EMC Insurance Group Inc. Reports 2009 Third Quarter Results
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Third Quarter 2009
Operating
Income Per Share - $0.24
Net Income Per Share - $0.38
Catastrophe
and Storm Losses Per Share - $0.79
Large Losses Per Share -
$0.40
GAAP Combined Ratio - 107.2 percent
Nine Months Ended September 30, 2009
Operating
Income Per Share - $1.58
Net Income Per Share - $1.35
Catastrophe
and Storm Losses Per Share - $1.52
Large Losses Per Share -
$1.35
GAAP Combined Ratio - 102.1 percent
Annual
Operating Income Guidance Per Share - $1.80 to $2.05
DES MOINES, Iowa--(BUSINESS WIRE)-- EMC Insurance Group Inc. (Nasdaq: EMCI) today reported operating income of $3,152,000 ($0.24 per share) for the third quarter ended September 30, 2009, compared to an operating loss of $295,000 ($0.02 per share) for the third quarter of 20081. For the nine-month period ended September 30, 2009, operating income was $20,920,000 ($1.58 per share) compared to $8,635,000 ($0.63 per share) for the same period in 2008.
Net income, including realized investment gains and losses, totaled $5,051,000 ($0.38 per share) for the third quarter of 2009 compared to a net loss of $9,458,000 ($0.70 per share) for the third quarter of 2008. For the nine-month period ended September 30, 2009, net income was $17,822,000 ($1.35 per share) compared to a net loss of $2,179,000 ($0.16 per share) for the same period in 2008.
"Through the first nine months of 2009, operating results were pretty much in line with our expectations," stated Bruce G. Kelley, President and Chief Executive Officer. "Premium rates, which began to stabilize somewhat during the second quarter, showed some signs of improvement during the third quarter, and storm losses, while higher than average due to active Midwest weather patterns, were significantly lower than the record amount experienced in 2008. One development, which contributed significantly to the increase in the book value of our stock during the third quarter, was the rapid recovery in the market value of our investment portfolio."
Premiums earned remained virtually flat at $96,733,000 for the three months ended September 30, 2009, compared to $96,409,000 for the same period in 2008. For the nine months ended September 30, 2009, premiums earned decreased 0.9 percent to $285,285,000 from $288,005,000 for the same period in 2008.
Investment income decreased 3.6 percent to $11,805,000 for the third quarter of 2009 from $12,251,000 for the same period in 2008. For the nine-month period ended September 30, 2009, net investment income decreased 2.6 percent to $35,255,000 from $36,191,000 for the same period in 2008. This decrease in investment income is attributed to a high level of call activity that occurred on the Company's U.S. Government Agency securities during the first half of 2009 as a result of the low interest rate environment, a decline in yield on short-term investments and the elimination of dividends on the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) preferred stocks in 2008. As of September 30, 2009, the majority of the proceeds received from the called securities had been reinvested.
"Other-than-temporary" investment impairment losses declined to $611,000 in the third quarter of 2009 from $17,075,000 for the same period in 2008. For the first nine months of 2009, "other-than-temporary" investment impairment losses totaled $9,727,000, compared to $21,672,000 for the same period in 2008.
The Company has historically reported catastrophe and storm losses net of development experienced on prior years' catastrophe and storm losses. This has not had a material impact on the reported amounts because development associated with prior years' catastrophe and storm losses has historically been relatively small. During 2009, however, the Company has experienced a larger amount of favorable development related to the record amount of catastrophe and storm losses incurred in 2008. As a result, the Company is changing its reporting of catastrophe and storms losses to include only current accident year events. Any material amount of development experienced on prior accident year catastrophe and storm losses will be reported separately. This change in reporting does not have any impact on the reported amounts of operating income or net income; it only affects the reported amounts of catastrophe and storm losses.
Catastrophe and storm losses totaled $16,032,000 ($0.79 per share after tax) in the third quarter of 2009 compared to $20,088,000 ($0.97 per share after tax) in the third quarter of 2008. For the first nine months of 2009, catastrophe and storm losses totaled $30,945,000 ($1.52 per share after tax) compared to a record $50,426,000 ($2.41 per share after tax) for the same period in 2008. Catastrophe and storm losses accounted for 10.8 percentage points of the combined ratio for the first nine months of 2009, which is substantially higher than the 8-year average (excluding the record catastrophe and storm losses of 2008) of 6.5 percentage points.
The Company experienced favorable development on prior years' catastrophe and storm losses of $833,000 ($0.04 per share after tax) for the three months ended September 30, 2009, compared to $265,000 ($0.01 per share after tax) for the same period in 2008. For the nine months ended September 30, 2009, favorable development on prior years' catastrophe and storm losses totaled $2,969,000 ($0.15 per share after tax), compared to $1,356,000 ($0.06 per share after tax) for the same period in 2008. Reserves associated with catastrophe and storms losses are event-specific and are initially established based on known exposures and estimates of loss frequency and severity. As actual loss information is reported, the Company is better able to project the ultimate cost of a loss event. Changes in the projected ultimate cost of a prior accident year loss event is reported as development, and this development has an impact on the Company's results of operations because the total amount of the Company's carried reserves has changed.
Large losses, which the Company defines as losses greater than $250,000, excluding catastrophe and storm losses, declined to $5,329,000 ($0.40 per share after taxes) in the third quarter of 2009 from $7,954,000 ($0.59 per share after taxes) in the same period in 2008. For the first nine months of 2009, large losses totaled $17,850,000 ($1.35 per share after taxes), compared to $15,973,000 ($1.17 per share after taxes) for the same period in 2008.
The Company's GAAP combined ratio was 107.2 percent in the third quarter of 2009 compared to 114.8 percent in the third quarter of 2008. For the nine-month period ended September 30, 2009, the Company's GAAP combined ratio was 102.1 percent compared to 109.3 percent for the same period in 2008.
At September 30, 2009, consolidated assets totaled $1.2 billion, including $1.0 billion in the investment portfolio; stockholders' equity increased 18.2 percent to $334.3 million; and the net book value of the Company's stock was $25.41 per share, an increase of 19.2 percent from $21.32 per share at December 31, 2008.
Based on actual results for the first nine months of 2009 and management's expectations for the remainder of the year, management is reiterating its 2009 operating income guidance of $1.80 to $2.05 per share. This guidance is based on a projected GAAP combined ratio of 103.5 percent for the year.
As of October 10, 2009, 736,133 shares of the Company's common stock have been purchased under the Company's $25 million stock repurchase program at a cost of approximately $17.9 million. The timing and terms of the purchases are determined by management based on market conditions, and the transactions are conducted in accordance with the applicable rules of the SEC. Common stock purchased under this program is being retired by the Company. The Company's parent organization, Employers Mutual Casualty Company, has a stock purchase program in place as well, with about $4.5 million of its $15 million authorization remaining. This program is currently dormant and will not be reactivated until the Company's repurchase program is completed.
The Company will hold an earnings teleconference call at 11:00 a.m. eastern daylight time on October 23, 2009 to allow securities analysts, stockholders and other interested parties the opportunity to hear management discuss the Company's results for the first nine months of 2009, as well as its expectations for the remainder of the year. Dial-in information for the call is toll-free 1-877-407-8031 (International: 1-201-689-8031). The event will be archived and available for digital replay through November 6, 2009. The replay access information is toll-free 1-877-660-6853 (International: 1-201-612-7415); passcodes required for playback: account number 286, conference ID number 334389.
Members of the news media, investors and the general public are invited to access a live webcast of the conference call via http://www.investorcalendar.com or the Company's investor relations page at www.emcins.com/ir. The webcast will be archived and available for replay until January 23, 2010. A transcript of the teleconference will also be available on the Company's website shortly after the completion of the teleconference.
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.
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 the property and casualty insurance industry, interest rates
or the performance of financial markets and the general economy;
-- rating agency actions;
-- "other-than-temporary" investment impairment losses; 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.
(1)The Company uses a non-GAAP financial measure called "operating income" that management believes is useful to investors because it illustrates the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations. While this measure is consistent with measures utilized by investors to evaluate performance, it is not a substitute for the U.S. GAAP financial measure of net income. Therefore, the Company has provided the following reconciliation of this non-GAAP financial measure to the U.S. GAAP financial measure of net income. Management also uses non-GAAP financial measures for goal setting, determining employee and senior management awards and compensation, and evaluating performance.
Reconciliation of operating income to net income:
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Operating income $ 3,151,923 $ (294,833 ) $ 20,919,561 $ 8,635,478
(loss)
Net realized
investment gains 1,898,852 (9,162,736 ) (3,097,791 ) (10,814,391 )
(losses)
Net income (loss) $ 5,050,775 $ (9,457,569 ) $ 17,821,770 $ (2,178,913 )
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
Property and
Casualty Parent
Quarter Ended
September 30, Insurance Reinsurance Company Consolidated
2009
Revenues:
Premiums earned $ 77,929,827 $ 18,802,990 $ - $ 96,732,817
Investment 8,781,681 3,022,390 739 11,804,810
income, net
Other income 224,191 - - 224,191
86,935,699 21,825,380 739 108,761,818
Losses and
expenses:
Losses and
settlement 58,006,003 14,270,242 - 72,276,245
expenses
Dividends to 1,517,886 - - 1,517,886
policyholders
Amortization of
deferred policy 16,308,495 4,137,666 - 20,446,161
acquisition costs
Other
underwriting 9,329,480 167,705 - 9,497,185
expenses
Interest expense 225,000 - - 225,000
Other expenses 208,518 728,520 312,684 1,249,722
85,595,382 19,304,133 312,684 105,212,199
Operating income
(loss) before 1,340,317 2,521,247 (311,945 ) 3,549,619
income taxes
Realized 2,030,639 890,671 - 2,921,310
investment gains
Income (loss)
before income 3,370,956 3,411,918 (311,945 ) 6,470,929
taxes
Income tax
expense
(benefit):
Current (776,905 ) 957,543 (109,181 ) 71,457
Deferred 1,406,999 (58,302 ) - 1,348,697
630,094 899,241 (109,181 ) 1,420,154
Net income (loss) $ 2,740,862 $ 2,512,677 $ (202,764 ) $ 5,050,775
Average shares 13,229,225
outstanding
Per Share Data:
Net income (loss)
per share - basic $ 0.21 $ 0.19 $ (0.02 ) $ 0.38
and diluted
Catastrophe and
storm losses $ (0.81 ) $ 0.02 $ - $ (0.79 )
(after tax)
Dividends per $ 0.18
share
Other Information
of Interest:
Net written $ 97,034,608 $ 19,442,851 $ - $ 116,477,459
premiums
Catastrophe and $ 16,353,571 $ (321,631 ) $ - $ 16,031,940
storm losses
GAAP Combined
Ratio:
Loss ratio 74.4 % 75.9 % - 74.7 %
Expense ratio 34.9 % 22.9 % - 32.5 %
109.3 % 98.8 % - 107.2 %
Property and
Casualty Parent
Quarter Ended
September 30, Insurance Reinsurance Company Consolidated
2008
Revenues:
Premiums earned $ 78,959,188 $ 17,450,027 $ - $ 96,409,215
Investment 9,174,650 3,017,725 58,817 12,251,192
income, net
Other income 191,161 - - 191,161
88,324,999 20,467,752 58,817 108,851,568
Losses and
expenses:
Losses and
settlement 65,502,605 16,141,656 - 81,644,261
expenses
Dividends to 752,432 - - 752,432
policyholders
Amortization of
deferred policy 16,715,247 3,534,945 - 20,250,192
acquisition
costs
Other
underwriting 7,447,269 596,420 - 8,043,689
expenses
Interest expense 225,000 - - 225,000
Other expenses 113,730 (247,243 ) 362,045 228,532
90,756,283 20,025,778 362,045 111,144,106
Operating income
(loss) before (2,431,284 ) 441,974 (303,228 ) (2,292,538 )
income taxes
Realized
investment (9,516,502 ) (4,580,015 ) - (14,096,517 )
losses
Loss before (11,947,786 ) (4,138,041 ) (303,228 ) (16,389,055 )
income taxes
Income tax
benefit:
Current (2,331,754 ) (533,162 ) (106,130 ) (2,971,046 )
Deferred (2,668,411 ) (1,292,029 ) - (3,960,440 )
(5,000,165 ) (1,825,191 ) (106,130 ) (6,931,486 )
Net loss $ (6,947,621 ) $ (2,312,850 ) $ (197,098 ) $ (9,457,569 )
Average shares 13,413,718
outstanding
Per Share Data:
Net loss per
share - basic $ (0.52 ) $ (0.17 ) $ (0.01 ) $ (0.70 )
and diluted
Catastrophe and
storm losses $ (0.74 ) $ (0.23 ) $ - $ (0.97 )
(after tax)
Dividends per $ 0.18
share
Other
Information of
Interest:
Net written $ 95,377,772 $ 17,942,428 $ - $ 113,320,200
premiums
Catastrophe and $ 15,263,795 $ 4,824,128 $ - $ 20,087,923
storm losses
GAAP Combined
Ratio:
Loss ratio 83.0 % 92.5 % - 84.7 %
Expense ratio 31.5 % 23.7 % - 30.1 %
114.5 % 116.2 % - 114.8 %
Property and
Casualty Parent
Nine Months
Ended Insurance Reinsurance Company Consolidated
September 30,
2009
Revenues:
Premiums $ 230,558,159 $ 54,727,212 $ - $ 285,285,371
earned
Investment 26,334,016 8,905,851 14,796 35,254,663
income, net
Other income 575,449 - - 575,449
257,467,624 63,633,063 14,796 321,115,483
Losses and
expenses:
Losses and
settlement 149,833,196 41,383,914 - 191,217,110
expenses
Dividends to 7,273,968 - - 7,273,968
policyholders
Amortization
of deferred
policy 53,481,715 10,497,307 - 63,979,022
acquisition
costs
Other
underwriting 27,692,001 1,242,785 - 28,934,786
expenses
Interest 675,000 - - 675,000
expense
Other expenses 614,847 335,396 1,030,633 1,980,876
239,570,727 53,459,402 1,030,633 294,060,762
Operating
income (loss) 17,896,897 10,173,661 (1,015,837 ) 27,054,721
before income
taxes
Realized
investment (3,060,164 ) (1,705,669 ) - (4,765,833 )
losses
Income (loss)
before income 14,836,733 8,467,992 (1,015,837 ) 22,288,888
taxes
Income tax
expense
(benefit):
Current 3,986,116 2,868,268 (355,543 ) 6,498,841
Deferred (1,083,083 ) (948,640 ) - (2,031,723 )
2,903,033 1,919,628 (355,543 ) 4,467,118
Net income $ 11,933,700 $ 6,548,364 $ (660,294 ) $ 17,821,770
(loss)
Average shares 13,238,296
outstanding
Per Share
Data:
Net income
(loss) per $ 0.90 $ 0.49 $ (0.04 ) $ 1.35
share - basic
and diluted
Catastrophe
and storm $ (1.41 ) $ (0.11 ) $ - $ (1.52 )
losses (after
tax)
Dividends per $ 0.54
share
Book value per $ 25.41
share
Effective tax 20.0 %
rate
Annualized net
income as a 8.4 %
percent of
beg. SH equity
Other
Information of
Interest:
Net written $ 249,621,066 $ 54,963,725 $ - $ 304,584,791
premiums
Catastrophe
and storm $ 28,707,772 $ 2,237,022 $ - $ 30,944,794
losses
GAAP Combined
Ratio:
Loss ratio 65.0 % 75.6 % - 67.0 %
Expense ratio 38.3 % 21.5 % - 35.1 %
103.3 % 97.1 % - 102.1 %
Property and
Casualty Parent
Nine Months
Ended September Insurance Reinsurance Company Consolidated
30, 2008
Revenues:
Premiums earned $ 236,513,542 $ 51,491,154 $ - $ 288,004,696
Investment 27,112,376 8,940,490 137,913 36,190,779
income, net
Other income 499,059 - - 499,059
264,124,977 60,431,644 137,913 324,694,534
Losses and
expenses:
Losses and
settlement 179,680,545 42,307,401 - 221,987,946
expenses
Dividends to 3,028,440 - - 3,028,440
policyholders
Amortization of
deferred policy 53,993,008 10,662,451 - 64,655,459
acquisition
costs
Other
underwriting 23,447,432 1,726,158 - 25,173,590
expenses
Interest 664,375 - - 664,375
expense
Other expenses 412,606 46,960 996,982 1,456,548
261,226,406 54,742,970 996,982 316,966,358
Operating
income (loss) 2,898,571 5,688,674 (859,069 ) 7,728,176
before income
taxes
Realized
investment (11,283,993 ) (5,353,531 ) - (16,637,524 )
losses
Income (loss)
before income (8,385,422 ) 335,143 (859,069 ) (8,909,348 )
taxes
Income tax
expense
(benefit):
Current (3,016,027 ) 1,426,153 (300,674 ) (1,890,548 )
Deferred (2,402,894 ) (2,436,993 ) - (4,839,887 )
(5,418,921 ) (1,010,840 ) (300,674 ) (6,730,435 )
Net income $ (2,966,501 ) $ 1,345,983 $ (558,395 ) $ (2,178,913 )
(loss)
Average shares 13,615,224
outstanding
Per Share Data:
Net income
(loss) per $ (0.22 ) $ 0.10 $ (0.04 ) $ (0.16 )
share - basic
and diluted
Catastrophe and
storm losses $ (2.10 ) $ (0.31 ) $ - $ (2.41 )
(after tax)
Dividends per $ 0.54
share
Book value per $ 22.72
share
Effective tax (75.5 )%
rate
Annualized net
income as a (0.9 )%
percent of beg.
SH equity
Other
Information of
Interest:
Net written $ 249,674,985 $ 51,490,156 $ - $ 301,165,141
premiums
Catastrophe and $ 43,969,905 $ 6,456,438 $ - $ 50,426,343
storm losses
GAAP Combined
Ratio:
Loss ratio 76.0 % 82.2 % - 77.1 %
Expense ratio 34.0 % 24.0 % - 32.2 %
110.0 % 106.2 % - 109.3 %
CONSOLIDATED BALANCE SHEETS - UNAUDITED
September 30, December 31,
2009 2008
ASSETS
Investments:
Fixed maturities:
Securities held-to-maturity, at amortized
cost
(fair value $510,831 and $572,852) $ 456,488 $ 534,759
Securities available-for-sale, at fair value
(amortized cost $804,643,392 and 843,823,571 812,868,835
$821,306,951)
Fixed maturity securities on loan:
Securities available-for-sale, at fair value
(amortized cost $38,063,415 and $8,923,745) 39,113,081 8,950,052
Equity securities available-for-sale, at
fair value
(cost $72,907,988 and $75,025,666) 101,720,813 88,372,207
Other long-term investments, at cost 52,832 66,974
Short-term investments, at cost 50,701,465 54,373,082
Total investments 1,035,868,250 965,165,909
Balances resulting from related party
transactions with
Employers Mutual:
Reinsurance receivables 32,515,247 36,355,047
Prepaid reinsurance premiums 5,298,918 4,157,055
Deferred policy acquisition costs 39,760,110 34,629,429
Other assets 10,562,938 2,534,076
Indebtedness of related party 14,627,875 -
Cash 314,910 182,538
Accrued investment income 11,059,408 12,108,129
Deferred policy acquisition costs 1,192 -
Accounts receivable 1,191,585 23,041
Income taxes recoverable 3,613,762 11,859,539
Deferred income taxes 9,745,460 30,819,592
Goodwill 941,586 941,586
Securities lending collateral 40,515,470 9,322,863
Total assets $ 1,206,016,711 $ 1,108,098,804
LIABILITIES
Balances resulting from related party
transactions with
Employers Mutual:
Losses and settlement expenses $ 566,343,681 $ 573,031,853
Unearned premiums 174,333,965 154,446,205
Other policyholders' funds 7,434,158 6,418,870
Surplus notes payable 25,000,000 25,000,000
Indebtedness to related party - 20,667,196
Employee retirement plans 21,728,331 19,331,007
Other liabilities 35,283,363 16,964,452
Losses and settlement expenses 1,088,903 -
Unearned premiums 6,165 -
Securities lending obligation 40,515,470 9,322,863
Total liabilities 871,734,036 825,182,446
STOCKHOLDERS' EQUITY
Common stock, $1 par value, authorized
20,000,000
shares; issued and outstanding, 13,154,787
shares in 2009 and 13,267,668 shares in 2008 13,154,787 13,267,668
Additional paid-in capital 93,532,583 95,639,349
Accumulated other comprehensive income 32,337,263 (9,930,112 )
(loss)
Retained earnings 195,258,042 183,939,453
Total stockholders' equity 334,282,675 282,916,358
Total liabilities and stockholders' equity $ 1,206,016,711 $ 1,108,098,804
The Company had total cash and invested assets with a carrying value of $1.0 billion and $965.3 million as of September 30, 2009 and December 31, 2008, respectively. The following table summarizes the Company's cash and invested assets as of the dates indicated:
September 30, 2009
Percent of
Amortized Fair Total Carrying
($ in thousands) Cost Value Fair Value Value
Fixed maturity securities $ 457 $ 511 0.1 % $ 457
held-to-maturity
Fixed maturity securities 842,707 882,937 85.2 % 882,937
available-for-sale
Equity securities 72,908 101,721 9.8 % 101,721
available-for-sale
Cash 315 315 - 315
Short-term investments 50,701 50,701 4.9 % 50,701
Other long-term investments 52 52 - 52
$ 967,140 $ 1,036,237 100.0 % $ 1,036,183
December 31, 2008
Percent of
Amortized Fair Total Carrying
($ in thousands) Cost Value Fair Value Value
Fixed maturity securities $ 535 $ 573 0.1 % $ 535
held-to-maturity
Fixed maturity securities 830,231 821,819 85.1 % 821,819
available-for-sale
Equity securities 75,026 88,372 9.2 % 88,372
available-for-sale
Cash 182 182 - 182
Short-term investments 54,373 54,373 5.6 % 54,373
Other long-term investments 67 67 - 67
$ 960,414 $ 965,386 100.0 % $ 965,348
NET WRITTEN PREMIUMS
Three Months Ended Nine Months ended
September 30, 2009 September 30, 2009
Percent of Percent of
Increase/ Increase/
Percent of (Decrease) in Percent of (Decrease) in
Net Written Net Written Net Written Net Written
Premiums Premiums Premiums Premiums
Property and
Casualty Insurance
Commercial Lines:
Automobile 15.8 % (2.9 ) % 16.9 % (3.8 ) %
Liability 15.5 % (5.1 ) % 16.4 % (6.8 ) %
Property 17.6 % 5.3 % 16.8 % 4.5 %
Workers' 21.4 % 3.2 % 18.1 % 1.9 %
Compensation
Other 2.1 % (7.8 ) % 2.2 % (3.1 ) %
Total Commercial 72.4 % 0.1 % 70.4 % (1.3 ) %
Lines
Personal Lines:
Automobile 6.2 % 27.4 % 6.6 % 16.6 %
Property 4.6 % 0.6 % 4.7 % (1.0 ) %
Liability 0.1 % (3.3 ) % 0.2 % (6.0 ) %
Total Personal 10.9 % 14.2 % 11.5 % 8.3 %
Lines
Total Property and 83.3 % 1.7 % 81.9 % - %
Casualty Insurance
Reinsurance 16.7 % 8.4 % 18.1 % 6.7 %
Total 100.0 % 2.8 % 100.0 % 1.1 %
Source: EMC Insurance Group Inc.
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