MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED               EXHIBIT 13(d)
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STOCKHOLDER MATTERS.
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     The Company's common stock trades on the NASDAQ National Market tier of
the NASDAQ Stock Market under the symbol EMCI.

     The following table shows the high and low sales prices, as reported by
Nasdaq, and the dividends paid for each quarter within the two most recent
years.

                            1999                          1998
                 ----------------------------  ----------------------------

                   High      Low    Dividends    High      Low    Dividends
                 -------  -------   ---------  -------  -------   ---------

1st Quarter      $12 7/8  $10 5/8    $ .15     $14 1/2  $12 1/4    $ .15
2nd Quarter       12 3/4    9 1/4      .15      15 7/8   13 1/4      .15
3rd Quarter       13 3/8    9 5/8      .15      15       11 3/4      .15
4th Quarter       10 1/2    9          .15      13 1/4    9          .15
At December 31     9 1/8                        12 3/4

     On March 2, 2000, there were approximately 1,274 registered stockholders
of the Company's common stock.

     There are certain regulatory restrictions relating to the payment of
dividends by the Company's insurance subsidiaries (see note 6 of Notes to
Consolidated Financial Statements under Item 8 of this Form 10-K).  It is the
present intention of the Company's Board of Directors to declare quarterly cash
dividends, but the amount and timing thereof, if any, is to be determined by
the Board of Directors at its discretion.

     A dividend reinvestment and common stock purchase plan provides
stockholders with the option of receiving additional shares of common stock
instead of cash dividends.  Participants may also purchase additional shares of
common stock without incurring broker commissions by making optional cash
contributions to the plan and may sell shares of common stock through the plan.
See note 13 of Notes to Consolidated Financial Statements under Item 8 of this
Form 10-K.  During the second quarter of 1999, Employers Mutual elected to
increase its participation in the Company's dividend reinvestment plan.  As a
result, Employers Mutual is now reinvesting 100 percent of its dividends in
additional shares of the Company's common stock.  Prior to the second quarter
of 1999, Employers Mutual was reinvesting 50 percent of its dividends in
additional shares of the Company's common stock.