EMC Insurance Group Inc. (EMCI) is a publicly held holding company that generates results from property and casualty insurance and reinsurance through subsidiary companies. EMCI’s common stock trades on the NASDAQ Global Select Market tier of the NASDAQ Stock Market under the symbol “EMCI.”
EMCI’s business is generated in conjunction with the operations of its parent corporation, Employers Mutual Casualty Company (EMCC), which is a mutual insurance company. The companies operate collectively under the trade name EMC Insurance Companies.
EMC focuses on the sale of property and casualty insurance to small and midsize businesses, as well as some larger accounts and personal lines. Products and services are offered through independent insurance agents who are supported by a network of local EMC branch offices. One or more of EMC Insurance Companies’ affiliates and subsidiaries are licensed in all 50 states and the District of Columbia; however, EMC actively markets insurance products in 41 states.
Employers Mutual Casualty Company (EMCC) owns approximately 56 percent of EMCI’s outstanding common stock; the remaining 44 percent is owned by public shareholders. EMCI has no employees of its own; however, the parent organization, EMCC, employs more than 2,100 people countrywide. EMCC was established in 1911 and is headquartered in Des Moines, Iowa. EMCI was formed in 1974 and became publicly held in 1982.
EMCI results reflect slightly more than 35 percent of EMC Insurance Companies’ financial results. All of the property and casualty insurance companies affiliated with EMC Insurance Companies participate in the Intercompany Pooling Arrangement (except for EMC Reinsurance Company). Each company participating in the pool transfers its direct insurance business to the pool and, in exchange, receives a designated percentage of the pool’s underwriting results. EMCI affiliated companies receive a 30 percent share of the pool, plus 100 percent of the results from EMC Reinsurance Company (EMC Re). EMC Re’s results are generated through a 100% quota share agreement with EMCC and the direct writing of German reinsurance business. EMCC's assumed reinsurance business is generated from the brokerage market and as an owner and participant in the Mutual Reinsurance Bureau.
For a complete description of EMC Insurance Companies’ financial results, refer to Financial Results under About EMC.