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Earthquake, tornadoes force EMC to project first quarter loss

27.04.11

The Japan earthquake and roof collapses after snowfall in the northeastern U.S. have hit EMC Insurance Group hard in the first quarter and the company said it will report a loss when it announces earnings on May 10.

The company’s operating numbers will dip slightly into the red, at between a penny and 5 cents per share. Its fourth quarter 2010 operating income per share was 71 cents.

EMC provides reinsurance protection for insurance companies in Japan, and the company’s losses there are capped at $3 million, thanks to its own reinsurance.

“If we did not have this protection, our Japan earthquake loss would have been much greater,” Bruce Kelley, the company’s CEO, said in a statement. “Our reinsurance business has generated consistently strong results over the past several years. This business, however, has the potential to generate large losses when catastrophic events occur.”

The bad news kept coming this spring. The Mapleton tornado, as well as storms in Kansas and Oklahoma early in April, will cost the company another $4.8 million in its second quarter results.

Source: DesMoinesRegister.com (blog)

A million thanks | BrainerdDispatch.com | Brainerd, Minnesota

by Staff

Caught red-handed

As an owner of Jim’s Electric Company I would like to make a comment on the cooperation I observed on the evening of January 23rd and early morning of Jan. 24.

Baxter Police, Brainerd Police & Crow Wing County Sheriff’s department all responded to a burglary in process. Due to the joint cooperation of all departments they were successful in apprehending two thieves who had committed a burglary on our premises.

It is with cooperation like this that makes me very proud of the respective police forces. The courtesy and professionalism was very impressive and best of all the thieves were caught “red-handed”.

Thank you very much,

Jim Grant

Jim’s Electric Co.

A million thanks

A letter to the lakes area businesses, organizations, individuals, and groups:

I want to take the time to thank you all for making 2011, especially our Christmas holiday season, at the Women’s Center very special for so many families. In my first year as the new executive director, I have found the generosity of the community to be astounding on so many levels and greatly supportive of the important work we do. My hope is that you all understand how much this means to me, to our board of directors, and to the staff and volunteers who work so hard to carry out our mission every day. Above everything, it means so much to the women and children we serve who have been abused, displaced, and are struggling in their own journeys. There will never be enough words to thank all of you for what you have done in the past year. You’ve all had a hand in making my first year a memorable one and strengthening my belief that people in the Lakes Area really do care about the people in their community — that they are willing to demonstrate their support in so many ways. Again, a million thanks from the bottom of my heart and I urge you all to continue your support to community organizations in the lakes area.

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Earthquake, tornadoes force EMC to project first quarter loss

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A million thanks | BrainerdDispatch.com | Brainerd, Minnesota

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