UFG Insurance Q2 2023 Earnings Results - August 2023

UFG Insurance reported second quarter 2023 financial results on August 8, 2023, with net premiums written of $299.1 million and a net loss of $56.4 million driven by prior period reserve strengthening and catastrophe losses. The company achieved five consecutive quarters of total net written premium growth, with core commercial lines expanding for the second consecutive quarter. The underlying combined ratio improved to 99.1%, though the GAAP combined ratio was 132.9% due to elevated catastrophe losses and unfavorable prior period reserve development.