EMC Insurance Group Inc. reported first-quarter net income of $9.88 million, or 75 cents per share, compared with $5.8 million, or 44 cents per share, for the first quarter of 2009. “We continue to manage through soft market conditions,” Bruce Kelley, president and CEO, said in a press release. Premium income of $92.3 million declined by one-tenth of 1 percent compared with the first quarter of 2009, while investment income of $12.5 million represented a 2 percent increase. First-quarter catastrophe and storm losses of $3.4 million for the Des Moines-based property and casualty insurer were “significantly lower” than the $5 million in losses reported in the previous year’s period, Kelley said.

Gov. Chet Culver announced Friday that Iowa will accept $35 million in federal funds over the next four years to operate its own temporary health insurance plan for high-risk individuals. This step will help cover uninsured Iowans as the country transitions toward implementation of federal health insurance reform. The state will establish the new pool alongside its current high-risk pool structure that will comply with the federal requirements. Under the terms of the federal funding formula, Iowa will be eligible to receive a grant of approximately $35 million in reimbursements to subsidize the cost of the fund until 2014. The state’s next step will be to submit a plan for federal approval.

A new law that went into effect May 1 will help protect consumers against unscrupulous car repair shops that hold vehicles “hostage,” Attorney General Tom Miller said Friday. The new law, Senate File 2108, prohibits repair shops from refusing to return a vehicle to a customer until the consumer pays such unlawfully imposed charges, if the attorney general requests return of the vehicle. The existing law, in effect for more than 20 years, had already made it illegal for repair shops to charge for unnecessary repairs, charge for work that has not been completed or charge more than the estimate (without approval of the customer). Repair shops still have a right under Iowa law to hold a customer’s vehicle until the customer pays all legitimate charges. “If we determine a consumer has a valid complaint that a repair shop is violating the car repair law, we can require the shop to turn over the vehicle to the consumer until the complaint is resolved, and without charging the consumer for the amount in dispute,” Miller said in a press release.



E. I. du Pont de Nemours & Co. announced that the U.S. Environmental Protection Agency (EPA) has granted commercial registration of Optimum AcreMax 1 insect protection for its corn hybrids branded by its subsidiary, Pioneer Hi-Bred International Inc. The registration marks the EPA’s first approval of an in-the-bag solution for insect refuge management, offering reduced corn rootworm refuge and a more convenient path to refuge compliance for growers, the company said. Pioneer President Paul Schickler said his company will demonstrate the product in farmers’ fields this year to support a 2011 launch of the product.

Principal Financial Group Inc. announced that it has entered into a definitive agreement with Banco do Brasil to extend its pension and long-term asset accumulation joint venture in Brazil. Under the agreement, the companies’ joint venture, BrasilPrev Seguros e Previdência S.A. (BrasilPrev), will have the exclusive right to develop and distribute products within the Banco do Brasil network for 23 years. The joint venture will be co-managed, with Principal owning 50.01 percent of BrasilPrev common stock and Banco do Brasil owning 49.99 percent. Over the past five years, BrasilPrev has achieved compounded annual growth rates of 25 percent in operating earnings and 30 percent in assets under management.

Winnebago Industries Inc. announced that its board of directors has elected Daryl Krieger as vice president of manufacturing. Krieger, 46, will oversee all production, inventory control, maintenance services, warehousing, manufacturing, engineering and tooling areas of the company. He has been with Winnebago for 25 years and most recently served as director of manufacturing.