![]() That statement takes on a different colour considering today’s news. It only just over a year ago when EMC Re said that ‘humility and agility’ would be key for the company to manage attrition and volatility as it looks to grow further and expand into new markets. Of the reinsurers included in the survey, the highest Q2 combined ratio was once again posted by EMC Re at 125.8%. Last month, it was reported here that EMC Re was one of six reinsurers that saw a net loss in Q2 of this year. He added: “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.” In total, EMC has approximately 2,200 team members countrywide, with more than 1,100 located in Iowa. Impacted team members also will have the opportunity to interview for other EMC positions. This will be a gradual workforce reduction over time, beginning Jan. All impacted team members have been notified. Jean said: “This transition impacts approximately 65 team members, located across the US, who will receive severance packages and comprehensive career/placement services. It is currently exploring options for the management and/or runoff of existing reinsurance business. Jean also said that EMC Re represents about 10%, or $180m, of EMC’s total annual premiums.
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