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United Fire & Casualty closes sale of United Life Insurance to Kuvare

United Fire Group Inc. unit United Fire & Casualty Co. has completed the previously announced sale of its subsidiary United Life Insurance Co. to Kuvare US Holdings Inc. for $280 million in cash.

The deal is subject to post-closing adjustments pursuant to the stock purchase agreement among United Fire & Casualty, Kuvare and United Fire Group.

Sandler O’Neill + Partners LP was the exclusive financial adviser and Sidley Austin LLP was the legal adviser to United Fire.