UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 20, 1998
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EMC INSURANCE GROUP INC.
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(Exact name of registrant as specified in its charter)
Iowa 0-10956 42-623455
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
717 Mulberry Street, Des Moines, Iowa 50309
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(Address of principal executive office) (Zip Code)
(515) 280-2902
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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On November 20, 1998, EMC Insurance Group Inc. issued the
following press release announcing a repurchase plan for up to $3,000,000 of
its common stock and declaring a regular quarterly dividend of fifteen cents
($.15) per share of common stock.
DES MOINES, Iowa (November 20, 1998)- The Board of Directors of EMC
Insurance Group Inc. (Nasdaq/NM:EMCI) today announced a repurchase plan for up
to $3,000,000 of its common stock and declared a regular quarterly dividend of
fifteen cents ($0.15) per share of common stock.
The repurchase plan authorizes EMC Insurance Group Inc. to make
repurchases in the open market or through privately negotiated transactions.
The timing and terms of the purchases will be determined by management based
on market conditions and will be conducted in accordance with the applicable
rules of the Securities and Exchange Commission. The plan may be terminated
at any time at the Company's discretion. This announcement is not a request
or offer for tender of shares to the Company.
The quarterly dividend is payable December 18, 1998 to shareholders of
record as of December 4, 1998. This is the sixty-eighth consecutive quarterly
dividend paid since EMC Insurance Group Inc. became a publicly held company in
February 1982. EMC Insurance Group Inc. does not intend to make shares
available to the Plan Administrator for use in the Dividend Reinvestment and
Common Stock Purchase Plan for this dividend payment. As a result, the Plan
Administrator will be required to purchase shares on the open market.
EMC Insurance Group Inc. is a publicly held insurance holding company
headquartered in Des Moines, Iowa. It owns subsidiaries in property and
casualty insurance, reinsurance and an excess and surplus lines insurance
agency.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release regarding EMC Insurance Group's
business which are not historical facts are "forward looking statements" that
involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those contained
in the forward-looking statements, see "Cautionary statement Regarding Forward
Looking Statements" in the Company's Annual Report or Form 10-K for the year
ended December 31, 1997.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EMC INSURANCE GROUP INC.
Registrant
/s/ Bruce G. Kelley
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Bruce G. Kelley
President & Chief Executive Officer
/s/ Mark Reese
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Mark Reese
Vice President and
Chief Financial Officer
Date: November 20, 1998
