EMC To Boost Reserves By $2.9M In Q2
NU Online News Service, June 17, 1:20 p.m. EDT?EMC Insurance Group Inc. said it will boost its bulk loss-and-settlement expense reserves by about $2.94 million for the second quarter.[@@]
The Des Moines, Iowa-based company said its action comes after an examination of recently completed actuarial evaluations of carried reserves in the property-casualty business.
EMC said the planned reserve addition will lower the company's second-quarter earnings by about $1.91 million. The company's second-quarter results are expected to be announced Aug. 6.
Additionally, the company reported that storm activity during the month of May resulted in $4.148 million in estimated losses. Storm losses for the first two months of the second quarter of 2004 now total $5.044 million for EMC. Overall storm losses for the three-month period ending June 30 would total $10.341 million, the company said.
EMC Insurance Group Inc., the publicly held holding company of EMC Insurance Companies, owns units with operations in property-casualty insurance and reinsurance. The group reported $20.3 million in net income for full-year 2003, with $362.4 million in revenues.
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