United Fire Group

Kelly Walsh has over two decades of insurance industry experience and will lead all underwriting functions at UFG.

The executive will remain with the company as vice president of field operations.

Julie Stephenson will succeed long-time COO Michael Wilkins, who retired on September 30 from the Cedar Rapids, Iowa-based company.

Wilkins’ retirement comes at a transitional time for UFG, which named Kevin Leidwinger as president and CEO in July.

Kevin Leidwinger will succeed current president Randy Ramlo, who announced his retirement plans in February.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

The industry veteran spent most of his career at Transamerica, most recently as head of enterprise transformation.

CEO Ramlo will remain in his role until his successor is named and will take on a consulting role during the transition process.

Excluding the effects of cats and reserves during the period, UFG’s underlying loss ratio declined 24.5 percentage points.

The Iowa-based company posted on Tuesday an earnings per share of $1.69, improving on the prior year and beating a $0.41 estimate from analysts.

The better underwriting print came as the company continues to cuts its commercial auto exposure and despite being hit with $40mn in cat losses.

The Cedar Rapids-based company says Hurricane Ida was a full-retention reinsurance loss, at least its second in two years after it took an $88mn gross loss from last year’s Midwest derecho.