Insurance Companies In Des Moines Iowa – EMC Insurance Company is expected to exit its reinsurance business by the end of this year, while the company is currently considering options to manage and/or exit its current platform business.
AM Best’s Class A EMC Re is valued at $180 million, equivalent to 10% of the total annual fee for EMC in Des Moines, Iowa.
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EMC was founded in Iowa in 1911 to provide protection against workplace accidents. The company has since become a leading U.S. insurance company in property and casualty and life insurance.
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Founded in 1981 and led by President and Chief Operating Officer Mondale Smith since 2020, EMC Re’s platform underwrites property and casualty reinsurance on an excess of losses (XoL) and pro-rata basis.
Four out of five awards awarded in 2021 supported domestic customers, with 31% coming from installations and 23% from multi-line XoL businesses.
Half of the 20% award in support of international transferors is for real estate catastrophic transactions.
EMC President and CEO Scott Jean explained that the strategic decision to exit the reinsurance business means that the business will focus on core insurance products distributed through independent agents, including commercial property/casualty insurance and title insurance purchased through EMC affiliates. and life insurance. National Life Company.
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In its marketing materials, EMC Re describes itself as a marketplace for local, regional, national and international transfer company clients, as well as a quotation marketplace for US multi-line XoLs, property risk ratios and XoLs.
“While this was a very difficult decision, EMC believes this step is necessary to position the company for the future and achieve its strategic plans and goals,” Jean said.
“This transition will impact approximately 65 U.S.-based team members, who will receive severance packages and comprehensive career/placement services,” Jean said.
In total, EMC has about 2,200 employees in the United States, with more than 1,100 of those employees in Iowa.
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“All affected team members have been notified. The workforce will be gradually reduced from January 3 to 2023,” Jean said.
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