EMC increasing operating income guidance
EMC Insurance Group Inc. is increasing its 2010 operating income guidance to a range of $2.15 to $2.25 per share from $1.75 to $2 per share, the company announced today. The revised guidance is based on a projected Generally Accepted Accounting Principles combined ratio of 102.3 percent. EMC also said that the terms the excess of loss reinsurance agreement between its reinsurance subsidiary, EMC Reinsurance Co., and Employers Mutual Casualty Co., its parent organization, also were revised as of Jan. 1. To read a press release, click here.