United Fire Group, Inc. Announces 2024 Annual Meeting of Shareholders

TL;DR

<b>United Fire Group, Inc. invites shareholders to its 2024 Annual Meeting on May 15, 2024, for key votes including director elections and auditor ratification.</b>

AI Summary

UNITED FIRE GROUP INC (UFCS) filed a Proxy Statement (DEF 14A) with the SEC on April 2, 2024. The 2024 Annual Meeting of Shareholders for United Fire Group, Inc. will be held on May 15, 2024, at 10:00 a.m. Central Time. The meeting will take place at the company's principal executive offices in Cedar Rapids, Iowa, and will also be conducted virtually via live audio webcast. Shareholders will vote on the election of four Class C Directors. Shareholders will vote to ratify the appointment of Ernst & Young LLP as the independent registered public accounting firm for 2024. Shareholders will vote on an advisory basis for the compensation of the Company's named executive officers.

Why It Matters

For investors and stakeholders tracking UNITED FIRE GROUP INC, this filing contains several important signals. This filing is a proxy statement, indicating a formal shareholder meeting where significant corporate decisions are made, requiring shareholder participation. The inclusion of proposals for director elections, auditor ratification, and executive compensation approval highlights key governance and financial oversight matters for the company.

Risk Assessment

Risk Level: low — UNITED FIRE GROUP INC shows low risk based on this filing. This is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational risks indicated.

Analyst Insight

Shareholders should review the proxy materials to make informed voting decisions on director nominees, auditor appointment, and executive compensation.

Key Numbers

• 4 — Class C Directors (To be elected at the Annual Meeting)
• 2024 — Fiscal Year (For which Ernst & Young LLP is appointed as auditor)

Key Players & Entities

• UNITED FIRE GROUP, INC. (company) — Registrant name
• Ernst & Young LLP (company) — Independent registered public accounting firm
• May 15, 2024 (date) — Date of Annual Meeting
• 10:00 a.m. Central Time (time) — Time of Annual Meeting
• Cedar Rapids, Iowa (location) — Location of principal executive offices

FAQ

Industry Context

United Fire Group, Inc. operates in the Fire, Marine & Casualty Insurance industry.

Regulatory Implications

This filing is a Definitive Proxy Statement (DEF 14A) under the Securities Exchange Act of 1934, used to solicit shareholder votes.

What Investors Should Do

1. Review the proxy statement for detailed information on director nominees and their qualifications.
2. Understand the rationale behind the ratification of Ernst & Young LLP as the independent auditor.
3. Evaluate the advisory vote on executive compensation to align with company performance and shareholder interests.

Key Dates

• 2024-05-15: Annual Meeting of Shareholders — Shareholders will vote on key proposals.

Year-Over-Year Comparison

This is the initial filing for the 2024 Annual Meeting proxy materials.

Key Financial Figures

• $0.001 — y card. With respect to shares of our $0.001 par value common stock ("Company Common
• $16,500 — tion of proxies for an estimated fee of $16,500 plus reimbursement for reasonable out-o

Filing Documents

• tm242849-d2_def14a.htm (DEF 14A) — 1899KB
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• pc_age-4c.jpg (GRAPHIC) — 11KB
• bc_tenure-4c.jpg (GRAPHIC) — 11KB
• bc_independent-4c.jpg (GRAPHIC) — 9KB
• bc_gender-4c.jpg (GRAPHIC) — 9KB
• ph_markgreen-4clr.jpg (GRAPHIC) — 15KB
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• ph_luraemcbride-4clr.jpg (GRAPHIC) — 13KB
• ph_georgedmilligan-4clr.jpg (GRAPHIC) — 13KB
• ph_scottlcarlton-4clr.jpg (GRAPHIC) — 14KB
• ph_brendakclancy-4clr.jpg (GRAPHIC) — 13KB
• ph_kevinjleidwinger-4clr.jpg (GRAPHIC) — 15KB
• ph_susanevoss-4clr.jpg (GRAPHIC) — 15KB
• ph_johnpaulebesong-4clr.jpg (GRAPHIC) — 15KB
• ph_matthewforan-4clr.jpg (GRAPHIC) — 11KB
• ph_jameswnoyce-4clr.jpg (GRAPHIC) — 13KB
• pc_chiefexecutive-4c.jpg (GRAPHIC) — 18KB
• pc_othernamed-4c.jpg (GRAPHIC) — 19KB
• pc_allocation-4c.jpg (GRAPHIC) — 11KB
• bc_versus-4c.jpg (GRAPHIC) — 62KB
• bc_netincome-4c.jpg (GRAPHIC) — 54KB
• bc_versusadjusted-4c.jpg (GRAPHIC) — 56KB
• px_24ufgannualmeet01-bw.jpg (GRAPHIC) — 246KB
• px_24ufgannualmeet02-bw.jpg (GRAPHIC) — 278KB
• 0001104659-24-042584.txt (&nbsp;) — 5563KB
• ufcs-20231231.xsd (EX-101.SCH) — 11KB
• ufcs-20231231_def.xml (EX-101.DEF) — 9KB
• ufcs-20231231_lab.xml (EX-101.LAB) — 39KB
• ufcs-20231231_pre.xml (EX-101.PRE) — 11KB
• tm242849-d2_def14a_htm.xml (XML) — 392KB

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS 29

Security Ownership of Management

Security Ownership of Management 29 EQUITY COMPENSATION PLAN INFORMATION 32 DELINQUENT SECTION 16(A) REPORTS 33

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 34 Compensation Discussion and Analysis 34 Consideration of Say-on-Pay Results 34 Compensation and Benefits Philosophy 34 Risk Considerations 36 Annual Compensation Process 36 Role of Management 36 Role of the Compensation Committee and Board of Directors 36 Role of Independent Consultants 37 Compensation Consultant Independence 37 Elements of Compensation 37 Total Direct Compensation 37 Annual Base Salary 39 Annual Incentive Plan 39 Long-Term Incentive Plan 42 Additional Compensation 44 Named Executive Officers as Shareholders 46 Report of the Compensation Committee 46 Outstanding Equity Awards at 2023 Fiscal Year-End 51 2023 Option Exercises and Stock Award Vesting 53 Pension Benefits 53 Nonqualified Deferred Compensation 54 Potential Payments Upon Termination or Change in Control 55 Change in Control Severance Agreements 55 Pay Ratio Disclosure 58 PAY VERSUS PERFORMANCE 59 DIRECTOR COMPENSATION 64 Annual Retainer, Committee Meetings and Expenses 64 Deferred Compensation 65 ii TABLE OF CONTENTS UNITED FIRE GROUP, INC. 118 Second Avenue SE, Cedar Rapids, Iowa 52401 PROXY STATEMENT FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 15, 2024 This solicitation of proxies is made by the Board of Directors of United Fire Group, Inc. (the "Company," "we," "us," or "our," as the context requires). Proxies will be used at the 2024 Annual Meeting of Shareholders of the Company (the "Annual Meeting") to be held on Wednesday, May 15, 2024, at 10:00 a.m. Central Time, and at any adjournment or postponement thereof. This year's Annual Meeting will be held at our principal executive offices at 118 Second Avenue SE, Cedar Rapids, Iowa 52401 and virtually via live audio webcast. Shareholders will be able to attend the Annual Meeting, submit questions and vote online by logging on to https://meetnow.global/MZUWQ5V using their 15-

View Full Filing

View this DEF 14A filing on SEC EDGAR