UFCS is trading below book value for two main reasons:
1) The P&C business has had no pricing power over the last few years and there doesn's seem to be any relief coming in the near future. It is a cut throat business right now and that doesn't play into UFCS hands.
2) The yield and duration of their investmnet portfolio for the Life Company is to low and short. Investors have a big concern on how they are matching their assets and liabilites. They have lost millions investing short while not covering there Life business. Suprised the BOD is allowing this.