EMC Insurance (EMCI) 8-K Emc Insurance Group Inc. Reports

EXHIBIT 99

EMC INSURANCE GROUP INC. REPORTS

2008 THIRD QUARTER RESULTS

Third Quarter 2008

Net Operating Loss Per Share – $0.02

Net Loss Per Share – $0.70

Catastrophe and Storm Losses Per Share – $0.96

GAAP Combined Ratio – 114.8%

Annual Operating Income Guidance Per Share – $0.65 to $0.95

DES MOINES, Iowa (October 24, 2008) - EMC Insurance Group Inc. (Nasdaq/NGS:EMCI) today reported that record storm losses during the third quarter of 2008 resulted in an operating loss of $295,000 ($0.02 per share) for the quarter.  This compares to third quarter operating income of $6,911,000 ($0.50 per share) reported in the third quarter of 20071.  For the first nine months of 2008, operating income was $8,635,000 ($0.63 per share), compared to $34,619,000 ($2.52 per share) in 2007.

Net loss for the third quarter of 2008, including realized investment gains/losses, totaled $9,458,000 ($0.70 per share) compared to net income of $6,728,000 ($0.49 per share) for the third quarter of 2007.  For the first nine months of 2008, net loss was $2,179,000 ($0.16 per share), compared to net income of $35,420,000 ($2.57 per share) in 2007.

“Midwest storm losses continued to be the driving force behind our third quarter results,” stated President and CEO Bruce G. Kelley. “As they have all year, storms continued to ravage our underwriting territories especially Hurricane Ike, which clipped both our direct and assumed reinsurance results.As the massive hurricane advanced away from the coast, it merged with a cold front traveling across the Midwest and generated a significant amount of wind damage in Ohio and Kentucky. Total losses associated with Hurricane Ike were $5.4 million or $0.27 per share after tax, which is consistent with our estimates released on September 25, 2008.”

“An earlier storm, Hurricane Gustav, also affected third quarter earnings,” continued Kelley. “Hurricane Gustav losses totaled $3.1 million or $0.15 per share after tax. Storm losses for the quarter totaled $19.8 million or $0.96 per share after tax.”

For the first nine months of 2008, catastrophe and storm losses totaled $49,071,000 ($2.34 per share) compared to $19,474,000 ($0.92 per share) in 2007, and the combined ratio was 109.3 percent compared to 94.9 percent in 2007.  Assuming normal storm activity for the remainder of the year, management is currently projecting that catastrophe and storm losses will approximate 14.2 percent of earned premiums in 2008, compared to an average of 5.4 percent of earned premiums during the period 1998 through 2007.

“It is important to note,” continued Kelley, “that our underlying book of business remains sound and is performing as expected.  We are well capitalized and have the resources to handle this unprecedented level of storm activity.”

Premiums earned decreased 0.4 percent to $96,409,000 for the third quarter of 2008 from $96,815,000 for the same period in 2007.  For the first nine months of 2008, premiums earned declined 1.0 percent to $288,005,000 from $290,820,000 in 2007.  Premium income was down 1.9 percent in the property and casualty insurance segment during the third quarter of 2008 as new business premium was not sufficient to offset the premium lost from declining premium rates and business not renewed. Premium income for the reinsurance segment was up 6.6 percent; however, management expects premiums for the reinsurance segment to decline slightly for calendar year 2008 as compared to 2007.

Investment income was flat at $12,251,000 for the third quarter of 2008 compared to $12,252,000 for the same period in 2007.  For the first nine months of 2008, investment income increased 0.8 percent to $36,191,000 from $35,895,000 in 2007.

“Our overall revenues were stable as competition for premium dollars continued,” commented Kelley. “Total revenues declined 0.3 percent for the quarter ended September 30, 2008 as compared to the same period in 2007. Year to date, revenues declined 0.7 percent compared to 2007.”

The Company experienced $4,239,000 ($0.21 per share after tax) of favorable development on prior years’ reserves in the third quarter of 2008, compared to $7,502,000 ($0.35 per share after tax) in the third quarter of 2007.  For the first nine months of 2008, favorable development totaled $30,181,000 ($1.44 per share after tax), compared to $39,004,000 ($1.84 per share after tax) for the same period in 2007.

“Lack of earnings and poor investment returns combined to lower our book value,” stated Kelley.  “As we reported in an earlier press release, the Company recorded an “other-than-temporary” investment impairment loss in the third quarter of 2008 on its investments in the perpetual preferred stock issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) as a result of the U.S. government placing these companies under conservatorship.  The actual impairment of these preferred shares was $14,904,000 or $0.72 per share after tax.”

At September 30, 2008, consolidated assets totaled $1.1 billion, including $956.8 million in the investment portfolio; stockholders’ equity was $303.4 million; and the net book value of the Company’s stock was $22.72 per share, a decrease of 13.1 percent from $26.15 per share at December 31, 2007.

On September 25, 2008, the Company lowered its annual operating income guidance to a range of $0.65 per share to $0.95 per share. Management affirms that guidance.

On March 10, 2008, the Company’s Board of Directors authorized a $15 million stock repurchase program.  This program became effective immediately and does not have an expiration date.  The timing and terms of the purchases are determined by management based on market conditions and are conducted in accordance with the applicable rules of the SEC.  Common stock purchased under this program is being retired by the Company.  As of September 30, 2008, 475,458 shares of stock had been repurchased at a cost of approximately $12.3 million.  Additional repurchases have been made during October, bringing the total, as of October 20, 2008, to 508,488 shares at a cost of approximately $13.1 million.  The Company’s parent organization, Employers Mutual Casualty Company, has a stock purchase program in effect as well with about $4.5 million of its $15 million authorization remaining.  This program will remain dormant while the Company’s repurchase program is active.

The Company will host an earnings call in conjunction with today’s release. The teleconference will begin at 11:00 a.m. eastern daylight time, October 24, 2008, to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the Company’s quarterly results, as well as its expectations for the remainder of 2008. Dial-in information for the call is toll-free 1-877-407-8031 (International: 201-689-8031). The event will be archived and available for digital replay through November 7, 2008. The replay access information is toll-free 1-877-660-6853 (International: 201-612-7415); passcodes (both required for playback) are account no. 286; conference ID no. 300010. A webcast of the teleconference will be presented by PrecisionIR and can be accessed at http://www.investorcalendar.com or from the Company’s investor relations page at www.emcinsurance.com. The archived webcast will be available until January 24, 2008. 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 our industry, interest rates or the performance of financial markets and the general economy; rating agency actions 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.

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. Therefore, we have provided a reconciliation of this non-GAAP financial measure to the U.S. GAAP financial measure of net income in the Consolidated Statements of Income schedule contained in this release. Management also uses non-GAAP financial measures for goal setting, determining employee and senior management awards and compensation, and evaluating performance.

CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

	Property and
	Casualty						Parent
Quarter Ended September 30, 2008	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	78,959,188		$	17,450,027		$	-		$	96,409,215
Investment income, net		9,174,650			3,017,725			58,817			12,251,192
Other income		191,161			-			-			191,161
		88,324,999			20,467,752			58,817			108,851,568
Losses and expenses:
Losses and settlement expenses		65,502,605			16,141,656			-			81,644,261
Dividends to policyholders		752,432			-			-			752,432
Amortization of deferred policy acquisition costs		16,715,247			3,534,945			-			20,250,192
Other underwriting expenses		7,447,269			596,420			-			8,043,689
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 income taxes		(2,431,284	)		441,974			(303,228	)		(2,292,538	)
Realized investment losses		(9,516,502	)		(4,580,015	)		-			(14,096,517	)
Loss before income taxes		(11,947,786	)		(4,138,041	)		(303,228	)		(16,389,055	)
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 outstanding											13,413,718
Per Share Data:
Net loss per share - basic and diluted	$	(0.52	)	$	(0.17	)	$	(0.01	)	$	(0.70	)
(Increase) decrease in provision for insured events of prior years (after tax)	$	(0.01	)	$	0.22		$	-		$	0.21
Catastrophe and storm losses (after tax)	$	(0.73	)	$	(0.23	)	$	-		$	(0.96	)
Dividends per share										$	0.18
Other Information of Interest:
Net Written Premiums	$	95,377,772		$	17,942,428		$	-		$	113,320,200
Increase (decrease) in provision for insured events of prior years	$	228,987		$	(4,468,010	)	$	-		$	(4,239,023	)
Catastrophe and storm losses	$	14,998,906		$	4,824,128		$	-		$	19,823,034
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
Quarter Ended September 30, 2007	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	80,451,433		$	16,363,233		$	-		$	96,814,666
Investment income, net		9,056,171			3,142,939			53,324			12,252,434
Other income		111,646			-			-			111,646
		89,619,250			19,506,172			53,324			109,178,746
Losses and expenses:
Losses and settlement expenses		52,198,985			12,336,487			-			64,535,472
Dividends to policyholders		2,443,572			-			-			2,443,572
Amortization of deferred policy acquisition costs		17,494,753			3,454,065			-			20,948,818
Other underwriting expenses		10,283,831			899,528			-			11,183,359
Interest expense		193,125			84,975			-			278,100
Other expenses		168,647			305,399			246,312			720,358
		82,782,913			17,080,454			246,312			100,109,679
Operating income (loss) before income taxes		6,836,337			2,425,718			(192,988	)		9,069,067
Realized investment losses		(136,583	)		(144,609	)		-			(281,192	)
Income (loss) before income taxes		6,699,754			2,281,109			(192,988	)		8,787,875
Income tax expense (benefit):
Current		1,485,673			573,706			(67,546	)		1,991,833
Deferred		172,496			(104,491	)		-			68,005
		1,658,169			469,215			(67,546	)		2,059,838
Net income (loss)	$	5,041,585		$	1,811,894		$	(125,442	)	$	6,728,037
Average shares outstanding											13,764,763
Per Share Data:
Net income (loss) per share - basic and diluted	$	0.37		$	0.13		$	(0.01	)	$	0.49
Decrease in provision for insured events of prior years (after tax)	$	0.30		$	0.05		$	-		$	0.35
Catastrophe and storm losses (after tax)	$	(0.31	)	$	(0.03	)	$	-		$	(0.34	)
Dividends per share										$	0.17
Other Information of Interest:
Net Written Premiums	$	94,319,209		$	16,937,515		$	-		$	111,256,724
Decrease in provision for insured events of prior years	$	(6,307,280	)	$	(1,195,050	)	$	-		$	(7,502,330	)
Catastrophe and storm losses	$	6,634,984		$	578,028		$	-		$	7,213,012
GAAP Combined Ratio:
Loss ratio		64.9	%		75.4	%		-			66.7	%
Expense ratio		37.5	%		26.6	%		-			35.7	%
		102.4	%		102.0	%		-			102.4	%

	Property and
	Casualty						Parent
Nine Months Ended September 30, 2008	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	236,513,542		$	51,491,154		$	-		$	288,004,696
Investment income, net		27,112,376			8,940,490			137,913			36,190,779
Other income		499,059			-			-			499,059
		264,124,977			60,431,644			137,913			324,694,534
Losses and expenses:
Losses and settlement expenses		179,680,545			42,307,401			-			221,987,946
Dividends to policyholders		3,028,440			-			-			3,028,440
Amortization of deferred policy acquisition costs		53,993,008			10,662,451			-			64,655,459
Other underwriting expenses		23,447,432			1,726,158			-			25,173,590
Interest expense		664,375			-			-			664,375
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) before income taxes		2,898,571			5,688,674			(859,069	)		7,728,176
Realized investment losses		(11,283,993	)		(5,353,531	)		-			(16,637,524	)
Income (loss) before income taxes		(8,385,422	)		335,143			(859,069	)		(8,909,348	)
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 (loss)	$	(2,966,501	)	$	1,345,983		$	(558,395	)	$	(2,178,913	)
Average shares outstanding											13,615,224
Per Share Data:
Net income (loss) per share – basic and diluted	$	(0.22	)	$	0.10		$	(0.04	)	$	(0.16	)
Decrease in provision for insured events of prior years (after tax)	$	0.93		$	0.51		$	-		$	1.44
Catastrophe and storm losses (after tax)	$	(2.03	)	$	(0.31	)	$	-		$	(2.34	)
Dividends per share										$	0.54
Book value per share										$	22.72
Effective tax rate											(75.5	)%
Annualized net loss as a percent of beg. SH equity											(0.9	)%
Other Information of Interest:
Net Written Premiums	$	249,674,985		$	51,490,156		$	-		$	301,165,141
Decrease in provision for insured events of prior years	$	(19,480,355	)	$	(10,700,503	)	$	-		$	(30,180,858	)
Catastrophe and storm losses	$	42,614,357		$	6,456,438		$	-		$	49,070,795
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	%

	Property and
	Casualty						Parent
Nine Months Ended September 30, 2007	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	239,458,912		$	51,360,823		$	-		$	290,819,735
Investment income, net		26,617,782			9,090,610			186,582			35,894,974
Other income		382,547			-			-			382,547
		266,459,241			60,451,433			186,582			327,097,256
Losses and expenses:
Losses and settlement expenses		139,932,347			34,493,197			-			174,425,544
Dividends to policyholders		6,180,287			-			-			6,180,287
Amortization of deferred policy acquisition costs		55,125,324			10,095,122			-			65,220,446
Other underwriting expenses		28,266,278			1,897,892			-			30,164,170
Interest expense		579,375			254,925			-			834,300
Other expenses		641,873			481,199			730,338			1,853,410
		230,725,484			47,222,335			730,338			278,678,157
Operating income (loss) before income taxes		35,733,757			13,229,098			(543,756	)		48,419,099
Realized investment gains		1,189,693			42,406			-			1,232,099
Income (loss) before income taxes		36,923,450			13,271,504			(543,756	)		49,651,198
Income tax expense (benefit):
Current		11,397,574			4,021,905			(190,315	)		15,229,164
Deferred		(567,055	)		(430,776	)		-			(997,831	)
		10,830,519			3,591,129			(190,315	)		14,231,333
Net income (loss)	$	26,092,931		$	9,680,375		$	(353,441	)	$	35,419,865
Average shares outstanding											13,759,465
Per Share Data:
Net income (loss) per share - basic and diluted	$	1.90		$	0.70		$	(0.03	)	$	2.57
Decrease in provision for insured events of prior years (after tax)	$	1.50		$	0.34		$	-		$	1.84
Catastrophe and storm losses (after tax)	$	(0.87	)	$	(0.05	)	$	-		$	(0.92	)
Dividends per share										$	0.51
Book value per share										$	25.14
Effective tax rate											28.7	%
Annualized net income as a percent of beg. SH equity											15.3	%
Other Information of Interest:
Net Written Premiums	$	253,260,789		$	51,310,636		$	-		$	304,571,425
Decrease in provision for insured events of prior years	$	(31,817,037	)	$	(7,186,640	)	$	-		$	(39,003,677	)
Catastrophe and storm losses	$	18,486,880		$	987,162		$	-		$	19,474,042
GAAP Combined Ratio:
Loss ratio		58.4	%		67.2	%		-			60.0	%
Expense ratio		37.4	%		23.3	%		-			34.9	%
		95.8	%		90.5	%		-			94.9	%

CONSOLIDATED BALANCE SHEETS  - UNAUDITED
	September 30,		December 31,
	2008		2007
ASSETS
Investments:
Fixed maturities:
Securities held-to-maturity, at amortized cost (fair value $667,640 and $688,728)	$	613,036	$	636,969
Securities available-for-sale, at fair value (amortized cost $802,768,974 and $766,462,351)		785,615,615		785,253,286
Fixed maturity securities on loan:
Securities available-for-sale, at fair value (amortized cost $1,044,805 and $58,865,232)		937,957		58,994,666
Equity securities available-for-sale, at fair value (cost $83,457,209 and $97,847,545)		105,931,049		139,427,726
Other long-term investments, at cost		75,727		101,988
Short-term investments, at cost		63,600,655		53,295,310
Total investments		956,774,039		1,037,709,945
Balances resulting from related party transactions with Employers Mutual:
Reinsurance receivables		37,440,114		33,272,405
Prepaid reinsurance premiums		4,793,915		4,465,836
Deferred policy acquisition costs		37,979,430		34,687,804
Defined benefit retirement plan, prepaid asset		10,525,477		11,451,758
Other assets		3,834,031		2,488,309
Indebtedness of related party		11,403,530		-
Cash		428,764		262,963
Accrued investment income		11,282,159		11,288,005
Accounts receivable		146,024		81,141
Income taxes recoverable		5,701,683		3,595,645
Deferred income taxes		26,128,999		1,682,597
Goodwill		941,586		941,586
Securities lending collateral		999,786		60,785,148
Total assets	$	1,108,379,537	$	1,202,713,142

	September 30,		December 31,
	2008		2007
LIABILITIES
Balances resulting from related party transactions with
Employers Mutual:
Losses and settlement expenses	$	576,131,898	$	551,602,006
Unearned premiums		171,191,039		158,156,683
Other policyholders' funds		4,493,372		8,273,187
Surplus notes payable		25,000,000		25,000,000
Indebtedness to related party		-		5,918,396
Employee retirement plans		11,694,384		10,518,351
Other liabilities		15,465,590		22,107,379
Securities lending obligation		999,786		60,785,148
Total liabilities		804,976,069		842,361,150
STOCKHOLDERS' EQUITY
Common stock, $1 par value, authorized 20,000,000 shares; issued and outstanding, 13,354,329 shares in 2008 and 13,777,880 shares in 2007		13,354,329		13,777,880
Additional paid-in capital		97,418,888		108,030,228
Accumulated other comprehensive income		6,773,412		42,961,904
Retained earnings		185,856,839		195,581,980
Total stockholders' equity		303,403,468		360,351,992
Total liabilities and stockholders' equity	$	1,108,379,537	$	1,202,713,142

The Company had total cash and invested assets with a carrying value of $957.2 million as of September 30, 2008 and $1.0 billion December 31, 2007. The following table summarizes the Company's cash and invested assets as of the dates indicated:
	September 30, 2008
					Percent of
	Amortized		Fair		Total			Carrying
($ in thousands)	Cost		Value		Fair Value			Value
Fixed maturity securities held-to-maturity	$	613	$	667		0.1	%	$	613
Fixed maturity securities available-for-sale		803,814		786,554		82.2	%		786,554
Equity securities available-for-sale		83,457		105,931		11.1	%		105,931
Cash		429		429		-			429
Short-term investments		63,600		63,600		6.6	%		63,600
Other long-term investments		76		76		-			76
	$	951,989	$	957,257		100.0	%	$	957,203
	December 31, 2007
					Percent of
	Amortized		Fair		Total			Carrying
($ in thousands)	Cost		Value		Fair Value			Value
Fixed maturity securities held-to-maturity	$	637	$	689		0.1	%	$	637
Fixed maturity securities available-for-sale		825,328		844,248		81.4	%		844,248
Equity securities available-for-sale		97,847		139,428		13.4	%		139,428
Cash		263		263		-			263
Short-term investments		53,295		53,295		5.1	%		53,295
Other long-term investments		102		102		-			102
	$	977,472	$	1,038,025		100.0	%	$	1,037,973

The amortized cost and estimated fair value of securities held-to-maturity and available-for-sale as of September 30, 2008 are as follows:
	Held-to-Maturity
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
($ in thousands)	Cost		Gains		Losses		Fair Value
Mortgage-backed securities	$	613	$	54	$	-	$	667
Total securities held-to-maturity	$	613	$	54	$	-	$	667
	Available-for-Sale
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
($ in thousands)	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	4,729	$	333	$	-	$	5,062
U.S. government-sponsored agencies		297,334		1,388		1,929		296,793
Obligations of states and political subdivisions		303,236		3,894		12,324		294,806
Mortgage-backed securities		51,348		158		2,111		49,395
Public utility securities		6,002		80		-		6,082
Debt securities issued by foreign governments		6,641		15		63		6,593
Corporate securities		134,524		960		7,661		127,823
Total fixed maturity securities		803,814		6,828		24,088		786,554
Common stocks		72,861		28,883		3,822		97,922
Non-redeemable preferred stocks		10,596		-		2,587		8,009
Total equity securities		83,457		28,883		6,409		105,931
Total securities available-for-sale	$	887,271	$	35,711	$	30,497	$	892,485

NET WRITTEN PREMIUMS
	Three Months Ended						Nine Months Ended
	September 30, 2008						September 30, 2008
				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		16.7	%		(0.3	) %		17.8	%		(4.3	) %
Liability		16.8	%		(2.6	) %		17.9	%		(4.9	) %
Property		17.2	%		(0.3	) %		16.3	%		(0.3	) %
Workers' Compensation		21.3	%		8.4	%		17.9	%		4.9	%
Other		2.3	%		11.2	%		2.3	%		5.2	%
Total Commercial Lines		74.3	%		1.8	%		72.2	%		(1.1	) %
Personal Lines:
Automobile		5.0	%		(2.1	) %		5.7	%		(2.5	) %
Property		4.7	%		(5.9	) %		4.8	%		(4.0	) %
Liability		0.2	%		(3.3	) %		0.2	%		(5.4	) %
Total Personal Lines		9.9	%		(4.0	) %		10.7	%		(3.2	) %
Total Property and Casualty Insurance		84.2	%		1.1	%		82.9	%		(1.4	) %
Reinsurance		15.8	%		5.9	%		17.1	%		0.3	%
Total		100.0	%		1.9	%		100.0	%		(1.1	) %