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Multiline insurer Employers Mutual Casualty Co. said Tuesday it would stop writing reinsurance business and lay off about 65 staff.
EMC Reinsurance Co., the Des Moines, Iowa-based insurer’s reinsurance unit, reported $204.2 million in reinsurance premium in 2021 and a reinsurance combined ratio of 125.3%. Property excess reinsurance accounted for 55% of the book, international was 21.8%, casualty was 16.6% and proportional property was 6.6%.
Overall, EMC Insurance, the trade name of Employers Mutual, reported $2.03 billion in net written premium last year and a 104.2% combined ratio. Its roots are in workers compensation insurance, but it writes a range of commercial property/casualty and life insurance lines.
“While an extremely difficult decision, EMC felt this move was necessary to position the company for the future and the achievement of its strategic plans and goals,” Scott Jean, president and CEO of EMC Insurance, said in a statement.
EMC Re currently writes about $180 million in premium, he said. The layoffs will be gradual and begin in January.
“Options for the management and/or runoff of existing reinsurance business are currently being explored,” Mr. Jean said.