UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2016
EMC INSURANCE GROUP INC. |
(Exact name of registrant as specified in its charter) |
Iowa | 0-10956 | 42-6234555 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
717 Mulberry Street, Des Moines, Iowa | 50309 | |
(Address of principal executive offices) | (Zip Code) | |
(515) 345‑2902 |
(Registrant’s telephone number, including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 | Other Events |
On July 29, 2016, management of EMC Insurance Group Inc. (the "Company") approved the adoption of a new reserving methodology for the determination of direct bulk reserves. The new methodology, which is referred to as the accident year ultimate estimate approach, will better conform to industry practices and will provide increased transparency of the drivers of the Company’s performance. The transition to the new reserving methodology, which will be utilized in the preparation of the September 30, 2016 financial statements, is not expected to have a material impact on the Company’s third quarter financial results; however, there will be some movement of direct bulk reserves between loss reserves and settlement expense reserves and likely some movement of direct bulk reserves between lines of business and accident years.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized, on August 1, 2016.
EMC INSURANCE GROUP INC. |
Registrant |
/s/ Mark E. Reese |
Mark E. Reese |
Senior Vice President and |
Chief Financial Officer |