United Fire sells life unit for $280mn

United Fire Group has agreed to sell a life
subsidiary for $280mn in cash to Kuvare US Holdings, providing
funds that may be used for share buybacks or future
acquisitions.
The transaction, expected to close in the
first half of next year, will leave United Fire more focused on its
property and casualty operations, the Cedar Rapids, Iowa-based
company said. The seller said the purchase price is 1.2x Gaap book
value and 1.4x Gaap book value excluding unrealised investment
gains....