EMC earnings lower after record storm losses
Des Moines-based EMC Insurance Group Inc. reported third-quarter net income of $746,000, or 3 cents per share, compared with net income of $4.1 million, or 20 cents per share, in the third quarter of 2016. The insurer attributed the decline primarily to a record $19.5 million of catastrophe and storm losses incurred by its reinsurance segment during the third quarter, which is $17.2 million higher than the third quarter of 2016 primarily because of losses from Hurricanes Harvey, Irma and Maria. Catastrophe and storm losses totaled $29.4 million in the third quarter of 2017, compared with $17.1 million in the third quarter of 2016. Premiums earned increased 2 percent and 1.8 percent for the third quarter and first nine months of 2017, respectively. To read the earnings release, click here.