EMC Insurance profit hit by record cat losses

EMC Insurance Group cited record first-quarter catastrophe
losses in reporting a plunge in operating profit that missed Wall
Street expectations by a wide margin.
The property and casualty (re)insurer posted operating earnings
that dropped 53 percent to $7.2mn, or $0.34 a share for the period,
while the consensus forecast from three industry analysts compiled
by MarketWatch called for $0.54 a share.
Shares of the Des Moines, Iowa-based carrier fell as much as 6
percent following the report befor