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EMC Insurance Group 8-K 2010 UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): January 28,
2010
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
On
February 3, 2010, EMC Insurance Group Inc. (the “Company”) issued a press
release announcing that the terms of the quota share reinsurance agreement
between the Company’s reinsurance subsidiary, EMC Reinsurance Company, and
Employers Mutual Casualty Company (Employers Mutual), the Company’s parent
organization, have been revised for 2010. Effective January 1, 2010, the
reinsurance subsidiary’s retention, or cap, on losses assumed per event
increased from $2.0 million to $3.0 million. This change is a result
of management’s efforts to ensure that the terms of the agreement are fair and
equitable to both parties. This revision was approved at a joint meeting of the
Inter-Company Committees of the boards of directors of the Company and Employers
Mutual on January 28, 2010. The agreement is filed as Exhibit
10.1.2. The press release is furnished as Exhibit 99.
On
February 3, 2010, the Company issued a press release announcing management is
increasing its 2009 operating income1
guidance from the previous range of $1.80 to $2.05 per share, to a revised range
of $2.50 to $2.60 per share. The revised range is based on a projected GAAP
combined ratio of 100.2 percent. Additional financial information
will be available when management reports fourth quarter and year-end financial
results on February 25, 2010. For 2010, management is projecting
operating income in a range of $1.90 to $2.15 per share based on a projected
GAAP combined ratio of 103.7 percent. The press release is furnished
as Exhibit 99.
1The
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.
The
information contained in this Current Report under Item 7.01 as well as Exhibit
99, shall not be deemed to be “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the
liabilities of that section, nor shall it be incorporated by reference into a
filing under the Securities Act of 1933, or the Exchange Act, except as shall be
expressly set forth by specific reference in such a filing. SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized on February
3, 2010.
EXHIBIT
INDEX
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