CEDAR RAPIDS, Iowa, April 9, 2014 (GLOBE NEWSWIRE) -- United Fire Group (UFG) has been named one of "America's 50 Most Trustworthy Financial Companies" by Forbes. This inaugural list only includes financial companies, specifically banks and insurance companies.
"To be acknowledged for superior corporate governance is rewarding," stated Randy Ramlo, President and Chief Executive Officer. "We are proud to be named to the inaugural list of such a limited number of our peers. My sincerest thanks to the diligent employees of UFG. It is through their efforts that we have been recognized."
To identify the most trustworthy and transparent publically traded North American financial companies, Forbes turned to GMI Ratings (GMI), a company that maintains broad coverage of the environmental, social, governance (ESG) and accounting-related risks affecting the performance of public companies. GMI also creates Forbes list of "America's 100 Most Trustworthy Companies."
GMI reviewed the accounting and governance behaviors, along with considering factors such as high-risk events, revenue and expense recognition methods, SEC actions, and bankruptcy risk as indicators of a company's credibility to develop the list. An "Aggressive Accounting and Governance Risk" (AGR) number is then given to each company and is the final composite by which organizations are scored. Companies appear on the list divided into categories by market cap size, along with their current AGR and average AGR over the past four quarters.
A "perfect score" is 100. On this year's list, UFG received an AGR number of 98.
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About United Fire Group, Inc.
Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc., through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance and life insurance, as well as selling annuities. United Fire Group is licensed in 43 states, plus the District of Columbia, and is represented by 1,200 independent agencies. The United Fire Group pool is rated "A" (Excellent) by A.M. Best Company.
A subsidiary, United Life Insurance Company, is licensed in 37 states, and is represented by approximately 1,000 independent life agencies. United Life Insurance company is rated "A-"(Excellent) by A.M. Best Company.
Source:United Fire Group, Inc.