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Des Moines-based EMC Insurance Group Inc. filed a report with the Securities and Exchange Commission last week, noting a material impairment of one of its investments.

The 8-K filing said, in part:

“On March 19, 2009, the Registrant received notice that Chemtura Corp. was seeking Chapter 11 bankruptcy protection from its creditors. The Registrant currently holds $3.0 million of fixed maturity securities issued by Great Lakes Chemical Corporation, now known as Chemtura Corp., that were due to mature on July 15, 2009. Management of the Registrant has been monitoring this investment closely and believed that the company would be able to carry through with its commitment to sell assets in order to meet its debt obligations; however, this course of action was obviously not successful.

“Through its bankruptcy filing, it is anticipated that Chemtura Corp. will attempt to force its debt holders to take a reduction in coupon rate and/or extend the July 15, 2009 maturity date, or accept a payoff amount well below par value. At this time, management is unable to determine the amount, if any, of impairment loss the Registrant may incur on this investment.”