United Fire Group (UFCS) will pay a special cash dividend of $3.00 per share in 2018. Earlier this year the insurance company already hiked its quarterly dividend by 10.7 percent to $0.31 per share.

The $3.00 per share special dividend will be payable August 20, 2018 to shareholders of record as of August 3, 2018. At the current stock price of $59.15 the special dividend yields 5.1%. The company's regular quarterly dividend of $1.24 per share currently yields 2.1%.

“We are pleased to share the profits of the sale of United Life Insurance Company with our shareholders,” said UFG CEO Randy Ramlo. “This special cash dividend benefits our shareholders, while allowing UFG to continue building upon the success of our property and casualty operations, together with future strategic opportunities, share repurchases and capital initiatives.”

Founded in 1946 as United Fire & Casualty Company, United Fire Group, Inc., through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance and life insurance and selling annuities. UFG has consistently paid quarterly dividends to its shareholders since 1968.