– Sale Expected to Close After Receipt of Regulatory Approvals, Demutualization –
DES MOINES, Iowa (Dec. 3, 2025)—Today, EMC Insurance and Avocet Partners announced they have entered into a definitive agreement for the sale of EMC's ownership interest in EMC National Life Insurance Company (trade name: EMC Life) to Avocet Partners. EMC Life’s holding company, EMC National Life Mutual Holding Company, also intends to sell its ownership interest in EMC Life to Avocet Partners corresponding with the holding company’s demutualization.
For EMC, this is a strategic decision that allows the company to sharpen its focus on its core insurance offerings—commercial property/casualty (P&C) lines and bonds. In turn, Avocet Partners is acquiring EMC Life to serve as the foundation of a permanent capital platform, with a strategy focused on investing in and significantly growing EMC Life in exciting ways, including new products and distribution channels beyond EMC's P&C independent agency force.
"This is a significant milestone for both businesses, and we are confident this move positions both EMC and EMC Life for long-term success," said Scott Jean, EMC president and CEO. "We are especially pleased that we were able to identify a partner in Avocet that is committed to maintaining and growing EMC Life's Des Moines team and presence."
"We are very excited about the opportunity to partner with the EMC Life team to expand the company's presence in the life and annuity insurance markets," said Jagan Pisharath, Avocet's Chief Executive Officer. "Our objective is to grow the business in Des Moines by providing necessary capital, drawing on our past industry experience and leveraging our relationships to unlock new distribution channels and product opportunities."
Avocet anticipates expanding employment as the business grows. There are no anticipated job reductions. The approximately 80 EMC Life team members will continue in their roles, under new ownership once the transaction closes.
Avocet is well-capitalized with significant investment from institutional partners. The business expects to have access to substantial committed capital following the close of the transaction.
The sale is subject to regulatory approvals and the demutualization of the EMC National Life Mutual Holding Company. Additionally, EMC Life will change its name at or shortly after the close of the transaction.
Piper Sandler & Co. is acting as financial advisor to EMC Life in connection with the transaction. Nyemaster Goode is acting as legal counsel to EMC. Faegre Baker Daniels is acting as legal counsel to EMC National Life Mutual Holding Company.
About Avocet Partners
Avocet Partners is focused on acquiring and growing insurance companies. The firm is led by seasoned executives with a proven record of quickly scaling businesses and is backed by leading institutional investors. Avocet leverages deep industry insight and long-term investment discipline to create value across the insurance ecosystem.
About EMC Insurance
EMC Insurance has approximately 2,100 employees and writes commercial property and casualty insurance and bonds throughout the United States. Employers Mutual Casualty Company (EMCC) was organized in 1911 to write workers’ compensation protection in Iowa. Today, operating under the trade name EMC Insurance, the company is licensed in all 50 states and the District of Columbia. For more information, visit emcinsurance.com.