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): September 19, 2003
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EMC INSURANCE GROUP INC.
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(Exact name of registrant as specified in its charter)
Iowa 0-10956 42-623455
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
717 Mulberry Street, Des Moines, Iowa 50309
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(Address of principal executive office) (Zip Code)
(515) 280-2902
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(Registrant's telephone number, including area code)
Item 9. Regulation FD Disclosure
On September 19, 2003, EMC Insurance Group Inc. issued the following
press release:
EMC INSURANCE GROUP INC. REPORTS
2003 THIRD QUARTER RESERVE
STRENGTHENING
DES MOINES, Iowa (September 19, 2003) - EMC Insurance Group Inc.
(Nasdaq/NM:EMCI) today announced that it will strengthen its bulk loss and
settlement expense reserves by approximately $4,600,000 in the third quarter
of 2003. This increase in reserves will reduce third quarter earnings by
approximately $3,000,000 ($0.26 per share) on an after tax basis.
This reserve strengthening is being implemented in response to a
recently completed actuarial evaluation of the Company's carried reserves for
the property and casualty insurance segment. Based on the results of this
review, it was decided that the Company's carried reserves should be
increased moderately in light of an upward trend in projected ultimate
losses. It should be noted that actuarial evaluations of the Company's
carried reserves are performed on a regularly-scheduled basis. The Company's
standard practice is to adjust its carried reserves as necessary in response
to these evaluations in an effort to maintain a consistent level of reserve
adequacy. The adjustment in reserves being implemented in the third quarter
of 2003 represents an increase of only 1.3 percent of the total loss and
settlement expense reserves carried at June 30, 2003.
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. 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 expectations and actual results of
the Company may differ materially from such expectations. 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; state and federal legislation and
regulations; rate competition; changes in interest rates and the performance
of financial markets; the adequacy of loss and settlement expense reserves,
including asbestos and environmental claims; rate agency actions and other
risks and uncertainties inherent to the Company's business.
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.
EMC INSURANCE GROUP INC.
Registrant
/s/ Bruce G. Kelley
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Bruce G. Kelley
President & Chief Executive Officer
/s/ Mark E. Reese
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Mark E. Reese,
Vice President & Chief Financial Officer
September 19, 2003