses  
Losses and loss settlement expenses$179,646  $174,597 
Amortization of deferred policy acquisition costs65,690  59,835 
Other underwriting expenses (includes reclassifications for employee benefit costs of $0 in 2024 and $52 in 2023; previously included in accumulated other comprehensive income (loss))
32,465  30,303 
Interest expense859 797 
Other nonunderwriting expenses1,055 1,573 
Total benefits, losses and expenses$279,715  $267,105 
Income (loss) before income taxes$16,284  $(1)
Federal income tax expense (benefit) (includes reclassifications of $538 in 2024 and $124 in 2023; previously included in accumulated other comprehensive income (loss))
2,782  (695)
Net Income (loss)$13,502 $694 
Other comprehensive income (loss)
Change in net unrealized gain (loss) on investments$(11,096) $18,004 
Change in liability for underfunded employee benefit plans(724)(820)
Foreign currency translation adjustment(23) 
Other comprehensive income (loss), before tax and reclassification adjustments$(11,843) $17,184 
Income tax effect2,482  (3,609)
Other comprehensive income (loss), after tax, before reclassification adjustments$(9,361) $13,575 
Reclassification adjustment for net investment losses included in income$2,564  $540 
Reclassification adjustment for employee benefit costs included in expense  52 
Total reclassification adjustments, before tax$2,564 $592 
Income tax effect(538)(124)
Total reclassification adjustments, after tax$2,026 $468 
Comprehensive income (loss)$6,167  $14,737 
Diluted weighted average common shares outstanding25,834,494  25,500,115 
Earnings per common share:
Basic$0.53 $0.03 
Diluted 0.52 0.03 
The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.
4

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

Common Stock
(In Thousands, Except Share Data)Shares outstandingCommon stockAdditional paid-in capitalRetaining EarningsAccumulated other comprehensive incomeTotal
Balance January 1, 202425,269,842 $25 $209,986 $574,691 $(50,957)$733,745 
Net income   13,502  13,502 
Stock based compensation23,314  900   900 
Dividends on common stock ($0.16 per share)
   (4,046) (4,046)
Change in net unrealized investment gain (loss)(1)
    (6,740)(6,740)
Change in liability for underfunded employee benefit plans(2)
    (572)(572)
Foreign currency translation adjustment— — — — (23)(23)
Balance March 31, 202425,293,156 $25 $210,886 $584,147 $(58,292)$736,766 
(1)The change in net unrealized gain (loss) is net of reclassification adjustments and income taxes.
(2)The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes.
Common Stock
(In Thousands, Except Share Data)Shares outstandingCommon stockAdditional paid-in capitalRetaining EarningsAccumulated other comprehensive incomeTotal
Balance January 1, 202325,210,541 $25 $207,030 $620,555 $(87,496)$740,114 
Net income— — — 694 — 694 
Stock based compensation21,012 — 980 — — 980 
Dividends on common stock ($0.16 per share)
— — — (4,037)— (4,037)
Change in net unrealized investment gain (loss)(1)
— — — — 14,650 14,650 
Change in liability for underfunded employee benefit plans(2)
— — — — (607)(607)
Balance March 31, 202325,231,553 $25 $208,010 $617,213 $(73,453)$751,795 
(1)The change in net unrealized gain (loss) is net of reclassification adjustments and income taxes.
(2)The change in liability for underfunded employee benefit plans is net of reclassification adjustments and income taxes.
The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.


5

United Fire Group, Inc.
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
(In Thousands)2024 2023
Cash Flows From Operating Activities   
Net income$13,502  $694 
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Net accretion of bond premium1,665  1,797 
Depreciation and amortization2,672  2,646 
Stock-based compensation expense1,156  1,076 
Net investment (gains) losses1,291  1,559 
Net cash flows from equity and trading investments56,381  8,523 
Deferred income tax expense (benefit)(7,170) (2,182)
Changes in: 
Accrued investment income(391) (916)
Premiums receivable(53,454) (32,661)
Deferred policy acquisition costs(8,678) (3,264)
Reinsurance receivables(16,702) 8,528 
Prepaid reinsurance premiums3,074  731 
Income taxes receivable9,939  1,474 
Other assets(65,029) (109)
Losses and loss settlement expenses52,130  2,117 
Unearned premiums37,358  16,410 
Accrued expenses and other liabilities7,212  (14,859)
Other, net1,206  1,650 
Cash from operating activities22,659 (7,480)
Net cash provided by (used in) operating activities$36,161  $(6,786)
Cash Flows From Investing Activities   
Proceeds from sale of available-for-sale investments$88,378  $9,868 
Proceeds from call and maturity of available-for-sale investments34,719  20,424 
Proceeds from sale of other investments4,739  972 
Purchase of investments in mortgage loans  (128)
Purchase of investments available-for-sale(39,859)(53,832)
Purchase of other investments(1,494) (7,190)
Net purchases and sales of property and equipment(2,603) (2,615)
Net cash provided by (used in) investing activities$83,880 $(32,501)
Cash Flows From Financing Activities   
Issuance of common stock$(256)$(96)
Payment of cash dividends(4,046)(4,037)
Net cash provided by (used in) financing activities$(4,302)$(4,133)
Net Change in Cash and Cash Equivalents$115,739  $(43,420)
Cash and Cash Equivalents at Beginning of Period102,046 96,650 
Cash and Cash Equivalents at End of Period$217,785 $53,230 
Supplemental Disclosures of Cash Flow Information
Income taxes paid$12 $12 
Interest paid$859 $797 
The Notes to unaudited Consolidated Financial Statements are an integral part of these statements.
6


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

NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION
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 unaudited consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting 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, 2023, including certain 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; deferred policy acquisition costs; reinsurance receivables and recoverables; loss settlement expenses; and pension and postretirement benefit obligations.
Management believes the accompanying unaudited 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 unaudited Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023.
Segment Information
Our property and casualty insurance business is reported as one business segment. The property and casualty insurance business profit or loss is consistent with consolidated reporting as disclosed on the Consolidated Statements of Income and Comprehensive Income. We analyze the property and casualty insurance business results based on profitability (i.e., loss ratios), expenses and return on equity. The Company's property and casualty insurance business was determined using a management approach to make decisions on operating matters, including allocating resources, assessing performance, determining which products to market and sell, determining distribution networks with insurance agents and monitoring the regulatory environment. The property and casualty insurance business products have similar economic characteristics and use a similar marketing and distribution strategy with our independent agents. We will continue to evaluate our operations on the basis of both statutory accounting principles prescribed or permitted by our states of domicile and GAAP.
Cash and Cash Equivalents
For purposes of reporting cash flows, cash and cash equivalents include cash, money market accounts and non-negotiable certificates of deposit with original maturities of three months or less.
7

Deferred Policy Acquisition Costs ("DAC")

Certain costs associated with underwriting new business (primarily commissions, premium taxes and variable underwriting and policy issue expenses associated with successful acquisition efforts) are deferred. The following table is a summary of the components of DAC, including the related amortization recognized for the three-month period ended March 31, 2024.
Total
Recorded asset at beginning of period$126,532 
Underwriting costs deferred74,368 
Amortization of deferred policy acquisition costs(65,690)
Recorded asset at March 31, 2024
$135,210 

Property and casualty insurance policy acquisition costs deferred are amortized as premium revenue is recognized. The method followed in computing DAC limits the amount of such deferred costs to their estimated realizable value. This takes into account the premium to be earned, losses and loss settlement expenses expected to be incurred and certain other costs expected to be incurred as the premium is earned.
Other Intangible Assets
Our other intangible assets, which consist primarily of agency relationships, trade names, state insurance licenses, and software, are being amortized using the straight-line method over periods ranging from two years to 15 years, with the exception of state insurance licenses, which are indefinite-lived and not amortized.
Long Term Debt
The Company executed a private placement debt transaction on December 15, 2020 between United Fire & Casualty Company ("UF&C"), and Federated Mutual Insurance Company, a mutual insurance company domiciled in Minnesota ("Federated Mutual"), and Federated Life Insurance Company, an insurance company domiciled in Minnesota ("Federated Life" and, together with Federated Mutual, the "Note Purchasers").

UF&C sold an aggregate principal amount of $50,000 of notes due 2040 to the Note Purchasers. One note with a principal amount of $35,000 was issued to Federated Mutual and one note with a principal amount of $15,000 was issued to Federated Life subject to the terms of their respective notes. The notes are presented as a long term debt liability in the Consolidated Balance Sheets and as a financing activity in the Consolidated Statement of Cash Flows.

Interest payments under the long term debt are 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 United Fire & Casualty Pooled Group as of the applicable Interest Payment Date. For the three-month period ended March 31, 2024, interest totaled $859 and is included in accrued expenses and other liabilities in the Consolidated Balance Sheets and as interest expense in the Consolidated Statements of Income and Comprehensive Income. Payment of interest is subject to approval by the Iowa Insurance Division.

Income Taxes
Deferred tax assets and liabilities are established based on differences between the financial statement bases of assets and liabilities and the tax bases of those same assets and liabilities, using the currently enacted statutory tax rates. Deferred income tax expense is measured by the year-to-year change in the net deferred tax asset or liability, except for certain changes in deferred tax amounts that affect stockholders' equity and do not impact federal income tax expense.
8

We reported a consolidated federal income tax expense of $2,782 for the three-month period ended March 31, 2024 compared to an income tax benefit of $695 during the same period of 2023. Our effective tax rate for 2024 and 2023 is different than the federal statutory rate of 21 percent, due principally to the net effect of tax-exempt municipal bond interest income.
The Company performs a quarterly review of its tax positions and makes a determination of whether it is more likely than not that the tax position will be sustained upon examination. If, based on this review, it appears not more likely than not that the positions will be sustained, the Company will calculate any unrecognized tax benefits and, if necessary, calculate and accrue any related interest and penalties. We did not recognize any liability for unrecognized tax benefits at March 31, 2024 or December 31, 2023. In addition, we have not accrued for interest and penalties related to unrecognized tax benefits. However, if interest and penalties would need to be accrued related to unrecognized tax benefits, such amounts would be recognized as a component of federal income tax expense.
Deferred tax assets are reduced by a valuation allowance when management believes it is more likely than not that some, or all, of the deferred taxes will not be realized. After considering all positive and negative evidence of taxable income in the carryback and carryforward periods and our tax planning strategy of holding debt securities with unrealized losses to maturity or recovery, we believe it is more likely than not that all the deferred assets will be realized. As a result, we have no valuation allowance at March 31, 2024 or December 31, 2023.
For each of the three-month periods ended March 31, 2024 and 2023, we made payments for income taxes totaling $12. We did not receive a federal tax refund for the three-month periods ended March 31, 2024 and 2023.
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 years before 2018.

Leases

The Company determines if a contract contains a lease at inception of the contract. The Company's inventory of leases consists of operating leases which are recorded as a lease obligation liability disclosed in the "Accrued expenses and other liabilities" line on the Consolidated Balance Sheets and as a lease right-of-use asset disclosed in the "Other assets" line on the Consolidated Balance Sheets. The Company's operating leases consist of office space, vehicles, computer equipment and office equipment. The lease right-of-use asset represents the Company's right to use each underlying asset for the lease term and the lease obligation liability represents the Company's obligation over the lease term. The Company's lease obligation is recorded at the present value of the lease payments based on the term of the applied lease. Short-term leases of 12 months or less are recorded on the Consolidated Balance Sheets and lease payments are recognized on the Consolidated Statements of Income and Comprehensive Income. For more information on leases refer to Note 10 "Leases."

Credit Losses
The Company recognizes credit losses for our available-for-sale fixed-maturity portfolio, reinsurance receivables, mortgage loans and premium receivables by setting up allowances which are remeasured each reporting period and recorded in the Consolidated Statements of Income and Comprehensive Income.
For our available-for-sale fixed-maturity portfolio an allowance for credit losses is recorded net of available-for-sale fixed maturities in the Consolidated Balance Sheets and a corresponding credit loss recognized as a realized loss or gain in the Consolidated Statements of Income and Comprehensive Income. The Company determines if an allowance for credit losses is recorded based on a number of factors including current economic conditions, management's expectations of future economic conditions and performance indicators, such as market value versus amortized cost, investment spreads widening or contracting, rating actions, payment and default history. For more information on credit losses and the allowance for credit losses for our available-for-sale fixed-maturity portfolio, see Note 2 "Summary of Investments."
9

An allowance for mortgage loan losses is established based on historical loss information of the collective pool of the Company's commercial mortgage loan investments which have similar risk characteristics. To calculate the allowance for mortgage loan losses, the Company starts with historical loan experience to predict the future expected losses and then layers on a market-linked adjustment. On a quarterly basis, quantitative credit risk metrics, including, for example, cash-flows, rent rolls and financial statements are reviewed for each loan to determine if it is performing in line with its expectations. This allowance is presented as a separate line in the Consolidated Balance Sheets beneath the asset value as well as presented net and recorded through "Net investment gains (losses)" in the Consolidated Statements of Income and Comprehensive Income. For more information on credit losses and the allowance for credit losses for our investment in mortgage loans see Note 3 "Fair Value of Financial Instruments."
For reinsurance receivables, the Company's model estimates expected credit loss by multiplying the exposure at default by both the probability of default and loss given default ("LGD"). The LGD is estimated by the rating of the reinsurer, historical relationship with UFG, existence of letters of credit and known regulation for which the Company may be held accountable. The ultimate LGD percentage is estimated after considering Moody's experience with unsecured year one bond recovery rates from 1983-2017. The allowance calculated as of March 31, 2024 is recorded through the line "Reinsurance receivables and recoverables" in the Consolidated Balance Sheets and through the line "Other underwriting expenses" in the Consolidated Statements of Income and Other Comprehensive Income. As of March 31, 2024, the Company had a credit loss allowance for reinsurance receivables of $102.
Rollforward of credit loss allowance for reinsurance receivables:
As of
March 31, 2024
Beginning balance, January 1, 2024
$97 
Current-period provision for expected credit losses5 
Ending balance of the allowance for reinsurance receivables, March 31, 2024
$102 

With respect to premiums receivable, the Company utilizes an aging method to estimate credit losses. An allowance for doubtful accounts is based on a periodic evaluation of the aging and collectability of amounts due from agents and policyholders. "Premiums receivable" are presented in the Consolidated Balance Sheets net of an estimated allowance for doubtful accounts and recorded through "Other underwriting expenses" in the Consolidated Statements of Income and Comprehensive Income.

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
There were no recently issued accounting standards impacting our financial statements.


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 March 31, 2024 and December 31, 2023, is provided below:
10

March 31, 2024
Type of InvestmentAmortized Cost Gross Unrealized Gain Gross Unrealized LossAllowance for Credit Losses Fair Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$51,211 $101 $714 $ $50,598 
U.S. government agency97,489 70 8,964  88,595 
States, municipalities and political subdivisions
General obligations:
Midwest48,181 114 307  47,988 
Northeast11,408 5 41  11,372 
South48,335 28 598  47,765 
West77,705 18 590  77,133 
Special revenue:
Midwest100,879 237 413  100,703 
Northeast52,580 51 638  51,993 
South164,309 167 2,638  161,838 
West100,720 78 1,066  99,732 
Foreign bonds13,269  1,093  12,176 
Public utilities140,276 307 10,767  129,816 
Corporate bonds
Energy41,901 79 2,220  39,760 
Industrials59,656 181 4,919  54,918 
Consumer goods and services89,135  8,225  80,910 
Health care32,746 7 4,637  28,116 
Technology, media and telecommunications82,329 111 6,715  75,725 
Financial services123,031 39 6,298 1 116,771 
Mortgage-backed securities55,865  2,668  53,197 
Collateralized mortgage obligations
Government National Mortgage Association158,150 268 13,739  144,679 
Federal Home Loan Mortgage Corporation82,653  13,771  68,882 
Federal National Mortgage Association48,444 65 4,989  43,520 
Asset-backed securities3,214  153  3,061 
Total Available-for-Sale Fixed Maturities$1,683,486 $1,926 $96,163 $1 $1,589,248 


11

December 31, 2023
Type of InvestmentAmortized Cost Gross Unrealized Gain Gross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury$51,211 $325 $675 $ $50,861 
U.S. government agency102,540 255 8,302  94,493 
States, municipalities and political subdivisions
General obligations:
Midwest52,712 132 137  52,707 
Northeast11,422 1 43  11,380 
South54,560 47 400  54,207 
West77,874 23 471  77,426 
Special revenue:
Midwest101,037 302 358  100,981 
Northeast52,708 79 560  52,227 
South166,119 302 2,155  164,266 
West102,254 147 836  101,565 
Foreign bonds21,255  2,083  19,172 
Public utilities149,734 787 10,054  140,467 
Corporate bonds
Energy45,351 249 2,127  43,473 
Industrials74,760 727 4,939  70,548 
Consumer goods and services103,315 271 7,665  95,921 
Health care37,872 99 4,499  33,472 
Technology, media and telecommunications87,002 451 5,665  81,788 
Financial services152,329 743 7,380 1 145,691 
Mortgage-backed securities23,800 11 2,328  21,483 
Collateralized mortgage obligations
Government National Mortgage Association164,666 1,282 12,742  153,206 
Federal Home Loan Mortgage Corporation84,842 20 13,177  71,685 
Federal National Mortgage Association50,284 33 4,664  45,653 
Asset-backed securities3,394 524 87  3,831 
Total Available-for-Sale Fixed Maturities$1,771,041 $6,810 $91,347 $1 $1,686,503 



12

Maturities
The amortized cost and fair value of available-for-sale fixed maturity securities at March 31, 2024, by contractual maturity, are shown in the following tables. 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.
Maturities
Available-For-Sale
March 31, 2024Amortized Cost Fair Value
Due in one year or less$93,954  $93,317 
Due after one year through five years469,466  458,561 
Due after five years through 10 years471,780  442,802 
Due after 10 years299,960  281,229 
Asset-backed securities3,214 3,061 
Mortgage-backed securities55,865  53,197 
Collateralized mortgage obligations289,247  257,081 
 $1,683,486  $1,589,248 
Net Investment Gains and Losses
Net gains (losses) on disposition of investments are computed using the specific identification method and are included in the computation of net income. A summary of the components of net investment gains (losses) is as follows:
Three Months Ended March 31,
2024 2023
Net investment gains (losses):   
Fixed maturities:
Available-for-sale$(2,662)$(178)
Allowance for credit losses (176)
Equity securities
Net gains (losses) recognized on equity securities sold during the period1,362 500 
Unrealized gains (losses) recognized during the period on equity securities held at reporting date (1,705)
Net gains (losses) recognized during the reporting period on equity securities1,362 (1,205)
Mortgage loans allowance for credit losses9  
Other long-term investments89  (186)
Real estate  
Total net investment gains (losses)$(1,202) $(1,745)

The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities are as follows:
13

 Three Months Ended March 31,
2024 2023
Proceeds from sales$88,378  $9,868 
Gross realized gains1,365  11 
Gross realized losses4,027  189 
14

Funding Commitment
Pursuant to agreements with our limited liability partnership investments, we are contractually committed through July 10, 2030 to make capital contributions upon the request of certain of the partnerships. Our remaining potential contractual obligation was $27,164 at March 31, 2024.

Unrealized Gain and Loss
A summary of the changes in net unrealized investment gain (loss) during the reporting period is as follows:
 Three Months Ended March 31,
2024 2023
Change in net unrealized investment gain (loss)   
Available-for-sale fixed maturities$(8,532)$18,544 
Income tax effect1,792 (3,894)
Total change in net unrealized investment gain (loss), net of tax$(6,740) $14,650 
Credit Risk
An allowance for credit losses is recorded based on a number of factors including current economic conditions, management's expectations of future economic conditions and performance indicators, such as market value versus amortized cost, investment spreads widening or contracting, rating actions, payment and default history. The following table contains a rollforward of the allowance for credit losses for available-for-sale fixed maturity securities at March 31, 2024.
Rollforward of allowance for credit losses for available-for-sale fixed maturity securities:
As of
March 31, 2024
Beginning balance, January 1, 2024$1 
Additions to the allowance for credit losses for which credit losses were not previously recorded 
Reductions for securities sold during the period (realized) 
Write-offs charged against the allowance 
Recoveries of amounts previously written off 
Ending balance, March 31, 2024
$1 

Fixed Maturities Unrealized Loss
The following tables summarize our fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at March 31, 2024 and December 31, 2023. The securities are presented by the length of time they have been continuously in an unrealized loss position. 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.
15

March 31, 2024Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues
Fair
Value
Gross Unrealized
Loss
Number
of Issues
Fair
Value
Gross Unrealized LossFair
Value
Gross Unrealized Loss
AVAILABLE-FOR-SALE
Fixed maturities:
Bonds
U.S. Treasury4 $28,933 $132 6 $12,726 $582 $41,659 $714 
U.S. government agency3 8,940 56 23 70,702 8,908 79,642 8,964 
States, municipalities and political subdivisions
General obligations
Midwest11 16,175 79 6 16,922 228 33,097 307 
Northeast6 3,624 7 1 3,463 34 7,087 41 
South10 19,982 177 11 20,677 421 40,659 598 
West17 38,938 177 10 25,487 413 64,425 590 
Special revenue
Midwest11