Iowa-based EMC Insurance Group Inc. announced that its parent company, Employers Mutual Casualty Company, has initiated a $15 million stock purchase program under which Employers Mutual will purchase shares of the company’s common stock in the open market. This purchase program is effective immediately and does not have an expiration date.
Because Employers Mutual currently owns a majority of the company’s common stock, the purchase program will be conducted under the provisions of Securities and Exchange Commission Rule 10b-18, which provides a “safe harbor” from liability for manipulation of the stock price by reason of the manner, timing, price and volume of purchases of stock in the open market.
EMC Insurance Group Inc., the publicly-held insurance holding company of EMC Insurance Companies, owns subsidiaries with operations in property and casualty insurance and reinsurance.
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