- UFCS Dashboard
- Financials
- Filings
- Holdings
- Transcripts
- ETFs
- Insider
- Institutional
- Shorts
-
DEF 14A Filing Data
United Fire (UFCS) DEF 14A4 Apr 23Definitive proxyFinancial data
Company Profile
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | UNITED FIRE GROUP, INC. |
Entity Central Index Key | 0000101199 |
Pay vs Performance Disclosure | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Aug. 21, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE Pay Versus Performance Year (1) Summary (2) Summary (2) Compensation (3) Compensation (3) Average (2) Average (3) Value of Initial (4) Net Adjusted (6) Total Peer Group (5) 2022 1,551,845 1,739,780 1,692,277 1,729,603 836,983 765,289 72.30 126.34 15,031,000 3.0 2021 N/A 2,387,206 N/A 1,651,860 865,170 705,406 60.00 139.08 80,594,000 7.2 2020 N/A 2,118,816 N/A (787,543 ) 1,075,628 63,988 63.53 118.78 (112,706,000 ) (13.4 ) (1) The Principal Executive Officer (“PEO”) and named executive officers for the applicable years were as follows: — 2022: Kevin J. Leidwinger assumed the role of the Company’s PEO, effective August 22, 2022, and Randy A. Ramlo served as the Company’s PEO during 2022 up to August 21, 2022. The Company’s other named executive officers for 2022 were: Eric J. Martin; Robert F. Cataldo; Jeremy J. Bahl; Micah Woolstenhulme; Randy L. Patten; and Michael T. Wilkins. — 2021: Randy A. Ramlo served as the Company’s PEO for the entirety of 2021 and the Company’s other named executive officers were: Michael T. Wilkins; Randy L. Patten; Robert F. Cataldo; Micah Woolstenhulme; and Dawn M. Jaffray. — 2020: Randy A. Ramlo served as the Company’s PEO for the entirety of 2020 and the Company’s other named executive officers were: Michael T. Wilkins; Dawn M. Jaffray; Robert F. Cataldo; and Neal R. Scharmer. (2) Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Messrs. Leidwinger and Ramlo and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the Company’s named executive officers reported for the applicable year other than the PEOs for such years. (3) To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. A reconciliation of the adjustments for Messrs. Leidwinger and Ramlo and for the average of the other named executive officers is set forth following the footnotes to this table. (4) Pursuant to rules of the SEC, the comparison assumes $100 was invested on December 31, 2019. Historic stock price performance is not necessarily indicative of future stock price performance. (5) The TSR Peer Group consists of Standard & Poor’s 600 Property and Casualty Index. This is the same industry index used for purposes of the Company’s stock price performance graph in its Annual Report to stockholders. (6) As noted in the CD&A, for 2022, the Compensation Committee determined that Adjusted ROE continues to be viewed as a core driver of the Company’s performance and stockholder value creation and, accordingly, was utilized as a component in both the 2022 AIP and 2022 PSUs. Adjusted ROE is our return-on-equity, calculated in accordance with GAAP, excluding the impact of market value changes on investments. Reconciliation of Compensation Actually Paid Adjustments Year Summary (a) (Minus) (b) Plus (c) (Minus) (d) Plus (e) Plus/(Minus) (f) Plus (g) Plus/(Minus) (h) (Minus) (i) Equals Leidwinger 2022 1,551,845 0 N/A (919,152 ) 851,252 N/A 171,811 36,521 N/A 1,692,277 2021 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2020 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Ramlo 2022 1,739,780 0 24,998 (297,179 ) 0 N/A N/A 262,004 N/A 1,729,603 2021 2,387,206 (4,867 ) 11,752 (856,026 ) 626,281 (45,121 ) N/A 281,303 (748,668 ) 1,651,860 2020 2,118,816 (323,233 ) (20,915 ) (570,904 ) 409,574 (611,708 ) N/A (141,382 ) (1,647,791 ) (787,543 ) Average Other Named Executive Officers 2022 836,983 0 13,594 (296,673 ) 235,236 23,771 12,929 38,784 (99,335 ) 765,289 2021 865,170 (33,855 ) 30,651 (282,058 ) 205,902 (8,141 ) N/A 61,302 (133,565 ) 705,406 2020 1,075,628 (224,026 ) 43,693 (316,962 ) 209,886 (184,690 ) 400 (41,398 ) (498,543 ) 63,988 (a) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other named executive officers, amounts shown represent averages. (b) Represents the aggregate change in the actuarial present value of the accumulated benefits under all defined benefit and actuarial pension plans reported in the Summary Compensation Table for the indicated fiscal year. (c) Represents the sum of the actuarial present value of the benefits under all defined benefit and actuarial pension plans attributable to services rendered during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under generally accepted accounting principles. (d) Represents the grant date fair value of the stock option and stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (e) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested option awards and stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes. (f) Represents the change in fair value during the indicated fiscal year of each option award and stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (g) Represents the fair value at vesting of the option awards and stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (h) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each option award and stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (i) Represents the fair value as of the last day of the prior fiscal year of the option award and stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (j) See footnote 1 above for the named executive officers included in the average for each year. | ||||
Company Selected Measure Name | Adjusted ROE | ||||
Named Executive Officers, Footnote [Text Block] | (1) The Principal Executive Officer (“PEO”) and named executive officers for the applicable years were as follows: — 2022: Kevin J. Leidwinger assumed the role of the Company’s PEO, effective August 22, 2022, and Randy A. Ramlo served as the Company’s PEO during 2022 up to August 21, 2022. The Company’s other named executive officers for 2022 were: Eric J. Martin; Robert F. Cataldo; Jeremy J. Bahl; Micah Woolstenhulme; Randy L. Patten; and Michael T. Wilkins. — 2021: Randy A. Ramlo served as the Company’s PEO for the entirety of 2021 and the Company’s other named executive officers were: Michael T. Wilkins; Randy L. Patten; Robert F. Cataldo; Micah Woolstenhulme; and Dawn M. Jaffray. — 2020: Randy A. Ramlo served as the Company’s PEO for the entirety of 2020 and the Company’s other named executive officers were: Michael T. Wilkins; Dawn M. Jaffray; Robert F. Cataldo; and Neal R. Scharmer. | ||||
Peer Group Issuers, Footnote [Text Block] | (5) The TSR Peer Group consists of Standard & Poor’s 600 Property and Casualty Index. This is the same industry index used for purposes of the Company’s stock price performance graph in its Annual Report to stockholders. | ||||
Adjustment To PEO Compensation, Footnote [Text Block] | Reconciliation of Compensation Actually Paid Adjustments Year Summary (a) (Minus) (b) Plus (c) (Minus) (d) Plus (e) Plus/(Minus) (f) Plus (g) Plus/(Minus) (h) (Minus) (i) Equals Leidwinger 2022 1,551,845 0 N/A (919,152 ) 851,252 N/A 171,811 36,521 N/A 1,692,277 2021 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2020 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Ramlo 2022 1,739,780 0 24,998 (297,179 ) 0 N/A N/A 262,004 N/A 1,729,603 2021 2,387,206 (4,867 ) 11,752 (856,026 ) 626,281 (45,121 ) N/A 281,303 (748,668 ) 1,651,860 2020 2,118,816 (323,233 ) (20,915 ) (570,904 ) 409,574 (611,708 ) N/A (141,382 ) (1,647,791 ) (787,543 ) Average Other Named Executive Officers 2022 836,983 0 13,594 (296,673 ) 235,236 23,771 12,929 38,784 (99,335 ) 765,289 2021 865,170 (33,855 ) 30,651 (282,058 ) 205,902 (8,141 ) N/A 61,302 (133,565 ) 705,406 2020 1,075,628 (224,026 ) 43,693 (316,962 ) 209,886 (184,690 ) 400 (41,398 ) (498,543 ) 63,988 (a) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other named executive officers, amounts shown represent averages. (b) Represents the aggregate change in the actuarial present value of the accumulated benefits under all defined benefit and actuarial pension plans reported in the Summary Compensation Table for the indicated fiscal year. (c) Represents the sum of the actuarial present value of the benefits under all defined benefit and actuarial pension plans attributable to services rendered during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under generally accepted accounting principles. (d) Represents the grant date fair value of the stock option and stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (e) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested option awards and stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes. (f) Represents the change in fair value during the indicated fiscal year of each option award and stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (g) Represents the fair value at vesting of the option awards and stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (h) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each option award and stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (i) Represents the fair value as of the last day of the prior fiscal year of the option award and stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (j) See footnote 1 above for the named executive officers included in the average for each year. | ||||
Non-PEO NEO Average Total Compensation Amount | $ 836,983 | $ 865,170 | $ 1,075,628 | ||
Non-PEO NEO Average Compensation Actually Paid Amount | $ 765,289 | 705,406 | 63,988 | ||
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Reconciliation of Compensation Actually Paid Adjustments Year Summary (a) (Minus) (b) Plus (c) (Minus) (d) Plus (e) Plus/(Minus) (f) Plus (g) Plus/(Minus) (h) (Minus) (i) Equals Leidwinger 2022 1,551,845 0 N/A (919,152 ) 851,252 N/A 171,811 36,521 N/A 1,692,277 2021 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2020 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Ramlo 2022 1,739,780 0 24,998 (297,179 ) 0 N/A N/A 262,004 N/A 1,729,603 2021 2,387,206 (4,867 ) 11,752 (856,026 ) 626,281 (45,121 ) N/A 281,303 (748,668 ) 1,651,860 2020 2,118,816 (323,233 ) (20,915 ) (570,904 ) 409,574 (611,708 ) N/A (141,382 ) (1,647,791 ) (787,543 ) Average Other Named Executive Officers 2022 836,983 0 13,594 (296,673 ) 235,236 23,771 12,929 38,784 (99,335 ) 765,289 2021 865,170 (33,855 ) 30,651 (282,058 ) 205,902 (8,141 ) N/A 61,302 (133,565 ) 705,406 2020 1,075,628 (224,026 ) 43,693 (316,962 ) 209,886 (184,690 ) 400 (41,398 ) (498,543 ) 63,988 (a) Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other named executive officers, amounts shown represent averages. (b) Represents the aggregate change in the actuarial present value of the accumulated benefits under all defined benefit and actuarial pension plans reported in the Summary Compensation Table for the indicated fiscal year. (c) Represents the sum of the actuarial present value of the benefits under all defined benefit and actuarial pension plans attributable to services rendered during the indicated fiscal year, calculated using the same methodology as used in the Company’s financial statements under generally accepted accounting principles. (d) Represents the grant date fair value of the stock option and stock awards granted during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (e) Represents the fair value as of the indicated fiscal year-end of the outstanding and unvested option awards and stock awards granted during such fiscal year, computed in accordance with the methodology used for financial reporting purposes. (f) Represents the change in fair value during the indicated fiscal year of each option award and stock award that was granted in a prior fiscal year and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. (g) Represents the fair value at vesting of the option awards and stock awards that were granted and vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (h) Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each option award and stock award that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (i) Represents the fair value as of the last day of the prior fiscal year of the option award and stock awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with the methodology used for financial reporting purposes. (j) See footnote 1 above for the named executive officers included in the average for each year. | ||||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||||
Compensation Actually Paid vs. Net Income [Text Block] | |||||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||||
Tabular List [Table Text Block] | Performance Measures Used to Link Company Performance and Compensation Actually Paid to the Named Executive Officers The following is a list of financial performance measures, which in the Company’s assessment represent the most important financial performance measures used by the Company to link CAP to the named executive officers for 2022. Please see the CD&A for a further description of these metrics and how they are used in the Company’s executive compensation program, including the AIP and 2022 PSUs. • Adjusted ROE • Statutory Combined Ratio • GAAP Combined Ratio | ||||
Total Shareholder Return Amount | $ 72.3 | 60 | 63.53 | ||
Peer Group Total Shareholder Return Amount | 126.34 | 139.08 | 118.78 | ||
Net Income (Loss) | $ 15,031,000 | $ 80,594,000 | $ (112,706,000) | ||
Company Selected Measure Amount | 3 | 7.2 | (13.4) | ||
PEO Name | Kevin J. Leidwinger | Randy A. Ramlo | Randy A. Ramlo | Randy A. Ramlo | |
Measure [Axis]: 1 | |||||
Pay vs Performance Disclosure [Table] | |||||
Measure Name | Adjusted ROE | ||||
Non-GAAP Measure Description [Text Block] | (6) As noted in the CD&A, for 2022, the Compensation Committee determined that Adjusted ROE continues to be viewed as a core driver of the Company’s performance and stockholder value creation and, accordingly, was utilized as a component in both the 2022 AIP and 2022 PSUs. Adjusted ROE is our return-on-equity, calculated in accordance with GAAP, excluding the impact of market value changes on investments. | ||||
Measure [Axis]: 2 | |||||
Pay vs Performance Disclosure [Table] | |||||
Measure Name | Statutory Combined Ratio | ||||
Measure [Axis]: 3 | |||||
Pay vs Performance Disclosure [Table] | |||||
Measure Name | GAAP Combined Ratio | ||||
Leidwinger [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
PEO Total Compensation Amount | $ 1,551,845 | ||||
PEO Actually Paid Compensation Amount | 1,692,277 | ||||
Leidwinger [Member] | Change In Accumulated Benefits Under Defined Benefit And Actuarial Pension Plans [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 0 | ||||
Leidwinger [Member] | Grant Date Fair Value Of Stock Option And Stock Awards Granted In Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | (919,152) | ||||
Leidwinger [Member] | Fair Value At Fiscal Year End Of Outstanding And Unvested Stock Option And Stock Awards Granted In Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 851,252 | ||||
Leidwinger [Member] | Fair Value At Vesting Of Stock Option And Stock Awards Granted In Fiscal Year That Vested During Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 171,811 | ||||
Leidwinger [Member] | Change In Fair Value As Of Vesting Date Of Stock Option And Stock Awards Granted In Prior Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 36,521 | ||||
Ramlo [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
PEO Total Compensation Amount | 1,739,780 | $ 2,387,206 | $ 2,118,816 | ||
PEO Actually Paid Compensation Amount | 1,729,603 | 1,651,860 | (787,543) | ||
Ramlo [Member] | Change In Accumulated Benefits Under Defined Benefit And Actuarial Pension Plans [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 0 | (4,867) | (323,233) | ||
Ramlo [Member] | Grant Date Fair Value Of Stock Option And Stock Awards Granted In Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | (297,179) | (856,026) | (570,904) | ||
Ramlo [Member] | Fair Value At Fiscal Year End Of Outstanding And Unvested Stock Option And Stock Awards Granted In Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 0 | 626,281 | 409,574 | ||
Ramlo [Member] | Change In Fair Value As Of Vesting Date Of Stock Option And Stock Awards Granted In Prior Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 262,004 | 281,303 | (141,382) | ||
Ramlo [Member] | Service Costs Under Defined Benefit And Actuarial Pension Plans [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 24,998 | 11,752 | (20,915) | ||
Ramlo [Member] | Change In Fair Value Of Outstanding And Unvested Stock Option And Stock Awards Granted In Prior Fiscal Years [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | (45,121) | (611,708) | |||
Ramlo [Member] | Fair Value As Of Prior Fiscal Year-End Of Stock Option And Stock Awards Granted In Prior Fiscal Years That Failed To Meet Applicable Vesting Conditions During Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | (748,668) | (1,647,791) | |||
Non-PEO NEO [Member] | Change In Accumulated Benefits Under Defined Benefit And Actuarial Pension Plans [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 0 | (33,855) | (224,026) | ||
Non-PEO NEO [Member] | Grant Date Fair Value Of Stock Option And Stock Awards Granted In Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | (296,673) | (282,058) | (316,962) | ||
Non-PEO NEO [Member] | Fair Value At Fiscal Year End Of Outstanding And Unvested Stock Option And Stock Awards Granted In Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 235,236 | 205,902 | 209,886 | ||
Non-PEO NEO [Member] | Fair Value At Vesting Of Stock Option And Stock Awards Granted In Fiscal Year That Vested During Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 12,929 | 400 | |||
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Stock Option And Stock Awards Granted In Prior Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 38,784 | 61,302 | (41,398) | ||
Non-PEO NEO [Member] | Service Costs Under Defined Benefit And Actuarial Pension Plans [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 13,594 | 30,651 | 43,693 | ||
Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Stock Option And Stock Awards Granted In Prior Fiscal Years [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | 23,771 | (8,141) | (184,690) | ||
Non-PEO NEO [Member] | Fair Value As Of Prior Fiscal Year-End Of Stock Option And Stock Awards Granted In Prior Fiscal Years That Failed To Meet Applicable Vesting Conditions During Fiscal Year [Member] | |||||
Pay vs Performance Disclosure [Table] | |||||
Adjustment to Compensation Amount | $ (99,335) | $ (133,565) | $ (498,543) |