EMC to Strengthen Bulk Loss and Settlement Reserves

EMC Insurance Group Inc. (Nasdaq:EMCI) Tuesday announced that it will strengthen its bulk loss and settlement expense reserves by approximately $2,940,000 in the second quarter of 2004. This increase in reserves will reduce second quarter earnings by approximately $1,910,000 ($0.17 per share) on an after tax basis. In addition, active storm patterns during the month of May resulted in estimated storm losses of $4,148,000. Storm losses for the first two months of the second quarter of 2004 now total $5,044,000 ($0.28 per share after taxes). For comparative purposes, storm losses for the three...