EMC's "Excellent" Ratings Affirmed by AM Best Again

DES MOINES, Iowa (Dec. 21, 2022)—EMC Insurance Companies announced today that rating agency AM Best has affirmed the "Excellent" category Financial Strength and Long-Term Issuer Credit Ratings for EMC Insurance Companies and EMC National Life Company:

EMC Insurance Companies (EMC) and its five property/casualty subsidiaries*

• Financial Strength Rating (FSR) of A (Excellent)

• Long-Term Issuer Credit Rating (Long-Term ICR) of "a+" (Excellent)

• Outlook remains stable

• In its review, AM Best recognized EMC's balance sheet strength, which the rating agency categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

EMC National Life Company (EMCNL)

• Financial Strength Rating (FSR) of A- (Excellent)

• Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent)

• Outlook remains stable

• AM Best deemed EMCNL's balance sheet very strong, its business profile neutral and its enterprise risk management appropriate. It also noted EMCNL is highly integrated into EMC, which provides diversification and cross-selling opportunities for agents and customers.

"We are proud to have our ‘Excellent’ ratings reaffirmed by AM Best,” said Scott Jean, EMC's President and CEO. “By fostering an inspired culture, improving organizational effectiveness, delivering exceptional experiences and pursuing profitable growth, we are building a better, stronger EMC that is positioned for future success."

*EMC Insurance Companies refers to Employers Mutual Casualty Company (EMCC) and its five property/casualty (P/C) subsidiaries:

• Dakota Fire Insurance Company

• EMC Property & Casualty Company

• EMCASCO Insurance Company

• Illinois EMCASCO Insurance Company

• Union Insurance Company of Providence

About EMC Insurance Companies

EMC Insurance Companies has approximately 2,200 employees and is among the top 60 property and casualty insurance organizations in the country based on net written premium. Employers Mutual Casualty Company (EMCC) was organized in 1911 to write workers’ compensation protection in Iowa. Today, operating under the trade name EMC Insurance Companies, the company provides commercial property/casualty lines, bonds and life insurance products and services throughout the United States. EMCC is licensed in all 50 states and the District of Columbia. For more information, visit emcins.com.

About AM Best

AM Best, the world’s oldest insurance rating and information source, uses the following definitions for their ratings:

• Issuer Credit Rating (ICR): an independent opinion on an entity’s ability to meet its ongoing financial obligations that can be issued on either a long‐ or short‐term basis.

• Financial Strength Rating (FSR): an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations.

For more information, visit ambest.com.

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