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20 April 2018

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EMC cuts Q1 earnings guidance as non-cat losses rise

Ted Bunker 16 April 2018

EMC Insurance Group sharply lowered its expectations for first quarter results, citing an unanticipated pick up in non-catastrophe losses and a "significant reduction" in favourable reserve development.

The property and casualty insurer now expects operating results to range from earnings of $0.18 to $0.22 per share for the just-ended period, while it also lowered its full-year outlook for operating results to $1.10 to $1.30 per share, down from $1.40 to $1.60.

The combined ratio came in at about 104.6 percent,...

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