EMC Insurance Group has reported total revenues of $109.3m for the second quarter of 2010, an increase of 1.7% compared to $107.4m for the same quarter of 2009.
For the quarter ended June 30, 2010, the company posted net income of $3.2m, or $0.25 per share, compared to $6.9m, or $0.53 per share, for the same period last year.
Premiums earned increased 0.4% to $96.43m in the second quarter of 2010 from $96.09m for the same period in 2009.
Bruce Kelley, president and CEO of EMC Insurance Group, said: “We had six storms that each generated losses in excess of $1.4m, compared to only two such storms in the second quarter of 2009. None of the storm losses were large enough to trigger our reinsurance coverage, so we retained all the losses
“Second quarter storm losses added 17.2 percentage points to the combined ratio, which is 7.0 percentage points greater than the ten-year second quarter average of 10.2 percentage points.”