EMC reports losses in second quarter
EMC Insurance Group Inc. reported a net loss of $12.48 million for the second quarter.
That compares with net income of $3.3 million for the same period a year ago. Net loss for the first six months of 2011 was $7.26 million, compared with a net income of $13.18 million a year ago.
EMC reported an operating loss of $1.05 per share for the second quarter, compared with an operating income of 29 cents per share for the previous year.
Bruce Kelley, president and CEO, said that catastrophe losses for the second quarter totaled $41.1 million.
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