Participants in data breach lawsuits can recover damages, injunctive relief (to make sure that. If you are a California resident and received a Recent Notice of Data Breach from EMC National Life, you may be entitled to between 100 and 1,000 or your actual damages, whichever is greater. The executive added that impacted team members will have the opportunity to interview for other EMC positions. Medical information is additionally covered by the CMIA. This will be a gradual workforce reduction over time, beginning Jan 3 and continuing through 2023,” Jean said. “All impacted team members have been notified. In total, EMC has approximately 2,200 staff across the US, of which over 1,100 are based in Iowa. Currently, EMC National Life has 900 million in total invested assets and 13 billion of insurance in force. It is also coming off record highs in capital and surplus with more than 122 million in reserve. “This transition impacts approximately 65 team members, located across the US, who will receive severance packages and comprehensive career/placement services,” said Jean. Based on end-of-the-year reports from 2018, EMC National Life has 2.9 billion in total assets. “While an extremely difficult decision, EMC felt this move was necessary to position the company for the future and the achievement of its strategic plans and goals,” Jean stated. In its marketing materials, EMC Re describes itself as a market for local, regional, national and international ceding company clients, as well as a quoting market for US multiline XoL, property per risk XoL and casualty XoL. EMC National Life is based in Des Moines, Iowa and is an affiliate of EMC Insurance Companies (EMC). Of the 20 percent of written premium that supported international cedants, half of it was for property catastrophe business.Īs EMC president and CEO Scott Jean explained, the strategic decision to exit assumed reinsurance will see the business instead focus on its core insurance products which are distributed through independent agents, including commercial property/casualty lines and bonds, and life insurance written through affiliate EMC National Life Company. Four-fifths of its written premium supported domestic clients in 2021, and of that 31 percent came from facilities, while 23 percent was for multiline XoL business.
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