Employers Mutual Casualty Company (Employers Mutual), the parent company
of EMC Insurance Group Inc. (Nasdaq:EMCI), today announced to its
employees that the statutory combined trade ratio of the EMC Insurance
Companies for the year ended December 31, 2008 was 109.8 percent. This
announcement was made in conjunction with a company-wide disclosure of
the results of Employers Mutual’s 2008 contingent salary plan. This
statutory combined trade ratio is not prepared on the basis of generally
accepted accounting principles (GAAP) and reflects the operating results
of all subsidiaries and affiliates of Employers Mutual, including the
subsidiaries of EMC Insurance Group Inc.
For EMC Insurance Group Inc., the statutory combined trade ratio for the
year ended December 31, 2008 was 109.1 percent. This statutory combined
trade ratio should not be considered indicative of the GAAP-basis
combined ratio or operating results that will be reported by EMC
Insurance Group Inc. for the year ended December 31, 2008 on February
27, 2009.
EMC Insurance Group Inc., the publicly-held insurance holding company of
EMC Insurance Companies, owns subsidiaries with operations in property
and casualty insurance and reinsurance. EMC Insurance Companies is one
of the largest property and casualty entities in Iowa and among the top
60 insurance entities nationwide based on premium volume. For more
information, visit our website www.emcinsurance.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides issuers
the opportunity to make cautionary statements regarding forward-looking
statements. Accordingly, any forward-looking statement contained in this
report is based on management’s current beliefs, assumptions and
expectations of the Company’s future performance, taking into account
all information currently available to management. These beliefs,
assumptions and expectations can change as the result of many possible
events or factors, not all of which are known to management. If a change
occurs, the Company’s business, financial condition, liquidity, results
of operations, plans and objectives may vary materially from those
expressed in the forward-looking statements. The risks and uncertainties
that may affect the actual results of the Company include, but are not
limited to the following: catastrophic events and the occurrence of
significant severe weather conditions; the adequacy of loss and
settlement expense reserves; state and federal legislation and
regulations; changes in our industry, interest rates or the performance
of financial markets and the general economy; rating agency actions and
other risks and uncertainties inherent to the Company’s business,
including those discussed under the heading “Risk Factors” in the
Company’s annual report on Form 10-K. Management intends to identify
forward-looking statements when using the words “believe”, “expect”,
“anticipate”, “estimate”, “project” or similar expressions. Undue
reliance should not be placed on these forward-looking statements.
EMC Insurance Group Inc.
Anita Novak, 515-345-2515 (Investors)
Lisa
Hamilton, 515-345-7589 (Media)
