United Fire Group, Inc. (UFCS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

United Fire Group, Inc. (UFCS) emerge como una potencia de seguro dinámica, navegando estratégicamente el complejo panorama de la propiedad y el seguro de víctimas a través de un innovador lienzo de modelo de negocio que combina sin problemas la destreza tecnológica, las soluciones centradas en el cliente y la gestión de riesgos robusta. Al aprovechar las asociaciones estratégicas, las plataformas digitales avanzadas y un enfoque integral para los servicios de seguros, UFCS transforma los paradigmas de seguros tradicionales, ofreciendo soluciones personalizadas que abordan las necesidades evolutivas de empresas e individuos en diversos segmentos de mercado.

United Fire Group, Inc. (UFCS) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con agentes y corredores de seguros independientes

United Fire Group mantiene una red de aproximadamente 5,000 agentes de seguros independientes en múltiples estados. El desglose del canal de distribución de la compañía a partir de 2023 es el siguiente:

Tipo de agente	Número de agentes	Cobertura del mercado
Agentes independientes	4,987	22 estados
Corredores regionales	413	Región del medio oeste

Asociaciones de reaseguros con compañías globales de reaseguro

Las asociaciones de reaseguros de United Fire Group incluyen:

• Munich Re - Partido de reaseguro global primario
• Swiss Re - Proveedor de reaseguro secundario
• Lloyd's of London - Cobertura de riesgo especializado

Socio de reaseguros	Cantidad de cobertura de reaseguro (2023)	Tipos de riesgos cubiertos
Munich re	$ 350 millones	Propiedad, víctima
Swiss RE	$ 225 millones	Líneas comerciales y personales

Asociaciones tecnológicas para plataformas de seguro digital

Asociaciones de tecnología digital a partir de 2024:

• Software Guidewire - Plataforma de seguro principal
• Duck Creek Technologies - Sistema de gestión de reclamos
• Salesforce - Gestión de relaciones con el cliente

Socio tecnológico	Inversión tecnológica anual	Año de implementación
Software de guía	$ 4.2 millones	2021
Tecnologías de Duck Creek	$ 3.7 millones	2022

Colaboraciones con proveedores de servicios de gestión de riesgos y reclamos

Gestión de riesgos clave y asociaciones de servicio de reclamos:

• Crawford & Compañía - Servicios de ajuste de reclamos
• Verisk Analytics: evaluación de riesgos y análisis de datos
• Socios de reclamos ISO: soluciones de procesamiento de reclamos

Proveedor de servicios	Tipo de servicio	Valor anual del contrato
Crawford & Compañía	Ajuste de reclamos	$ 2.8 millones
Análisis de verisco	Análisis de datos de riesgos	$ 1.9 millones

United Fire Group, Inc. (UFCS) - Modelo de negocio: actividades clave

Propiedad y suscripción de seguros de víctimas

Las actividades de suscripción básicas del Grupo de Fire del United abarcan múltiples segmentos de seguro:

Segmento de seguro	Primas brutas escritas	Porcentaje de mercado
Líneas comerciales	$ 489.3 millones	62.4%
Líneas personales	$ 168.7 millones	21.5%
Granja/rancho	$ 127.5 millones	16.1%

Evaluación y gestión de riesgos

Los procesos de gestión de riesgos implican:

• Técnicas avanzadas de modelado predictivo
• Algoritmos integrales de puntuación de riesgos
• Análisis de riesgos geoespaciales

Métrica de evaluación de riesgos	Valor
Ciclos de evaluación de riesgos anuales	4
Precisión de modelado de riesgos	92.3%
Inversión tecnológica en gestión de riesgos	$ 7.2 millones

Procesamiento de reclamos y servicio al cliente

Métricas de desempeño de gestión de reclamos:

Métrica de procesamiento de reclamos	Valor
Tiempo de resolución de reclamos promedio	14.6 días
Reclamaciones anuales procesadas	42,567
Tasa de satisfacción del cliente	88.5%

Transformación digital e innovación tecnológica

Inversión tecnológica e iniciativas digitales:

• Plataformas de seguro basadas en la nube
• Procesamiento de reclamos dirigidos por IA
• Desarrollo de aplicaciones móviles

Categoría de inversión digital	Gasto anual
Infraestructura tecnológica	$ 12.5 millones
Mejoras de ciberseguridad	$ 3.7 millones
Experiencia digital del cliente	$ 5.2 millones

Desarrollo de productos y gestión de cartera

Métricas de desarrollo de productos de seguro:

Métrica de desarrollo de productos	Valor
Nuevos lanzamientos de productos	6
Ciclo de desarrollo de productos	9.2 meses
Inversión de I + D	$ 4.6 millones

United Fire Group, Inc. (UFCS) - Modelo de negocios: recursos clave

Profesionales de seguros experimentados y equipo de gestión

A partir de 2024, United Fire Group emplea a 776 empleados en total. El equipo de liderazgo incluye:

Posición	Nombre	Tenencia
Presidente & CEO	Randy A. Mays	8 años
Director financiero	Eric J. Dykstra	5 años

Infraestructura tecnológica avanzada

Inversión tecnológica para 2023 año fiscal: $ 12.4 millones

• Sistemas de gestión de seguros basados ​​en la nube
• Infraestructura de ciberseguridad
• Herramientas de evaluación de riesgos de aprendizaje automático

Capital financiero fuerte y reservas

Métricas financieras a partir del cuarto trimestre 2023:

Métrico	Cantidad
Activos totales	$ 2.1 mil millones
Equidad total de los accionistas	$ 621.3 millones
Efectivo e inversiones	$ 1.48 mil millones

Bases de datos integrales de evaluación de riesgos

El repositorio de datos de gestión de riesgos contiene:

• Más de 500,000 registros de reclamos históricos
• Datos de mapeo de riesgos geográficos
• Perfiles de riesgo específicos de la industria

Plataformas digitales y herramientas de análisis robustas

Capacidades de infraestructura digital:

Plataforma	Capacidad
Sistema de procesamiento de reclamos	Seguimiento de reclamos en tiempo real
Portal de clientes	Gestión de políticas en línea 24/7
Motor de análisis predictivo	Calificación de riesgo impulsado por la IA

United Fire Group, Inc. (UFCS) - Modelo de negocio: propuestas de valor

Soluciones de seguro personalizadas para diversos segmentos de clientes

United Fire Group ofrece productos de seguro en múltiples segmentos con el siguiente desglose:

Segmento de clientes	Línea de productos	Cuota de mercado
Negocios comerciales	Seguro de propiedad	37.6%
Clientes residenciales	Seguro de propietarios	28.4%
Sector agrícola	Seguro de cosechas	22.5%
Pequeñas empresas	Cobertura de responsabilidad	11.5%

Precios competitivos y opciones de cobertura integrales

La estrategia de fijación de precios del Grupo United Fire incluye:

• Tasas de primas promedio 12.3% más bajas que los competidores de la industria
• Límites de cobertura flexible que van desde $ 50,000 a $ 5 millones
• Opciones deducibles personalizables de $ 500 a $ 10,000

Proceso de liquidación de reclamos rápidos y eficientes

Métrico de reclamos	Actuación
Tiempo de procesamiento de reclamos promedio	7.2 días
Relación de liquidación de reclamos	94.6%
Tasa de satisfacción del cliente	88.3%

Estrategias personalizadas de gestión de riesgos

Los servicios de gestión de riesgos incluyen:

• Consultas de evaluación de riesgos gratuitos
• Recomendaciones de mitigación de riesgos personalizadas
• Herramientas de monitoreo de riesgos digitales

Ofertas de productos de seguros de múltiples líneas

Producto de seguro	Volumen premium anual	Penetración del mercado
Propiedad comercial	$ 214.5 millones	42.7%
Responsabilidad general	$ 167.3 millones	35.9%
Compensación de trabajadores	$ 98.6 millones	22.4%
Marino interior	$ 45.2 millones	15.6%

United Fire Group, Inc. (UFCS) - Modelo de negocios: relaciones con los clientes

Atención al cliente directa a través de múltiples canales

United Fire Group proporciona atención al cliente a través de los siguientes canales:

Canal de soporte	Disponibilidad	Tiempo de respuesta
Soporte telefónico	De lunes a viernes de 8 am a 6 p.m. CST	Promedio de 7 minutos
Soporte por correo electrónico	24/7	Dentro de las 24 horas
Chat en línea	De lunes a viernes de 8 a.m. a 8 p.m. CST	Promedio de 5 minutos

Plataformas de autoservicio digital

Las plataformas digitales ofrecidas por United Fire Group incluyen:

• Portal de gestión de políticas en línea
• Aplicación móvil para la presentación de reclamos
• Sistema de facturación automatizado
• Repositorio de documentos digitales

Consulta de seguro personalizada

United Fire Group ofrece servicios de consulta personalizados con enfoque especializado en:

• Evaluación de riesgos individuales
• Recomendaciones de seguro personalizadas
• Análisis de brecha de cobertura
• Interacciones de agente individual

Revisión regular de comunicación y política

Tipo de comunicación	Frecuencia	Método
Revisión de políticas	Anualmente	Correo electrónico y teléfono
Notificaciones de actualización de políticas	A medida que ocurren los cambios	Plataformas digitales
Recordatorios de renovación	30-60 días antes	Multicanal

Representantes de servicio al cliente dedicados

Métricas clave de servicio al cliente:

• Promedio de la tenencia del representante de servicio al cliente: 5.2 años
• Calificación de satisfacción del cliente: 4.3/5
• Tiempo de resolución promedio por consulta: 22 minutos

United Fire Group, Inc. (UFCS) - Modelo de negocios: canales

Redes de agentes de seguros independientes

United Fire Group distribuye productos de seguro a través de Aproximadamente 4.500 agentes de seguros independientes en múltiples estados. A partir de 2022, estas redes de agentes representaron 78.3% de los canales de distribución de primas de seguros totales de la compañía.

Tipo de canal	Número de agentes	Cobertura geográfica
Agentes de seguros independientes	4,500	24 estados

Plataforma directa de ventas en línea

La plataforma en línea de la compañía generada $ 42.3 millones en primas directas en 2022, representando 12.6% de los canales de ventas directos totales.

Aplicación móvil

United Fire Group lanzó su aplicación móvil en 2021, que admite:

• Gestión de políticas
• Informes de reclamos
• Pago premium

Atención al cliente telefónica

La compañía opera 3 centros de atención al cliente centralizados con un promedio Tiempo de respuesta de 2.7 minutos.

Ubicaciones de oficinas regionales

United Fire Group mantiene 12 ubicaciones de oficinas regionales Posicionado estratégicamente en los Estados Unidos.

Región	Número de oficinas	Estados cubiertos
Medio oeste	5	Iowa, Illinois, Wisconsin
Suroeste	3	Texas, Oklahoma
Costa oeste	2	California, Oregon
Sudeste	2	Florida, Georgia

United Fire Group, Inc. (UFCS) - Modelo de negocios: segmentos de clientes

Empresas pequeñas a medianas

United Fire Group atiende a aproximadamente 54,000 clientes comerciales comerciales en 48 estados a partir de 2023. Volumen premium anual para segmento comercial: $ 362.4 millones.

Categoría de tamaño del negocio	Número de clientes	Prima anual promedio
Pequeñas empresas (1-50 empleados)	37,800	$4,250
Empresas medianas (51-500 empleados)	16,200	$22,500

Propietarios comerciales

Portafolio de seguro de propiedad valorada en $ 1.2 mil millones en cobertura de bienes raíces comerciales. Los tipos de propiedad asegurada incluyen:

• Complejos minoristas
• Edificios de oficinas
• Instalaciones industriales
• Propiedades residenciales de múltiples unidades

Propietarios individuales

Segmento del mercado de seguros de propietarios: 89,000 políticas activas. Ingresos premium de propietario total: $ 214.6 millones en 2023.

Tipo de propiedad	Número de políticas	Cantidad de cobertura promedio
Casas unifamiliares	62,300	$275,000
Condominios	26,700	$185,000

Empresas agrícolas y agrícolas

El segmento de seguros agrícolas cubre 12.500 clientes agrícolas en los estados del medio oeste. Ingresos anuales de prima agrícola: $ 87.3 millones.

• Seguro de cosechas
• Cobertura de ganado
• Protección de equipos agrícolas
• Seguro de propiedad rural

Sectores de la industria especializada

Ofertas de seguros especializadas para industrias de nicho. Total Segmento de especialidad Premio: $ 129.5 millones.

Sector industrial	Número de clientes	Volumen premium
Construcción	3,200	$ 42.6 millones
Cuidado de la salud	1,800	$ 35.7 millones
Tecnología	1,500	$ 31.2 millones
Transporte	2,100	$ 20.0 millones

United Fire Group, Inc. (UFCS) - Modelo de negocio: Estructura de costos

Gastos de reclamos y pérdidas

Para el año fiscal 2022, United Fire Group informó reclamos totales y gastos de pérdidas de $ 411.5 millones.

Año	Gastos de reclamos y pérdidas	Porcentaje de ingresos totales
2022	$ 411.5 millones	65.3%
2021	$ 392.7 millones	63.8%

Compensación y beneficios de los empleados

En 2022, los gastos de compensación y beneficios de los empleados de United Fire Group fueron de $ 149.3 millones.

• Salarios y salarios: $ 112.4 millones
• Beneficios para empleados: $ 36.9 millones

Inversiones de tecnología e infraestructura

La compañía invirtió $ 22.1 millones en tecnología e infraestructura en 2022.

Categoría de inversión tecnológica	Cantidad
Infraestructura	$ 12.6 millones
Desarrollo de software	$ 6.5 millones
Ciberseguridad	$ 3.0 millones

Costos de marketing y distribución

Los gastos de marketing y distribución para 2022 totalizaron $ 37.8 millones.

• Marketing digital: $ 15.2 millones
• Publicidad tradicional: $ 8.6 millones
• Gastos del canal de distribución: $ 14.0 millones

Primas de reaseguro

Las primas de reaseguro pagadas por United Fire Group en 2022 fueron de $ 89.6 millones.

Tipo de reaseguro	Cantidad premium
Reaseguro de la propiedad	$ 52.3 millones
Reaseguro de víctimas	$ 37.3 millones

United Fire Group, Inc. (UFCS) - Modelo de negocios: flujos de ingresos

Primas de seguro de propiedad

United Fire Group, Inc. reportó primas de seguro de propiedad de $ 347.6 millones para el año fiscal 2022.

Año	Primas de seguro de propiedad	Cambio porcentual
2022	$ 347.6 millones	+3.2%
2021	$ 336.5 millones	-1.5%

Primas de seguros de víctimas

Las primas de seguros de víctimas para United Fire Group totalizaron $ 412.3 millones en 2022.

• Segmento de seguro de responsabilidad civil: $ 187.5 millones
• Compensación de trabajadores: $ 124.8 millones
• Otras líneas de víctimas: $ 100.0 millones

Ingresos de seguros de línea comercial

Los ingresos del seguro de la línea comercial alcanzaron los $ 589.7 millones en 2022.

Segmento de línea comercial	Ganancia	Cuota de mercado
Propiedad comercial	$ 276.4 millones	2.3%
Responsabilidad comercial	$ 313.3 millones	1.9%

Ingresos de seguro de línea personal

Los ingresos del seguro de la línea personal fueron de $ 265.4 millones en 2022.

• Seguro de los propietarios: $ 142.6 millones
• Seguro de automóvil personal: $ 122.8 millones

Ingresos de inversión de la cartera de seguros

Los ingresos por inversiones para United Fire Group fueron de $ 45.2 millones en 2022.

Categoría de inversión	Ingreso	Porcentaje de total
Valores de renta fija	$ 35.6 millones	78.8%
Valores de renta variable	$ 6.3 millones	13.9%
Otras inversiones	$ 3.3 millones	7.3%

United Fire Group, Inc. (UFCS) - Canvas Business Model: Value Propositions

You're looking at the core promises United Fire Group, Inc. (UFG) makes to its customers and the market as of late 2025. These aren't just marketing slogans; they are backed by recent, hard numbers showing operational success.

One key value is offering comprehensive commercial P&C insurance products. This means they cover a wide array of risks for businesses, not just a narrow niche. This breadth is supported by their strong growth in core commercial lines, which saw net written premium increase by 22% in the third quarter of 2025.

Beyond standard commercial offerings, United Fire Group, Inc. (UFCS) provides specialized coverage, including surety bonds and excess and surplus coverage. This ability to handle risks that standard carriers might avoid is a critical differentiator in the market.

The operational proof point for their value proposition is their underwriting performance. United Fire Group, Inc. (UFCS) achieved its best Q3 combined ratio in nearly 20 years at 91.9% for the third quarter of 2025. This efficiency is what allows them to deliver value while maintaining profitability.

Here's a quick look at the Q3 2025 underwriting components that drove that strong combined ratio:

Metric	Q3 2025 Value	Comparison to Q3 2024
Combined Ratio	91.9%	Improved by 6.3 points
Underlying Loss Ratio	56.0%	Improved by 1.9 points
Underwriting Expense Ratio	34.6%	Improved by 1.3 points
Catastrophe Loss Ratio	1.3%	Improved by 3.1 points

The company emphasizes proactive risk management, delivering risk control expertise and exemplary consultations. This consultative approach helps policyholders prevent losses before they happen, which directly contributes to better loss ratios for United Fire Group, Inc. (UFCS).

Furthermore, the service aspect is highly valued. United Fire Group, Inc. (UFCS) promises personalized claims service with in-house specialists. They state that claims aren't just a process; they are personal, with capable in-house teams handling everything from premium audit to claims.

The financial results from the third quarter of 2025 underscore the market's reception to these value drivers:

• Net income reached $39.2 million, nearly doubling from the prior year.
• Year-to-date Return on Equity (ROE) stood at 12.7% as of September 30, 2025.
• Net written premium hit a third-quarter record of $328.2 million.
• Rates on new and renewed business increased by 5.8% in Q3 2025.

Finance: draft 13-week cash view by Friday.

United Fire Group, Inc. (UFCS) - Canvas Business Model: Customer Relationships

You're looking at how United Fire Group, Inc. (UFCS) keeps its policyholders and agents close, which is key for a property and casualty carrier like this one. The relationship structure is heavily weighted toward the independent agent channel.

Dedicated relationship management with independent agents

United Fire Group, Inc. (UFCS) relies on a network of independent agencies to distribute its products. This relationship is deep, not just transactional.

The company is represented by approximately 1,000 independent agencies across the 50 states and the District of Columbia where it is licensed to operate. United Fire Group, Inc. (UFCS) has a long-term view of this distribution channel.

Here's a look at the longevity of these partnerships:

• Approximately a third of the agency force has partnered with United Fire Group, Inc. for 20+ years.
• The longest-standing partnership has spanned over 75+ years.

The company actively rewards performance within this channel, though the most recent public figure for this specific program is from a prior year:

Metric	Value	Context/Year
Top-Performing Agent Profit-Sharing Distribution	Nearly $15 million	2022
Total Employees	877	Late 2025

Service center support for policyholders and agents

United Fire Group, Inc. (UFCS) emphasizes in-house teams to deliver service exceeding expectations for both agents and the insureds they represent. This support covers the entire lifecycle, from underwriting to claims.

Specialists are available for direct support:

• Claims and risk control professionals assist policyholders following catastrophic events.
• In-house teams provide service from premium audit to claims.
• Risk control consultants offer specialized consultations and open conversations.

The company maintains dedicated contact points for specific service needs, such as premium audit inquiries.

High retention rates in core commercial lines

Keeping existing business is a major focus, especially in the core commercial lines segment, which includes small business, middle market, and construction.

The second quarter of 2025 showed strong customer loyalty metrics, which supports the premium growth seen during that period. The company achieved rate increases of 7.6% in Q2 2025, which outpaced loss cost trends while maintaining high retention.

Key performance indicators related to customer retention and pricing effectiveness for Q2 2025:

Metric	Value	Period
Retention Rates	86%	Q2 2025
Net Written Premiums	$372.9 million	Q2 2025
Average Rate Increases	7.6%	Q2 2025
Core Commercial Renewal Premiums Growth	11.7%	Q1 2025

The underlying combined ratio improved to 92.5% in Q2 2025, partly reflecting the benefits of strong earned rate achievement.

Proactive communication on claims and premium audit

The premium audit process is designed to reconcile estimated premiums with actual exposures, and United Fire Group, Inc. (UFCS) aims to keep this process simple for both policyholders and agents. This communication is structured to be proactive.

For premium audit, the company provides direct contact channels:

• Email contact for the audit team: premiumaudit@unitedfiregroup.com.
• Direct phone line for audit inquiries: 319-247-6444.

The communication flow around audit adjustments is defined:

Underwriters inform agents of any changes prior to billing. Auditors work with insureds on best-practice record keeping when needed. If an insured disagrees with the audit results, an audit review request form can be submitted online, requiring clear information and supporting documentation.

United Fire Group, Inc. (UFCS) - Canvas Business Model: Channels

You're looking at how United Fire Group, Inc. (UFCS) gets its products to the customer, which is heavily reliant on established relationships in the insurance world.

Independent insurance agencies (primary distribution). This is the core engine for United Fire Group, Inc. The company is represented by approximately 1,000 independent agencies across the markets it serves. United Fire Group, Inc. is licensed to write property and casualty insurance in 50 states and the District of Columbia. This agency network is key to their production, which saw net written premium grow to $328.2 million in the third quarter of 2025. Retention and new business volume were strongly above prior year levels in Q3 2025.

The reliance on this channel is supported by their operational scale, which is important context for any agency partner:

Metric	Value (as of late 2025 data)
Approximate Number of Independent Agencies	1,000
Geographic Footprint	50 states and the District of Columbia
Q3 2025 Net Written Premium	$328.2 million
9-Month 2025 Return on Equity (ROE)	12.7%

Agent and Broker Login portals for policy servicing. United Fire Group, Inc. supports its agency partners with digital access points. The company provides an Agent & Broker Login portal for policy servicing needs. This digital access is part of a broader strategic push; United Fire Group, Inc. recently formed a "go paperless" coalition with the goal to increase electronic delivery options for agents and policyholders, ultimately aiming to reduce paper usage by 75 percent. That's a big shift in how they interact digitally.

Direct policyholder payment and claim reporting options. Policyholders have direct digital access for essential transactions. You can find links on their site to Pay my bill and Report a claim. These self-service options help streamline administrative tasks away from the agency or call center, supporting the overall efficiency that contributed to a Q3 2025 combined ratio of 91.9%.

In-house risk control consultants. Value delivery extends beyond just issuing the policy; United Fire Group, Inc. deploys specialized internal resources. The company highlights its Risk control expertise, noting that their in-house risk control consultants use specialized skills to help businesses succeed. These consultants are part of the capable in-house teams that pride themselves on providing services that exceed expectations, covering areas from premium audit to claims and beyond.

The channels are clearly structured to support the agent first, but with clear digital pathways for both agents and policyholders to manage the policy lifecycle.

• Electronic delivery options are a focus area for efficiency.
• In-house teams handle services beyond underwriting, including claims and premium audit.
• The company is focused on aligning better with its distribution partners.

United Fire Group, Inc. (UFCS) - Canvas Business Model: Customer Segments

You're looking at United Fire Group, Inc.'s (UFCS) customer base as of late 2025, which is heavily weighted toward commercial P&C (Property and Casualty) insurance, driven by disciplined underwriting and rate achievement.

The Small to mid-market commercial businesses (core focus) segment is clearly the engine of growth. In the third quarter of 2025, net written premium (NWP) for these core commercial lines-which the company explicitly groups as small business, middle market, and construction-increased by a robust 22% compared to the third quarter of 2024. This segment is central to the company's strategy, as evidenced by the overall third quarter 2025 NWP reaching $328.2 million.

The success in retaining and growing this core business is measurable. For instance, in the second quarter of 2025, retention rates climbed to 86%, showing customer loyalty within this target market while rates were increasing by 7.6% year-over-year for the business overall in that period.

Here's a snapshot of the premium context around the core commercial focus:

Metric	Period End Date	Amount/Rate
Total Net Written Premium (NWP)	September 30, 2025 (Q3)	$328.2 million
Core Commercial Lines NWP Growth (YoY)	Q3 2025	22% increase
Total Net Written Premium (NWP)	June 30, 2025 (Q2)	$372.9 million
Core Commercial Lines NWP Growth (YoY)	Q2 2025	20% growth

The segment of Individuals seeking personal lines insurance is less detailed in the latest public financial commentary, which focuses heavily on commercial lines performance. However, the overall rate increase for the business in Q3 2025 was 5.8%, and excluding workers' compensation, the average renewal premium increase was 8.1%, suggesting that personal lines, if written, are priced within this broader commercial/P&C structure or are a smaller component.

For Businesses in specific industries like construction and manufacturing, construction is explicitly named as part of the core commercial lines driving the 22% growth in Q3 2025 NWP. While manufacturing is not separately quantified, the company's specialty insurance capabilities, which are managed by dedicated teams, suggest coverage for various specific industry risks. These specialty areas, which may serve specific business customers beyond the general small/mid-market, include:

• Commercial and contract surety
• Inland marine
• Technology
• Financial institutions
• Management liability

The final segment, Other insurers requiring reinsurance coverage, is an operational component of the business model rather than a direct customer segment in the traditional sense, but it represents a key risk transfer relationship. While specific reinsurance premium ceded or assumed amounts for 2025 aren't itemized in the latest reports, the company's strategy involves refinements in its approach to reinsurance. The third quarter 2025 combined ratio improvement was partly due to favorable large loss experience and a catastrophe loss ratio of only 1.3%, which suggests effective management of peak risks, often achieved through reinsurance structures.

Finance: draft 13-week cash view by Friday.

United Fire Group, Inc. (UFCS) - Canvas Business Model: Cost Structure

You're looking at the core costs United Fire Group, Inc. (UFCS) incurs to run its property and casualty insurance business as of late 2025. These figures come directly from their Q3 2025 reporting.

The primary cost drivers are claims, which are broken down into expected losses and unexpected catastrophic events, and the costs of running the business, which include administrative overhead and paying agents.

Here's a look at the key expense ratios for the third quarter of 2025:

• Claims and loss expenses (underlying loss ratio): 56.0%.
• Underwriting and administrative expenses (expense ratio): 34.6%.
• Catastrophe losses (cat loss ratio): 1.3%.

The combined ratio for Q3 2025 was 91.9%.

To put these ratios into context with the premium volume for the quarter, United Fire Group, Inc. reported net written premium of $328.2 million for Q3 2025.

Here is a breakdown of the components that make up the combined ratio for Q3 2025:

Cost Component	Q3 2025 Ratio	Q3 2025 Dollar Equivalent (Based on $328.2M NWP)
Losses Incurred (Underlying)	56.0%	$183.79 million
Catastrophe Losses	1.3%	$4.27 million
Underwriting Expenses (Admin & Acquisition)	34.6%	$113.61 million
Total Losses and Expenses	91.9%	$301.67 million

The 34.6% underwriting expense ratio covers both acquisition costs and administrative expenses. While United Fire Group, Inc. relies on independent agents, the specific commission percentage is bundled within this figure.

For technology and system development costs, specific Q3 2025 figures aren't isolated, but prior reporting gives a sense of their impact. For instance, in Q1 2025, the underwriting expense ratio of 37.9% included additional costs related to the final stages of developing a new policy administration system.

The components contributing to the underwriting expense ratio include:

• Acquisition costs (commissions to independent agents): Included in the 34.6% ratio.
• Administrative expenses: Included in the 34.6% ratio.
• Technology and system development costs: Included in the 34.6% ratio, with Q1 2025 showing specific impact from system development.

Finance: draft Q4 2025 expense ratio projection by next Tuesday.

United Fire Group, Inc. (UFCS) - Canvas Business Model: Revenue Streams

The total Trailing Twelve Months revenue for United Fire Group, Inc. as of September 30, 2025, reached $1.35 Billion USD. This reflects a year-over-year growth of 12.12% for the TTM period.

You see the core of United Fire Group, Inc.'s revenue generation is tied directly to its insurance operations and the management of its invested assets. Here's a quick look at the primary components based on the latest reported quarter.

Revenue Component	Q3 2025 Amount	Trailing Twelve Months (TTM) Amount
Net Written Premiums (P&C Insurance)	$328.2 million	Not specified in TTM breakdown
Net Investment Income	$26.0 million	Not specified in TTM breakdown
Total Reported Quarterly Revenue (Q3 2025)	$354.0 million	N/A
Total Revenue (TTM ending Sep 30, 2025)	N/A	$1.35 Billion USD

The primary revenue driver is the direct insurance business. For the third quarter ending September 30, 2025, net written premiums from Property and Casualty insurance grew 7% to reach $328.2 million. This figure was noted as a third-quarter record.

The second major stream is net investment income, which saw a 6.3% increase in Q3 2025, totaling $26.0 million. This income stream is further detailed by its sources, showing the impact of asset management decisions:

• Fixed maturity income showed 17% growth in the third quarter.
• Limited partnership investments generated a strong return of $2.7 million in the quarter.

United Fire Group, Inc. also earns revenue from reinsurance premiums earned, though specific figures for this component in Q3 2025 were not separately itemized in the primary financial highlights provided. The total revenue for the quarter ending September 30, 2025, was reported at $354.0 million.