Des Moines, Iowa-based insurer EMC Insurance Group Inc. announced a proposed 6.5 percentage point increase in its property/casualty insurance companies’ aggregate participation interest in the EMC Insurance Cos.’ pooling agreement effective Jan. 1, 2005.
As a result of this change, the company’s aggregate participation interest in the pooling agreement would increase from the current 23.5 percent to 30.0 percent, and Employers Mutual Casualty Co.’s participation interest would decline from the current 65.5 percent to 59.0 percent. This increase in the company’s aggregate participation interest is subject to the approval of the Iowa Insurance Division and the successful completion of the stock offering announced on July 16, 2004.
In addition, the company has received notification from Employers Mutual Casualty Co. that it will withdraw from participation in the company’s dividend reinvestment and common stock purchase plan during the third quarter of 2004 and will likely not participate in the plan during the fourth quarter of 2004.
EMC Insurance Group Inc., the publicly-held insurance holding company of EMC Insurance Companies, owns subsidiaries with operations in property/casualty insurance and reinsurance. EMC Insurance Cos. is one of the largest property/casualty entities in Iowa and among the top 60 insurance entities nationwide.
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