United Fire Group Inc. Announces Key Developments at Annual Shareholders’ Meeting
Cedar Rapids, Iowa — United Fire Group, Inc. (UFG), a prominent player in the insurance sector, recently held its annual meeting of shareholders, marking a significant event in the company’s calendar. On May 21, 2025, UFG announced several key developments that are poised to shape its strategic direction in the coming years.
Board of Directors Strengthened with New Appointments
At the heart of the meeting was the election of three new Class B directors to UFG’s 11-member board. These appointments are set to bring fresh perspectives and expertise to the company’s leadership. The newly elected directors include:
- John-Paul Besong, a retired chief information officer executive, known for his extensive experience in technology and information systems.
- Matthew R. Foran, co-founder and president of Stoic Lane, Inc., bringing entrepreneurial insight and leadership skills.
- James W. Noyce, a retired insurance and financial services executive, offering deep industry knowledge and strategic acumen.
These directors will serve three-year terms expiring in 2028, contributing to the company’s governance and strategic oversight.
Shareholder Approvals and Ratifications
In addition to the board elections, shareholders ratified the appointment of Ernst & Young LLP as UFG’s independent registered public accounting firm for 2025. This decision underscores the company’s commitment to maintaining high standards of financial transparency and accountability.
Furthermore, shareholders approved, on an advisory basis, the compensation of the company’s named executive officers. This approval reflects confidence in the leadership team’s ability to drive UFG’s growth and success.
Dividend Declaration
In a move that underscores its financial health and commitment to shareholder returns, UFG declared a quarterly cash dividend of $0.16 per share. This dividend announcement is a testament to the company’s robust financial performance and its dedication to rewarding its investors.
Company Overview
Founded in 1946 as United Fire & Casualty Company, UFG has grown into a leading provider of property and casualty insurance. The company operates nationwide, offering a diverse range of products including fidelity and surety bonds, reinsurance, ordinary life, annuities, and credit life products. UFG is licensed in 50 states and the District of Columbia and is represented by approximately 1,000 independent agencies.
With a market capitalization of $725.86 million and a close price of $28.4 as of May 18, 2025, UFG continues to demonstrate resilience and growth potential in the competitive insurance landscape. The company’s price-to-earnings ratio stands at 11.24, reflecting investor confidence in its future prospects.
As UFG moves forward, the strategic appointments and shareholder approvals from the annual meeting are expected to bolster its position in the market, driving innovation and growth in the years to come.