EMC first casualty of US Mid-West flood losses
Des Moines-based EMC Insurance Group has said that the heavy floods and recent tornado in Iowa has forced management into a profit warning.
Management have guided operating income down to $1.20 - $1.45 per share from $2.10- 2.35 per share.
EMC added: “Management anticipates that catastrophe and storm losses for the second quarter of 2008
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