Employers Mutual Increases Reserves $4.6M

EMC Insurance Group Inc. (Nasdaq:EMCI) announced Friday that it will strengthen its bulk loss and settlement expense reserves by approximately $4,600,000 in the third quarter of 2003. This increase in reserves will reduce third quarter earnings by approximately $3,000,000 ($0.26 per share) on an after tax basis. This reserve strengthening is being implemented in response to a recently completed actuarial evaluation of the Company's carried reserves for the property and casualty insurance segment. Based on the results of this review, it was decided that the Company's carried reserves should be...