Reinsurance News

United Fire Group announces $29mn Q1 cat hit

4th May 2021 - Author: Charlie Wood

US property and casualty insurer United Fire Group has announced an estimated $29 million pre-tax catastrophe loss for the first quarter of 2021.

These above average catastrophe losses in the first quarter of 2021 were mainly attributable to winter storm Uri.

As previously released as an estimate back in March, this catastrophic event was a full retention loss.

The company has stated that losses were in excess of its stated reinsurance retention of $20 million.

UFG will report first quarter 2021 earnings before the market opens on May 5, 2021, and will host a conference call to discuss its financial results on that date.

The company is one of many to have taken a hit from Uri, just yesterday the primary division of Berkshire Hathaway reported a $150 million hit from winter storm, taking the total amount across Berkshire’s insurance and reinsurance units to an estimated $460 million.

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