UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1996
----------------------------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number: 0-10956
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EMC INSURANCE GROUP INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Iowa 42-6234555
- ------------------------------- ------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
717 Mulberry Street, Des Moines, Iowa 50309
- --------------------------------------- ------------------
(Address of principal executive office) (Zip Code)
(515) 280-2581
----------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such
filing requirements for the past 90 days. Yes X No
---- ----
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at April 30, 1996
----- -------------------------------
Common stock, $1.00 par value 10,894,035
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Total pages 14
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PART I. FINANCIAL INFORMATION
- ------- ---------------------
Item 1. Financial Statements
- ------- ---------------------
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31, December 31,
1996 1995
------------ ------------
(Unaudited)
ASSETS
Investments:
Fixed maturities:
Securities held-to-maturity, at amortized cost
(market value $193,520,307 and $203,312,748) $186,599,054 $191,440,816
Securities available-for-sale, at market value
(amortized cost $140,123,130 and
$137,099,939) .............................. 143,310,868 142,360,569
Equity securities available-for-sale, at market
value (cost $14,771,422 in 1996 and 1995) .... 17,084,887 16,010,763
Short-term investments, at cost ................ 22,196,970 17,271,798
------------ ------------
Total investments ..................... 369,191,779 367,083,946
Cash ............................................. 1,208,483 1,198,436
Accrued investment income ........................ 5,727,435 5,749,619
Accounts receivable .............................. 577,074 726,181
Deferred policy acquisition costs ................ 8,895,218 8,714,769
Deferred income taxes ............................ 12,347,354 11,921,182
Intangible assets, including goodwill, at cost
less accumulated amortization of $1,842,784
and $1,809,156 ................................. 1,715,036 1,748,664
Reinsurance receivables .......................... 14,507,375 12,916,943
Prepaid reinsurance premiums ..................... 2,070,578 1,805,881
Other assets ..................................... 988,499 1,015,352
------------ ------------
Total assets .......................... $417,228,831 $412,880,973
============ ============
See accompanying Notes to Interim Consolidated Financial Statements.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
March 31, December 31,
1996 1995
------------ ------------
(Unaudited)
LIABILITIES
Losses and settlement expenses ................... $209,421,665 $205,422,109
Unearned premiums ................................ 46,920,779 48,767,147
Other policyholders' funds ....................... 3,568,368 3,593,328
Indebtedness to related party .................... 2,703,197 428,463
Income taxes payable ............................. 2,244,669 2,538,669
Postretirement benefits .......................... 4,603,233 4,489,812
Deferred income .................................. 865,390 940,009
Other liabilities ................................ 7,894,912 9,812,678
------------ ------------
Total liabilities ............................ 278,222,213 275,992,215
------------ ------------
STOCKHOLDERS' EQUITY
Common stock, $1 par value, authorized 20,000,000
shares; issued and outstanding, 10,900,458
shares in 1996 and 10,821,978 shares in 1995 ... 10,900,458 10,821,978
Additional paid-in capital ....................... 60,767,502 59,787,926
Unrealized holding gains on fixed maturity
securities available-for-sale, net of tax ...... 2,103,906 3,472,016
Unrealized holding gains on equity securities
available-for-sale, net of tax ................. 1,526,887 817,965
Retained earnings ................................ 63,904,312 62,089,294
Treasury stock, at cost (14,814 shares in 1996
and 7,585 shares in 1995) ...................... (196,447) (100,421)
------------ ------------
Total stockholders' equity ................... 139,006,618 136,888,758
------------ ------------
Total liabilities and stockholders' equity ... $417,228,831 $412,880,973
============ ============
See accompanying Notes to Interim Consolidated Financial Statements.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three months ended
March 31,
------------------------
1996 1995
----------- -----------
REVENUES:
Premiums earned .................................. $40,480,126 $40,000,170
Investment income, net ........................... 5,768,975 5,847,141
Realized investment gains ........................ 14,141 698
Other income ..................................... 74,619 93,685
----------- -----------
46,337,861 45,941,694
----------- -----------
LOSSES AND EXPENSES:
Losses and settlement expenses ................... 27,860,690 27,736,609
Dividends to policyholders ....................... 877,169 706,417
Amortization of deferred policy acquisition costs 7,572,686 7,696,906
Other underwriting expenses ...................... 5,653,442 4,273,453
----------- -----------
41,963,987 40,413,385
----------- -----------
Income before income taxes ...................... 4,373,874 5,528,309
----------- -----------
INCOME TAXES:
Current .......................................... 1,128,000 1,606,895
Deferred ......................................... (86,591) (78,689)
----------- -----------
1,041,409 1,528,206
----------- -----------
Net income ................................. $ 3,332,465 $ 4,000,103
=========== ===========
Earnings per share ................................. $.31 $.38
=========== ===========
Dividend per share ................................. $.14 $.13
=========== ===========
Average number of shares outstanding ............... 10,838,378 10,594,512
=========== ===========
See accompanying Notes to Interim Consolidated Financial Statements.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
Three months ended
March 31,
--------------------------
1996 1995
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .................................... $ 3,332,465 $ 4,000,103
------------ ------------
Adjustments to reconcile net income to net cash
provided by operating activities:
Losses and settlement expenses ............ 3,999,556 2,955,327
Unearned premiums ......................... (1,846,368) (610,967)
Other policyholders' funds ................ (24,960) 63,024
Deferred policy acquisition costs ......... (180,449) (81,901)
Indebtedness of related party ............. 2,274,734 (1,785,504)
Accrued investment income ................. 22,184 (119,742)
Accrued income taxes:
Current ................................. (294,000) 457,000
Deferred ................................ (86,591) (78,688)
Provision for amortization ................ (10,867) (1,744)
Realized investment gains ................. (14,141) (698)
Postretirement benefits ................... 113,421 81,458
Reinsurance receivables ................... (1,590,432) 567,948
Prepaid reinsurance premiums .............. (264,697) (355,296)
Amortization of deferred income ........... (74,619) (93,685)
Other, net ................................ (1,741,806) (470,100)
------------ ------------
280,965 526,432
------------ ------------
Net cash provided by
operating activities ................ 3,613,430 4,526,535
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed maturity securities
held-to-maturity ............................ (1,995,200) (22,204,536)
Maturities of fixed maturity securities
held-to-maturity ............................ 6,870,986 5,182,886
Purchases of fixed maturity securities
available-for-sale .......................... (8,384,681) (12,369,869)
Maturities of fixed maturity securities
available-for-sale .......................... 5,386,101 25,556,102
Purchases of equity securities
available-for-sale .......................... - (3,387,500)
Net (purchases) sales of short-term investments (4,925,172) 3,163,612
------------ ------------
Net cash used in investing activities ....... (3,047,966) (4,059,305)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock ...................... 1,058,056 731,828
Dividends paid to stockholders ................ (1,517,447) (1,376,850)
Purchase of treasury stock, net ............... (96,026) (79,829)
------------ ------------
Net cash used in financing activities ..... (555,417) (724,851)
------------ ------------
NET INCREASE (DECREASE) IN CASH ................. 10,047 (257,621)
Cash at beginning of year ....................... 1,198,436 1,258,221
------------ ------------
Cash at end of quarter .......................... $ 1,208,483 $ 1,000,600
============ ============
Income taxes paid ............................... $ 1,422,000 $ 810,000
Interest paid ................................... - 896
See accompanying Notes to Interim Consolidated Financial Statements.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Notes to Interim Consolidated Financial Statements
(Unaudited)
March 31, 1996
Note 1
- ------
The results of operations for the interim periods reported are not
necessarily indicative of results to be expected for the year. The
information reflects all adjustments which are, in the opinion of
management, necessary to a fair statement of the results for the interim
periods.
Note 2
- ------
Effective January 1, 1996, the Company adopted Statement of financial
Accounting Standards (SFAS) 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed Of." The adoption of this
statement had no effect on the income of the Company.
Effective January 1, 1996, the Company adopted the disclosure requirement of
SFAS 123, "Accounting for Stock-Based Compensation." Adoption of this
statement had no effect on the income of the Company.
Note 3
- ------
Certain amounts previously reported in prior year consolidated financial
statements have been reclassified to conform to current year presentation.
Note 4
- ------
In reviewing these financial statements, reference should be made to the 1995
Form 10K-405 or the 1995 Annual Report to Shareholders for more detailed
footnote information.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial
- ------- Condition and Results of Operations
(Unaudited)
OVERVIEW
EMC Insurance Group Inc. (the "Company"), an approximately 67 percent
owned subsidiary of Employers Mutual Casualty Company (Employers Mutual), is
an
insurance holding company with operations in property and casualty insurance,
reinsurance, nonstandard risk automobile insurance and an excess and surplus
lines insurance agency. Property and casualty insurance is the most
significant segment, representing 72.9 percent of consolidated premium income.
The three property and casualty insurance subsidiaries of the Company and
two subsidiaries of Employers Mutual are parties to reinsurance pooling
agreements with Employers Mutual (collectively the "pooling agreement").
Under
the terms of the pooling agreement, each company cedes to Employers Mutual all
of its insurance business and assumes from Employers Mutual an amount equal to
its participation in the pool. All losses, settlement expenses and other
underwriting and administrative expenses, excluding the voluntary reinsurance
business assumed by Employers Mutual from unaffiliated insurance companies,
are
prorated among the parties on the basis of participation in the pool. The
aggregate participation of the Company's property and casualty insurance
subsidiaries is 22 percent. Operations of the pool give rise to intercompany
balances with Employers Mutual, which are settled on a quarterly basis. The
investment activities and income tax liabilities of the pool participants are
not subject to the pooling agreement.
The purpose of the pooling agreement is to reduce the risk of an exposure
insured by any of the pool participants by spreading it among all the
companies. The pooling agreement produces a more uniform and stable
underwriting result from year to year for all companies in the pool than might
be experienced individually. In addition, each company benefits from the
capacity of the entire pool, rather than being limited to policy exposures of
a size commensurate with its own assets, and from the wide range of policy
forms, lines of insurance written, rate filings and commission plans offered
by each of the companies. A single set of reinsurance treaties is maintained
for the protection of all six companies in the pool.
The Company's reinsurance subsidiary assumes a 95 percent quota share
portion of Employers Mutual's assumed reinsurance business, exclusive of
certain reinsurance contracts. The reinsurance subsidiary receives 95 percent
of all premiums and assumes 95 percent of all related losses and settlement
expenses of this business. Since 1993, losses in excess of $1,000,000 per
event are retained by Employers Mutual. The reinsurance subsidiary does not
reinsure any of Employers Mutual's direct insurance business, nor any
"involuntary" facility or pool business that Employers Mutual assumes pursuant
to state law. In addition, the reinsurance subsidiary is not liable for
credit risk in connection with the insolvency of any reinsurers of Employers
Mutual.
The Company's nonstandard risk automobile insurance subsidiary
specializes in insuring private passenger automobile risks that are found to
be unacceptable in the standard automobile insurance market.
The excess and surplus lines insurance agency provides access to the
excess and surplus lines markets through independent agents and managing
general agents and represents several major excess and surplus lines
companies, including Lloyd's of London.
The results of operations for the interim periods reported are not
necessarily indicative of results to be expected for the year. The
information reflects all adjustments which are, in the opinion of management,
necessary to a fair statement of the results for the interim periods.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial
- ------- Condition and Results of Operations, Continued
(Unaudited)
CONSOLIDATED RESULTS OF OPERATIONS
Operating results for the three months ended March 31, 1996 and 1995 are as
follows:
($ in thousands) 1996 1995
-------- --------
Premiums earned .......................... $ 40,480 $ 40,000
Losses and settlement expenses ........... 27,861 27,737
Other underwriting expenses .............. 14,103 12,677
-------- --------
Underwriting loss ........................ (1,484) (414)
Net investment income .................... 5,769 5,847
Realized investment gains ................ 14 1
Other income ............................. 75 94
-------- --------
Operating income before income taxes ..... $ 4,374 $ 5,528
======== ========
Losses and settlement expenses:
Insured events of the current year ..... $ 33,289 $ 29,528
Decrease in provision for insured
events of prior years ................ (5,428) (1,791)
-------- --------
Total losses and settlement expenses $ 27,861 $ 27,737
======== ========
Catastrophe and storm losses ............. $ 1,146 $ 417
======== ========
Operating income before income taxes decreased 20.9 percent for the three
months ended March 31, 1996 from the same period in 1995. This decrease is
primarily due to a decline in the operating results of the property and
casualty insurance subsidiaries. Operating results of the reinsurance
subsidiary also declined, while results for the nonstandard risk automobile
insurance subsidiary improved slightly.
Premiums earned increased 1.2 percent for the three months ended March
31, 1996 from the same period in 1995. Production increases in the property
and casualty insurance subsidiaries were partially offset by production
decreases in the reinsurance and nonstandard risk automobile insurance
subsidiaries.
Losses and settlement expenses increased 0.4 percent for the three months
ended March 31, 1996 from the same period in 1995. Current accident year
losses and settlement expenses increased due to a higher incidence of property
losses attributable to the severe winter weather of 1996. The increase in
current accident year losses and settlement expenses was almost completely
offset by a larger decrease in the provision for insured events of prior
years. During 1996, the Company revised its method of allocating the property
and casualty insurance subsidiaries' Incurred But Not Reported (IBNR) loss
reserves between current and prior accident years. Management believes that
the new method of allocating IBNR reserves provides a more accurate
measurement of loss development on a quarterly basis. Prior year amounts have
been restated using the new allocation method for comparative purposes.
Other underwriting expenses increased 11.2 percent for the three months
ended March 31, 1996 from the same period in 1995. This increase reflects
higher commission rates on the growing book of property business written by
the property and casualty insurance subsidiaries and the recognition of
contingent commissions related to the favorable loss experience in 1995 for
the reinsurance subsidiary.
Net investment income decreased 1.3 percent for the three months ended
March 31, 1996 from the same period in 1995. This decrease primarily reflects
a lower average rate of return on bonds and short-term investments.
Realized investment gains increased for the three months ended March 31,
1996 from the same period in 1995. This increase is primarily due to calls
and prepayments on fixed maturity securities.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial
- ------- Condition and Results of Operations, Continued
(Unaudited)
The other income amount represents the amortization of deferred income
related to reserve discounting on the commutation of one of the reinsurance
subsidiary's reinsurance contracts under the quota share agreement in 1993.
SEGMENT RESULTS
Property and Casualty Insurance
Operating results for the three months ended March 31, 1996 and 1995 are as
follows:
($ in thousands) 1996 1995
-------- --------
Premiums earned .......................... $ 29,523 $ 28,427
Losses and settlement expenses ........... 20,466 19,647
Other underwriting expenses .............. 10,242 9,202
-------- --------
Underwriting loss ........................ (1,185) (422)
Net investment income .................... 3,833 3,939
Realized investment gains ................ 9 -
-------- --------
Operating income before income taxes ..... $ 2,657 $ 3,517
======== ========
Losses and settlement expenses:
Insured events of the current year ..... $ 25,185 $ 22,910
Decrease in provision for insured
events of prior years ................ (4,719) (3,263)
-------- --------
Total losses and settlement expenses $ 20,466 $ 19,647
======== ========
Catastrophe and storm losses ............. $ 521 $ 318
======== ========
Premiums earned increased 3.9 percent for the three months ended March
31, 1996 from the same period in 1995. The property and casualty insurance
subsidiaries continue to emphasize property insurance through marketing
programs targeted at commercial insureds. During the first three months of
1996, production increases in direct (controlled) business continued to be
partially offset by decreases in mandatory assigned risk programs. The
decrease in the mandatory assigned risk premiums is looked at favorably as
losses associated with this type of business are generally higher than losses
from direct business. Direct business production for the remainder of 1996 is
not expected to increase significantly as the market conditions that have
limited production over the last several years are not expected to change.
Underwriting loss for the three months ended March 31, 1996 increased
from the same period in 1995. Losses and settlement expenses as a percent of
premiums earned remained fairly constant, while other underwriting expenses
increased as a result of higher commission rates on the growing book of
property business. An increase in current accident year losses and settlement
expenses, which is attributable to the severe winter weather of 1996, was
partially offset by a larger decrease in the provision for insured events of
prior years.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial
- ------- Condition and Results of Operations, Continued
(Unaudited)
Reinsurance
Operating results for the three months ended March 31, 1996 and 1995 are as
follows:
($ in thousands) 1996 1995
-------- --------
Premiums earned ............................ $ 8,679 $ 8,975
Losses and settlement expenses ............. 5,709 5,995
Other underwriting expenses ................ 3,276 2,876
-------- --------
Underwriting (loss) gain ................... (306) 104
Net investment income ...................... 1,537 1,480
Realized investment gains .................. 5 1
Other income ............................... 75 94
-------- --------
Operating income before income taxes ....... $ 1,311 $ 1,679
======== ========
Losses and settlement expenses:
Insured events of the current year ....... $ 5,877 $ 4,555
(Decrease) increase in provision for
insured events of prior years .......... (168) 1,440
-------- --------
Total losses and settlement expenses $ 5,709 $ 5,995
======== ========
Catastrophe losses ......................... $ 625 $ 99
======== ========
Premiums earned decreased 3.3 percent for the three months ended March
31, 1996 from the same period in 1995. This decrease is primarily
attributable to the cancellation of several accounts with poor loss experience
during 1995. The reinsurance subsidiary continues to emphasize profitability
over production. Despite the cancellations in 1995, premium volume for 1996
is expected to remain steady.
Underwriting results for the three months ended March 31, 1996 declined
from the same period in 1995, primarily due to the recognition of contingent
commissions related to the favorable loss experience in 1995. Losses and
settlement expenses as a percent of premiums earned declined in the first
three months of 1996 from the same period in 1995. Although current accident
year losses increased in the first three months of 1996, the company benefited
from a decrease in the provision for insured events of prior years compared to
adverse development experienced in the same period of 1995.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial
- ------- Condition and Results of Operations, Continued
(Unaudited)
Nonstandard Risk Automobile Insurance
Operating results for the three months ended March 31, 1996 and 1995 are as
follows:
($ in thousands) 1996 1995
-------- --------
Premiums earned ............................ $ 2,278 $ 2,598
Losses and settlement expenses ............. 1,686 2,095
Other underwriting expenses ................ 650 700
-------- --------
Underwriting loss .......................... (58) (197)
Net investment income ...................... 277 308
-------- --------
Operating income before income taxes ....... $ 219 $ 111
======== ========
Losses and settlement expenses:
Insured events of the current year ....... $ 2,227 $ 2,063
(Decrease) increase in provision for
insured events of prior years .......... (541) 32
-------- --------
Total losses and settlement expenses $ 1,686 $ 2,095
======== ========
Premiums earned decreased 12.3 percent for the three months ended March
31, 1996 from the same period in 1995. The company continues to experience
intense competition for nonstandard auto business from both the standard and
the nonstandard markets. The company is addressing this decline in production
by appointing new agents and improving marketing and business relationships
with its agency force. The number of new applications received by the company
has been increasing and management expects premium volume to improve
throughout 1996.
Underwriting results for the first three months of 1996 improved slightly
over the same period in 1995. This improvement reflects a decline in both
losses and settlement expenses and other underwriting expenses. The provision
for insured events of prior years decreased substantially in the first three
months of 1996 and more than offset an increase in current accident year
losses attributable to the difficult winter driving conditions.
Excess and Surplus Lines Insurance Management
Operating income before income taxes decreased to $157,000 for the three
months ended March 31, 1996 from $222,000 for the same period in 1995. This
decrease reflects a decline in production as well as a decrease in investment
income caused by a smaller invested asset balance.
Parent Company
Operating income before income taxes was $30,000 for the three months
ended March 31, 1996 compared to $0 for the same period in 1995. This
improvement is primarily due to an increase in investment income caused by a
larger invested asset balance.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial
- ------- Condition and Results of Operations, Continued
(Unaudited)
OTHER INFORMATION
The majority of the Company's assets are invested in fixed maturities.
These investments provide a substantial amount of income which supplements
underwriting results and contributes to net earnings. As these investments
mature the proceeds will be reinvested at current rates, which may be higher
or lower than those now being earned; therefore, more or less investment
income may be available to contribute to net earnings depending on the
interest rate level.
LIQUIDITY AND CAPITAL RESOURCES
The Company maintains a portion of the investment portfolio in relatively
short-term and highly liquid investments to ensure the availability of funds
to meet claims and expenses. The remainder of the investment portfolio is
invested in securities with maturities that approximate the anticipated
liabilities of the insurance issued. Net unrealized holding gains on fixed
maturity securities available-for-sale totaled $2,104,000 at March 31, 1996
and $3,472,000 at December 31, 1995. Since the Company does not actively
trade in the bond market, such fluctuations in the market value of these
investments are not expected to have a material impact on the operations of
the Company, as forced liquidations of investments are not anticipated. The
Company closely monitors the bond market and makes appropriate adjustments in
investment policy as changing conditions warrant.
During the first six months of 1995, the Company invested $13,550,000 of
short-term funds and maturing U.S. Treasury Bills into mutual funds invested
in equity securities. The overall liquidity position of the Company was not
affected by these investments. Net unrealized holding gains on equity
securities totaled $1,527,000 at March 31, 1996 and $818,000 at December 31,
1995.
The major ongoing sources of the Company's liquidity are insurance
premium income, investment income and cash provided from maturing or
liquidated investments. The principal outflows of cash are payments of
claims, commissions, premium taxes, operating expenses, income taxes,
dividends and investment purchases.
As of March 31, 1996, the Company had no material commitments for capital
expenditures.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
The 1995 Private Securities Litigation Reform Act provides issuers the
opportunity to make cautionary statements regarding forward-looking
statements. Accordingly, any forward-looking statement contained herein or in
any other oral or written statement by the Company or any of its officers,
directors or employees is qualified by the fact that actual results of the
Company may differ materially from such statement due to the following
important factors, among other risks and uncertainties inherent in the
Company's business: catastrophic events, state insurance regulations, rate
competition, adverse changes in interest rates, unforeseen losses with respect
to loss and settlement expense reserves for unreported and reported claims,
including asbestos and environmental claims.
EMC INSURANCE GROUP INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
- -------- -----------------
Item 6. Exhibits and Reports on Form 8-K
- ------- --------------------------------
(a) None.
(b) No Form 8-K was filed by the registrant during the quarter ended
March 31, 1996.
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, thereunto duly authorized.
EMC INSURANCE GROUP INC.
Registrant
/s/ Bruce G. Kelley
--------------------------
Bruce G. Kelley
President & Chief Executive Officer
/s/ Mark Reese
--------------------------
Mark Reese
Chief Accounting Officer
Date: May 14, 1996