United Fire Group, Inc (NASDAQ:UFCS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 10:00 am ET


United Fire Group, Inc (NASDAQ:UFCS) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Grant, and I'll be your conference operator today. At this time, I would like to welcome everyone to the UFG Insurance Second Quarter 2020 Financial Results Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

I will now turn the call over to Randy Patten, Assistant Vice President and Controller.

Randy Patten

Good morning, everyone and thank you for joining this call. Earlier today, we issued a news release on our results. To find a copy of this document, please visit our website at ufginsurance.com. Press releases and slides are located under the Investor Relations tab. Our speakers today are Chief Executive Officer, Randy Ramlo; Mike Wilkins, Chief Operating Officer; and Dawn Jaffray, Chief Financial Officer.

Please note that our presentation today may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The company cautions investors that any forward-looking statements include risks and uncertainties and are not a guarantee of future performance. These forward-looking statements are based on management's current expectations. The actual results may differ materially due to a variety of factors, which are described in our press release and SEC filings. Please also note that in our discussion today we may use some non-GAAP financial measures. Reconciliations of these measures to the most comparable GAAP measures are also available in our press release and SEC filings.

At this time, I'm pleased to present Mr. Randy Ramlo, CEO of UFG Insurance.

Randy A. Ramlo

Thanks, Randy. Good morning, everyone, and welcome to our second quarter 2020 conference call. First, to our employees, agents, policyholders and shareholders, we hope everyone is safe and healthy during this ongoing pandemic. I continue to be amazed by the extraordinary work being completed by our employees during this time, delivering our outstanding service to agents and policyholders without interruption while working remotely. These efforts are truly remarkable, considering the higher-than-normal catastrophe losses we experienced in the second quarter of this year.

As we mentioned in last call, we had a pre-existing business continuity pandemic plan already in place prior to this year. Thanks to our past experience in personally dealing with catastrophes, including the floods of 2008 and 2016 at our corporate headquarters, we were well prepared and had the technological infrastructure in place for a seamless transition to work from home. This plan was activated in mid-March and continues to be followed on a daily basis. While our essential services employees have remained in our offices as necessary, the majority of our employees continue to work remotely.

We have had ongoing discussions on a return-to-office plan for our employees, but no definitive dates have been set yet. Of course, the safety, health and wellbeing of our employees will be the top priority of our return to the office plan when it is finalized. Also, as we mentioned during the first quarter call and as a reminder, nearly all of the policies we have issued contain contract language which specifically excludes business