George Milligan
About George D. Milligan
George D. Milligan (age 68) is an independent director of United Fire Group, Inc. (UFCS), serving on the board since 1999. He is President of The Graham Group, Inc. (since 1985), bringing deep operating and real estate/construction experience, and sits on the board of West Bancorporation, Inc. with committee responsibilities on its loan and nominating/governance committees. His core credentials include long-tenured board service, governance leadership, and financial institution oversight experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Graham Group, Inc. (Des Moines, IA) | President | Since 1985 | Operates real estate development (office) and hospital construction businesses |
| Allied Life Insurance Company | Director | Prior role (dates not specified) | Insurance industry board experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| West Bancorporation, Inc. (bank holding company) | Director | Since 2005 | Member, Loan Committee; Member, Nominating & Governance Committee |
| Boy Scouts of America; Dowling Foundation; Variety Club of Iowa | Community leader/supporter | Not specified | Community engagement |
Board Governance
- Committee assignments (UFCS): Audit Committee member; Executive Committee member; Investment Committee member; Chair, Nominating & Governance Committee .
- Independence: The board determined 10 of 11 directors are independent under Nasdaq rules; only the CEO is not independent, indicating Milligan is independent .
- Attendance/engagement: All directors attended ≥75% of board and committee meetings in 2024; all directors attended the 2024 Annual Meeting .
- Board leadership: Independent chair; executive sessions of independent directors were held after each board meeting (four in 2024) .
- Committee activity levels (2024): Audit met 4x; Compensation & Human Capital met 6x; Executive met 4x; Investment met 4x; Risk Management met 4x; Nominating & Governance met 5x .
- Policies signaling alignment: Clawback policy (revised August 18, 2023); strict anti‑hedging and anti‑pledging restrictions for directors and officers .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base annual retainer (all directors) | $80,000 | Paid quarterly |
| Board Chair additional retainer | $50,000 | Not applicable to Milligan |
| Vice Chair additional retainer | $20,000 | Not applicable |
| Audit Committee Chair | $20,000 | Not applicable |
| Compensation Committee Chair | $12,500 | Not applicable |
| Nominating, Investment, Risk Chairs | $10,000 | Applicable: Nominating & Governance Chair |
| Audit Committee member | $5,000 | Applicable |
| Executive, Nominating, Investment, Risk members | $4,000 | Applicable: Executive and Investment |
| 2024 Director Compensation (Milligan) | Amount ($) |
|---|---|
| Fees earned/paid in cash | $107,000 |
| Stock awards (grant-date fair value) | $73,837 |
| Total compensation | $180,837 |
Performance Compensation
| Equity Type | Grant | Vesting | Details |
|---|---|---|---|
| RSUs (annual director grant) | 3,219 RSUs (May 2024) | 1-year vest (May 15, 2025) | Granted under Non‑Employee Director Plan; grant-date fair value methodology per ASC 718 |
No director compensation is tied to performance metrics; equity grants are time-based RSUs, not PSUs/options for directors .
Other Directorships & Interlocks
| Entity | Type | Interlock/Notes |
|---|---|---|
| West Bancorporation, Inc. | Bank holding company | Milligan serves as director; UFCS Chair James W. Noyce is also a director at West Bancorporation, creating an information-flow interlock across boards . |
Expertise & Qualifications
- Governance leadership: Chair of UFCS Nominating & Governance Committee .
- Financial institution oversight: West Bancorporation board (loan and nom/gov committees) .
- Operating/execution background: President of The Graham Group (real estate development and hospital construction) .
- Board-level risk and audit exposure: Audit Committee member; engaged in enterprise and governance oversight structures .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (shares) | 80,065 shares |
| Ownership as % of outstanding | <1% (Company had 25,393,131 shares outstanding as of record date) |
| Director RSUs outstanding (12/31/24) | 3,219 RSUs (scheduled to vest May 15, 2025) |
| Pledged shares | None of the shares disclosed are pledged |
| Hedge/pledge policy | Hedging and pledging prohibited for directors and officers |
| Director stock ownership guidelines | 100 shares at joining; 5,000 shares within 5 years; all current directors comply |
Governance Assessment
- Positive signals
- Independent status, governance chair role, and strong attendance support board effectiveness .
- Cash/equity compensation mix for directors (retainer plus RSUs) and mandatory stock ownership guidelines reinforce alignment; anti‑hedging/pledging policy reduces misalignment risk .
- No related‑party transactions since the beginning of 2024; Compensation Committee interlocks are absent .
- Watch items
- Interlock: Shared directorship at West Bancorporation with UFCS Chair James W. Noyce. While not a related‑party transaction, dual board service can influence information flow and perceived independence in matters involving financial institutions; monitor for any transactional overlap or committee decision-making that could present conflicts .
- Broader pay governance context
- Say‑on‑pay support was ~97% in 2024; the executive program emphasizes Adjusted ROE, written premium growth, core earnings, loss and expense ratios—indicating a pay‑for‑performance culture at the company level, albeit not directly tied to director pay .
RED FLAGS: None disclosed regarding related-party transactions, pledging/hedging, or low attendance for Milligan. Maintain oversight of the West Bancorporation interlock for potential conflicts if any UFCS banking relationships emerge .