United Fire & Casualty Co (UFCS) Misses Q1 EPS by 18c

United Fire & Casualty Co (NASDAQ: UFCS) reported Q1 EPS of $0.47, $0.18 worse than the analyst estimate of $0.65.

"First quarter 2014 was significantly impacted by a single large claim," stated Randy Ramlo, President and Chief Executive Officer. "The incurred losses from this single large claim (a large explosion in a suburban townhome community) were $5.4 million or 3.0 percentage points of the loss ratio. Given that the claim occurred during the first quarter when reinsurance deductibles have not yet been met, the claim had an impact of $0.14 per share on our earnings. Of the 3.0 percentage points, a portion was attributed to our annual aggregate ceded reinsurance deductible. We also experienced a decrease in the favorable reserve development between the first quarters of 2014 and 2013 due to development of large claims from prior accident years, which added 5.1 percentage points to the combined ratio."

For earnings history and earnings-related data on United Fire & Casualty Co (UFCS) click here.

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