Statement from Scott Jean, President and CEO, EMC Insurance Companies
DES MOINES, Iowa (Sept. 27, 2022, 4 p.m. CST)
Statement from Scott Jean, President and CEO, EMC Insurance Companies:
“EMC Insurance Companies (EMC) has made a strategic decision to exit the assumed reinsurance business conducted through EMC Reinsurance Company (EMC Re). EMC Re represents about 10 percent, or $180 million, of EMC’s total annual premiums. Options for the management and/or runoff of existing reinsurance business are currently being explored.
“Going forward, EMC plans to focus on its core insurance products distributed through independent agents, including commercial property/casualty lines and bonds, and life insurance written through affiliate EMC National Life Company.
“This transition impacts approximately 65 team members, located across the U.S., who will receive severance packages and comprehensive career/placement services. All impacted team members have been notified. This will be a gradual workforce reduction over time, beginning Jan. 3 and continuing through 2023. Impacted team members also will have the opportunity to interview for other EMC positions. In total, EMC has approximately 2,200 team members countrywide, with more than 1,100 located in Iowa.
“While an extremely difficult decision, EMC felt this move was necessary to position the company for the future and the achievement of its strategic plans and goals.”
About EMC Insurance Companies
EMC Insurance Companies has approximately 2,200 employees and is among the top 60 property and casualty insurance organizations in the country based on net written premium. Employers Mutual Casualty Company (EMCC) was organized in 1911 to write workers’ compensation protection in Iowa. Today, operating under the trade name EMC Insurance Companies, the company provides property and casualty and life insurance products and services throughout the United States. EMCC is licensed in all 50 states and the District of Columbia. For more information, visit emcins.com.