8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 8, 2011

United Fire & Casualty Company
(Exact name of registrant as specified in its charter)

Iowa	001-34257	42-0644327
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

118 Second Avenue, S.E., Cedar Rapids, Iowa	52407
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (319) 399-5700

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

þ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

United Fire & Casualty Company (a/k/a “United Fire Group”) will give an investor presentation on September 8, 2011. A copy of the booklet used in connection with this presentation is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The booklet will be posted in the Investor Relations section of our website (www.unitedfiregroup.com) under Reports for a period of 14 days following the presentation.

Disclosure of forward-looking statements

This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about our company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will continue,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operating, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in Part I Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December, 31, 2010, filed with the SEC on March 1, 2011 and in our report on Form 10-Q for the quarter ended June 30, 2011, filed with the SEC on August 5, 2011. The risks identified on Form 10-K are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made.

Item 8.01. Other Events

United Fire & Casualty Company (a/k/a “United Fire Group”) will give an investor presentation on September 8, 2011. A copy of the booklet used in connection with this presentation is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The booklet will be posted in the Investor Relations section of our website (www.unitedfiregroup.com) under Reports for a period of 14 days following the presentation.

Item 9.01. Financial Statements and Exhibits.

(a)	Not applicable.
(b)	Not applicable.
(c)	Not applicable.
(d)	Exhibits.

Exhibit
Number	Description of Exhibit
99.1	Investor presentation of United Fire Group, dated September 8, 2011.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	United Fire & Casualty Company (Registrant)
Date: September 8, 2011	/s/ Randy A. Ramlo
	Randy A. Ramlo, President and Chief Executive Officer

EXHIBIT INDEX

Exhibit
Number	Description of Exhibit
99.1	Investor presentation of United Fire Group, dated September 8, 2011.

EX-99.1

Exhibit 99.1

protecting dreams investor presentation UNITED FIRE GROUP Exhibit 99.1

Forward-Looking Statements This report may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides issuers the opportunity to make cautionary statements regarding for forward- looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about our company, the industry in which we operate, and beliefs and assumptions made by management. Words such as "expect(s)," "anticipate(s)," "intend(s)," "plan(s)," "believe(s)," "continue(s)," "seek(s)," "estimate(s)," "goal(s)," "target(s)," "forecast(s)," "project(s)," "predict(s)," "should," "could," "may," "will continue," "might," "hope," "can" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in "Risk Factors" in United Fire & Casualty's ("United Fire") filings with the SEC, including among others United Fire's Annual Report on Form 10-K for the year ended December 31, 2010 and subsequent filings on Form 10-Q. 2

Company Overview Regional provider of a complete line of insurance products, including traditional commercial and personal P&C insurance, niche specialty programs (e.g. waste haulers, religious institutions, surety bonds) and life insuranceP&C companies rated "A" and United Life Insurance Company rated "A-" by A.M. Best $700 million in shareholders' equityRepresented by more than 1,200 independent agenciesSix regional offices with over 870 employeesLicensed in 43 states, active in 33 3

P & C (90%)(2) Life (10%)(2) DPW by Line of Business DPW by State DPW by Line of Business DPW by State 2010 full year results from United Fire 10-K.Of net premiums earned for the 12 months ended December 31, 2010. OPERATING SEGMENT PREMIUM ANALYSIS(1) 4

Acquisition of Mercer Insurance Group The acquisition of Mercer Insurance Group enhances United Fire's strategy of providing protection to individuals, businesses and organizations through regional insurance companies operating through a network of independent agents Provides expansion of core commercial business outside of the Midwest into the Mid- Atlantic and the West CoastDiversifies risk profile of the company and adds a significant amount of premium (20%+) in states where United Fire did not previously operateAchieves a better spread of catastrophe risk as Mercer's book of business does not contribute to United Fire's Gulf exposure Geographic Diversification Economies of Scale Product Diversification SimilarCultures Increased scale of combined company provides some protection against competition and enhances leverage with agents, reinsurers, and vendorsThe combined company is a top 100 P&C writer in the U.S. based on premiums with over $700 million in DPW(1), approximately $3.2 billion in assets and $700 million in shareholders' equity(2) Mercer offers a waste haulers program, religious institutions program and mail order surety programAbility to export United Fire products (Signature Premier, surety and life) and underwriting expertise (predictive modeling and CATography) across Mercer operation Shared conservative underwriting and investment philosophyFocus on professional independent insurance agentsShared commitment to customer service and fair claims handling Statutory premiums for the 12 months ended December 31, 2010.GAAP results at June 30, 2011. 5

EXPANDED Geographic Footprint WV WA OR CA NV ID MT WY UT CO NM OK KS NE SD ND MN IA MO AR LA MS AL GA SC NC TN KY IL IN OH MI WI VA PA MD DE NJ NY VT NH MA RI ME AZ TX FL CO CT DC = UFCS states that individually represent greater than 0.01% of DPW Direct Written Premiums (2010) = Top 6 States by DPW for MIGP Source: SNL Financial. 6

United Fire Responses Investor Concerns and United Fire Responses Investor Concerns Greater underwriting discipline than the overall industryThe level of rate decreases are slightly moderatingSecond consecutive year of personal lines rate increases (comprise ~11% of United Fire's P&C writings)Pricing improvements in CAT exposed property areas Prolonged "Soft" P&C Pricing Environment Exposure to CATs Use new underwriting tools (e.g. CATography) and predictive analytics tools to improve risk selection process and improve exposure managementAdequately reserved with a high level of confidence Purchase reinsurance with $20 million retention and 95% in excess of $20 million up to $200 million Uncertainty Regarding Mercer Acquisition and Integration Transaction closed on March 28, 2011Integration efforts are proceeding as planned with merger expenses less than originally budgetedSubstantial opportunity for expense reductions in IT, reinsurance and public company expenses Low Return Profile and Low Trading Volume Past earnings strained by adverse development related to Hurricane Katrina have significantly diminishedExcess capital pre-merger dragged down the return profile of the companyActive capital management: average 2.2% dividend yield over the last 10 years; repurchased $6.1 million worth of shares in first half of 2011 with additional 849,229 shares remaining under the repurchase authorizationAttractive entry point for long term shareholders Dwindling Industry Reserve Releases United Fire has consistent reserve practicesHistorically reported reserve redundancies 7

Rate Change Comparison 1 2 3 Quarterly rate change for U.S.-based property and casualty accounts.Quarterly rate change for the commercial property and casualty market.Quarterly rate change for United Fire per management. -0.9% -6.7% -6.1% Median: DISCIPLINED UNDERWRITING 8

100-Year Probable Maximum Losses (PMLs) Exposure Reduction ($ in Millions) Cat management Decrease: $178mm (62%) Decrease: $188mm (67%) 9

2008-2009 Underperformance Hurricane Katrina development of $65 million due to unfavorable court rulingsRecord number of catastrophe events in 2008 contributed $76 million to United Fire's lossesA flood in 2008 forced us from our home office to a temporary location for 11 weeksHurricanes Ike and Gustav in 2008 forced temporary closings of our Galveston and New Orleans officesFinancial downturn in 2008-2009 required investment write-downs of $28 million Events in 2008-2009 Catastrophes Reinsurance Program 2011 Catastrophe program$20 million retention95% excess of $20 million2011 Core Program$2 million retention$15 million per risk coverage$40 million per occurrence coverage CAT Losses ($ in Millions) 10

Initiatives & strategies moving forward Utilize New underwriting toolsUse CATography(tm) to:Improve risk selection processImprove exposure managementUse predictive analytics for risk selection and improved profitability 11

See GAAP to Non-GAAP reconciliation at the end of this presentation. FINANCIAL SUMMARY 12 $248,18533,0443,29729,747 $295,355)(12,104)2,455)(14,559) $496,897)(13,064)(6,749)(6,315) 97.6 (1.9%) $467,427)(10,441)(8,566)(1,875) $463,892)47,513)(5,518)41,995) 1.80 6.8%6.0% $1.121.25 30.7 94.389.1 4.8%4.3% (1.7%)(2.0)% 101.3

OPERATING SEGMENT FINANCIAL HIGHLIGHTS 13 13,291 16,773 20,359 83.9%

Reported Book Value Per Share Book Value Growth BVPS CAGR: 7.3% Dividends per Share CAGR: 5.5% (1) (1) Six months ended June 30, 2011 annualized. HISTORICAL PERFORMANCE 14

9.5% 9.7% Average: HISTORICAL PERFORMANCE 15 Return Profile 10-Year Return on Equity Excluding Hurricane Katrina See GAAP to Non-GAAP reconciliation at the end of this presentation. 2010 6/30/2011 (CHART)

93.1% 101.9% Average: HISTORICAL PERFORMANCE 16 Underwriting Profile Statutory Combined Ratio Excluding Hurricane Katrina (CHART)

Strength of Reserves Net Reserve Redundancy (Deficiency) 6.7% Median: HISTORICAL PERFORMANCE 17

(2) Overview(1) Total Portfolio Breakdown (%) Fixed Income Portfolio Breakdown Fixed Income Portfolio Breakdown by Rating Total Portfolio Breakdown ($) At December 31, 2010.Other is comprised of trading securities, mortgage loans, policy loans, and other long term investments. Source: United Fire SEC filings. (2) Investment portfolio 18

CAPITAL MANAGEMENT Strong economic capital position (BCAR)Prudent reinsurance programsModest debt-to-capital ratio (12%)Conservative investment portfolioHistory of consistently conservative reservesUse of capital - acquisition of Mercer Insurance CompanyShare repurchaseExtension of existing share repurchase program approved by BoardAuthorizing purchase of an additional one million shares of common sharesExtending program expiration date to August 2013Repurchased 323,597 shares of common stock as of Q2 of 20111.25% of outstanding sharesAverage price: $18.80Total cost: $6.1 million 19

Key investment considerations Experienced senior managementProactive capital managementFinancial strengthConsistent reserving practices and historically reported loss redundanciesConservative investment philosophyRenewed focus on organic growthLocal market knowledge, with decentralized underwriting and marketing, while claims and back-office functions are efficiently centralized 20

thank you UNITED FIRE GROUP

GAAP TO NON-GAAP RECONCILIATION 22 (In Thousands) 6/30/11 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Net income (loss) excluding Hurricane Katrina (1) $(20,468) $53,088 $14,244 $4,244 $115,513 $108,719 $125,967 $78,817 $55,574 $17,686 $24,093 After-tax realized investment (gains) losses (4,910) (5,518) 8,566 6,749 (6,286) (6,477) (2,951) (2,639) 1,099 8,971 121 Operating income (loss) excluding Hurricane Katrina $(25,378) $47,570 $22,810 $10,993 $109,227 $102,242 $123,016 $76,178 $56,673 $26,657 $24,214 Diluted earnings (loss) per share $(0.78) $2.02 $0.54 $0.16 $4.18 $4.15 $5.59 $3.34 $2.36 $0.88 $1.20 Diluted operating earnings (loss) per share (0.97) 1.81 0.86 0.41 3.95 3.90 5.46 3.22 2.41 1.33 1.21 6/30/11 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Return on equity excluding Hurricane Katrina (1) -2.3% 6.0% 1.7% 0.5% 13.4% 15.1% 23.5% 17.9% 15.3% 6.2% 9.0% After-tax realized investment (gains) losses -0.5% -0.6% 1.0% 0.8% -0.7% -0.9% -0.4% -0.6% 0.3% 3.2% 0.0% Operating return on equity excluding Hurricane Katrina -2.8% 5.4% 2.7% 1.3% 12.7% 14.2% 22.9% 17.3% 15.6% 9.4% 9.0% (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized (1) Six months ended June 30, 2011, annualized Net Income to Operating Income Excluding Hurricane Katrina Return on Equity to Operating Return on Equity Excluding Hurricane Katrina

GAAP TO NON-GAAP RECONCILIATION 23 At or For the 12 Months Ended December 31, At or For the 12 Months Ended December 31, At or For the 12 Months Ended December 31, At or For the 6 Months Ended June 30, At or For the 6 Months Ended June 30, (In Thousands) 2008 2009 2010 2010 2011 Net income (loss) $(13,064) $(10,441) $47,513 $33,044 $(12,104) After-tax realized investment (gains) losses 6,749 8,566 (5,518) (3,297) (2,455) Operating income (loss) $(6,315) $(1,875) $41,995 $29,747 $(14,559) Diluted earnings (loss) per share $(0.48) $(0.39) $1.80 $1.25 $(0.46) Diluted operating earnings (loss) per share (0.23) (0.07) 1.60 1.12 (0.56) At or For the 12 Months Ended December 31, At or For the 12 Months Ended December 31, At or For the 12 Months Ended December 31, At or For the 6 Months Ended June 30, At or For the 6 Months Ended June 30, (In Thousands) 2008 2009 2010 2010 2011 Return on equity -1.9% -1.6% 6.8% 4.8% -1.7% After-tax realized investment (gains) losses 1.0% 1.3% -0.8% -0.5% -0.3% Operating return on equity -0.9% -0.3% 6.0% 4.3% -2.0% Net Income to Operating Income Return on Equity to Operating Return on Equity