EMC cuts Q1 earnings guidance as non-cat losses rise

EMC Insurance Group sharply lowered its expectations for first
quarter results, citing an unanticipated pick up in non-catastrophe
losses and a "significant reduction" in favourable
reserve development.
The property and casualty insurer now expects operating results
to range from earnings of $0.18 to $0.22 per share for the
just-ended period, while it also lowered its full-year outlook for
operating results to $1.10 to $1.30 per share, down from $1.40 to
$1.60.
The combined ratio came in at abou