Des Moines, Iowa-based property/casualty insurer and reinsurer EMC Insurance Group Inc. reported second-quarter net income of $3.4 million, or 30 cents per share, compared to $1.4 million, or 12 cents per share, a year ago.
Premiums earned increased 2.4 percent to nearly $84 million in the second quarter, up from almost $82 million for the same period in 2003. EMC primarily attributed the increases to rate hikes implemented during the prior two years in the property/casualty insurance business as well as moderate growth and improved pricing in the assumed reinsurance business.
The company said it expected future overall rate increases to be smaller than those implemented in the last several months.
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