United Fire & Casualty Company · Cedar Rapids, IA United States ·(NASDAQ (GS): UFCS)
Company Description
Phone: 319-399-5700
Fax: 319-399-5499
Toll Free: 800-553-7937
Rankings
- S&P 600
View United Fire & Casualty Company Locations On A US Map
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This link will open in a new window United Fire & Casualty and its subsidiaries offer a range of property/casualty and life insurance products. The group's property/casualty offerings include fidelity and surety bonds and fire, auto, employee liability, homeowners, and workers' compensation lines. More than 850 independent agencies in some 40 states sell its property/casualty products. The company's United Life unit sells life, annuity, and credit life products to individuals and groups through some 900 independent agents in more than 25 states. United Fire also provides limited catastrophe reinsurance coverage. To read the full description, subscribe now.
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Key United Fire & Casualty Company Financials
| Company Type | Public - NASDAQ (GS): UFCS Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $601.4 |
| 2008 Employees | 674 |
United Fire & Casualty Company Executives
30 executives listed for United Fire & Casualty Company's Cedar Rapids, IA location.
| Title | Name & Bio | Contact |
| Chairman | Scott McIntyre | Network |
| President and CEO | Randy Ramlo | Network |
| VP and CFO | Dianne Lyons | Network |
Competition
Competitive Landscape for United Fire & Casualty Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top United Fire & Casualty Company Competitors
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