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Employers Mutual exits reinsurance operations



The multi-line insurance company Employers Mutual Casualty Co. said Tuesday it would stop writing reinsurance operations and lay off about 65 employees.

EMC Reinsurance Co., the Des Moines, Iowa-based insurer’s reinsurance unit, reported $204.2 million in 2021 reinsurance premium and a reinsurance blend ratio of 125.3%. Property excess reinsurance accounted for 55% of the book, international was 21.8%, casualty was 16.6% and proportional property was 6.6%.

Overall, EMC Insurance, the trade name for Employers Mutual, reported $2.03 billion in net premium income last year and an overall expense ratio of 104.2%. Its roots are in workers’ compensation insurance, but it writes a range of commercial property/casualty and life insurance lines.

“While it was an extremely difficult decision, EMC felt this step was necessary to position the company for the future and to achieve its strategic plans and goals,”

; Scott Jean, president and CEO of EMC Insurance, said in a statement.

EMC Re currently writes about $180 million in premiums, he said. The layoffs will be gradual and begin in January.

“Options for management and/or liquidation of existing reinsurance operations are currently being explored,” Jean said.


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