Record storm losses in Midwest makes EMC Insurance Group revise guidance

Jul 04, 2008 (M2 EQUITYBITES via COMTEX) -- EMCI | Quote | Chart | News | PowerRating -- EMC Insurance Group Inc (Nasdaq:EMCI), a provider of property and casualty insurance and reinsurance products, reported yesterday (3 July) that,during the second financial quarter Midwest storm losses were a record high, resulting in the revision of its 2008 operating income guidance.

The company said that operating income had been revised to a range of USD1.20 to USD1.45 per share from the previous USD2.10 to USD2.35 range per share. Catastrophe and storms losses for calendar year 2008 are estimated to be about 11.0% of earned premiums, compared to the previous assumption of 6.9% of earned premiums, assuming storm activity at normal levels for the remainder of 2008.

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