The Company experienced $8,329,000 ($0.42 per share after tax) of favorable development on prior years’ reserves during the third quarter of 2012, compared to $8,612,000 ($0.43 per share after tax) in the third quarter of 2011. For the nine months ended September 30, 2012, favorable development totaled $25,991,000 ($1.31 per share after tax), compared to $21,709,000 ($1.09 per share after tax) in 2011. As in prior periods, development on closed claims is the main driver of the favorable development.Large losses (which the Company defines as losses greater than $500,000 for the EMC Insurance Companies’ pool, excluding catastrophe losses) remained constant at $4,665,000 ($0.24 per share after tax) in the third quarter of 2012 compared to $4,664,000 ($0.24 per share after tax) in the third quarter of 2011. For the nine months ended September 30, 2012, large losses increased to $17,103,000 ($0.86 per share after tax) from $12,844,000 ($0.65 per share after tax) in 2011.
EMC Insurance Group Inc. Reports 2012 Third Quarter And Nine Month Results
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