Risk Factors Update Summary
- Investments: Increased fixed income securities to 89% and diversified to emphasize credit quality.
- Geographic Exposure: Texas now provides 17% of direct statutory premiums, up from 16%.
- Climate Change Risks: Transition risk added, impacting long-term return on invested assets.
- Ratings Downgrade: A.M. Best downgraded Long-Term ICR to "bbb-" from "bbb" for UFG.
- Leadership Changes: Four new key roles filled, including Chief Financial Officer and Chief Legal Officer.
- Cybersecurity: Identified risks from cyber-attacks could materially affect business strategy and financial condition.
- Market Volatility: Stock price could become more volatile due to various factors affecting the industry.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=101199&owner=exclude
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