EXHIBIT 99

EMC INSURANCE GROUP INC. REPORTS

2012 FOURTH QUARTER AND YEAR-END

RESULTS AND 2013 OPERATING INCOME

GUIDANCE

Fourth Quarter Ended December 31, 2012

Operating Income Per Share – $0.99

Net Income Per Share – $1.01

Net Realized Investment Gains Per Share – $0.02

Catastrophe and Storm Losses Per Share – $0.41

Large Losses Per Share – $0.21

GAAP Combined Ratio – 93.4 percent

Year Ended December 31, 2012

Operating Income Per Share – $2.54

Net Income Per Share – $2.95

Net Realized Investment Gains Per Share – $0.40

Catastrophe and Storm Losses Per Share – $2.70

Large Losses Per Share – $1.07

GAAP Combined Ratio – 99.6 percent

2013 Operating Income Guidance – $2.40 to $2.65 per share

Certain amounts previously reported in 2011 have been adjusted in conjunction with the Company’s retrospective adoption of new accounting guidance for the calculation of deferred policy acquisition costs that became effective January 1, 2012.

DES MOINES, Iowa (February 20, 2013) - EMC Insurance Group Inc. (Nasdaq OMX/GS:EMCI) today reported operating income of $12,729,000 ($0.99 per share) for the fourth quarter ended December 31, 2012, compared to $8,136,000 ($0.63 per share) for the fourth quarter of 20111.  For the year ended December 31, 2012, operating income totaled $32,755,000 ($2.54 per share), compared to an operating loss of $8,784,000 ($0.68 per share) for the same period in 2011.

Net income, including realized investment gains and losses, totaled $12,998,000 ($1.01 per share) for the fourth quarter of 2012, compared to $9,999,000 ($0.78 per share) for the fourth quarter of 2011.  For the year ended December 31, 2012, net income totaled $37,966,000 ($2.95 per share), compared to a net loss of $2,737,000 ($0.21 per share) for the same period in 2011.

“We are very pleased with our strong fourth quarter and full-year results,” stated Bruce G. Kelley, President and Chief Executive Officer.  “Rate levels continued to increase on all lines of business throughout the year, while overall policy retention levels remained consistent with past experience.  The compounding effect of the increasing rate levels over the past two years, coupled with our relatively flat loss cost trend for the year, resulted in improved profitability.  We remain committed to our strategy of careful risk selection and appropriate rate levels to build on our current year results,” continued Kelley.

Premiums earned increased 4.9 percent to $117,271,000 for the fourth quarter of 2012, from $111,768,000 for the fourth quarter of 2011.  For the year ended December 31, 2012, premiums earned increased 10.2 percent to $458,846,000 from $416,402,000 in 2011.  In the property and casualty insurance segment, premium income increased 11.0 percent for the year, with the majority of the increase attributable to rate level increases, growth in insured exposures and an increase in retained policies.  In the reinsurance segment, premium income declined 14.4 percent in the fourth quarter, but increased 7.3 percent for the year.  The decline for the fourth quarter is primarily attributed to a significant decline in the year-end estimate of “earned but not reported” premiums on several pro rata accounts, including the new offshore energy and liability account that Employers Mutual Casualty Company began participating in effective January 1, 2012.  The increase for the year is primarily attributed to rate level increases implemented during the January 1 renewal season, as well as the new offshore energy and liability proportional account.

The offshore energy and liability account generated approximately $12.4 million of annual premiums (after the 10.0 percent charge for the excess of loss coverage) during the 2012 underwriting year.  Since the underlying policies have effective dates throughout the 2012 underwriting year, approximately 48.0 percent of this amount was earned during calendar year 2012, with the balance to be earned during calendar year 2013.  Annual premiums for the 2013 underwriting year are currently projected to be approximately $14.0 million.

The Company’s GAAP combined ratio was 93.4 percent in the fourth quarter of 2012 compared to 99.8 percent in the fourth quarter of 2011.  For the year ended December 31, 2012, the GAAP combined ratio was 99.6 percent compared to 115.3 percent in 2011.

Catastrophe and storm losses totaled $8,086,000 ($0.41 per share after tax) in the fourth quarter of 2012 compared to $3,495,000 ($0.18 per share after tax) in the fourth quarter of 2011.  Losses associated with Superstorm Sandy were not significant, amounting to only $0.25 per share after tax.  Losses were capped at $4,000,000 in the reinsurance segment and totaled only $907,000 in the property and casualty insurance segment.  For the year ended December 31, 2012, catastrophe and storm losses totaled $53,460,000 ($2.70 per share after tax) compared to an unprecedented $80,331,000 ($4.04 per share after tax) in 2011.  While catastrophe and storm losses were down significantly for the year, they were still higher than the Company’s most recent 10-year average, which includes the record amounts incurred in 2008 and 2011.  Catastrophe and storm losses accounted for 11.7 percentage points of the combined ratio, which is 2.0 percentage points above the most recent 10-year average of 9.7 percentage points.

The Company experienced $258,000 ($0.01 per share after tax) of adverse development on prior years’ reserves during the fourth quarter of 2012, compared to favorable development of $11,390,000 ($0.58 per share after tax) in the fourth quarter of 2011.  For the year ended December 31, 2012, favorable development totaled $25,733,000 ($1.30 per share after tax), compared to $33,099,000 ($1.67 per share after tax) in 2011.  As in prior periods, development on closed claims was the main driver of the favorable development. Development amounts can vary significantly from quarter-to-quarter and year-to-year depending on a number of factors, including the number of claims settled and the settlement terms, and should therefore not be considered a reliable factor in assessing the adequacy of the Company’s carried reserves. The most recent actuarial analysis of the Company’s carried reserves indicates a level of adequacy that is consistent with other recent evaluations.

  Large losses (which the Company defines as losses greater than $500,000 for the EMC Insurance Companies’ pool, excluding catastrophe and storm losses) decreased to $4,138,000 ($0.21 per share after tax) in the fourth quarter of 2012 compared to $11,200,000 ($0.57 per share after tax) in the fourth quarter of 2011.  For the year ended December 31, 2012, large losses decreased to $21,241,000 ($1.07 per share after tax) from $24,044,000 ($1.21 per share after tax) in 2011.

Investment income decreased 3.2 percent to $10,871,000 in the fourth quarter of 2012 from $11,228,000 in the fourth quarter of 2011.  For the year ended December 31, 2012, investment income decreased 4.3 percent to $44,145,000 from $46,111,000 in 2011.  The declines in investment income are attributed to a persistent decline in the average coupon rate on fixed maturity securities during the past several years.

Net realized investment gains totaled $269,000 ($0.02 per share) in the fourth quarter of 2012, compared to $1,863,000 ($0.14 per share) in the fourth quarter of 2011.  For the year ended December 31, 2012, net realized investment gains totaled $5,211,000 ($0.40 per share), compared to $6,047,000 ($0.47 per share) in 2011.

 During the fourth quarter of 2012, the Company recognized $37,000 (less than $0.01 per share after tax) of “other-than-temporary” investment impairment losses, compared to $132,000 ($0.01 per share after tax) in the fourth quarter of 2011.  For the year ended December 31, 2012, “other-than-temporary” investment impairment losses totaled $186,000 ($0.01 per share after tax), compared to $5,960,000 ($0.30 per share after tax) in 2011.  These amounts are included in the net realized investment gains disclosed above.

At December 31, 2012, consolidated assets totaled $1.3 billion, including $1.2 billion in the investment portfolio, and stockholders’ equity totaled $401.2 million, an increase of 13.9 percent from December 31, 2011. Net book value of the Company’s stock increased to $31.08 per share from $27.37 per share at December 31, 2011.  Book value excluding accumulated other comprehensive income increased to $27.38 per share from $25.25 per share at December 31, 2011.

As previously disclosed, on November 3, 2011, the Company’s Board of Directors authorized a $15 million stock repurchase program.  This program became effective immediately and does not have an expiration date.  No shares have been repurchased under this program.  Employers Mutual Casualty Company’s (the Company’s parent organization) stock purchase program is dormant and will remain so while the Company’s stock repurchase program is in effect.

Management is projecting that 2013 operating income will be within a range of $2.40 to $2.65 per share.  This guidance is based on a projected GAAP combined ratio of 99.2 percent and a projected decline in investment income of 5 percent for the year.

The Company will hold an earnings teleconference call at 11:00 a.m. eastern standard time on February 20, 2013 to allow securities analysts, stockholders and other interested parties the opportunity to hear management discuss the Company’s results for the fourth quarter and the year ended December 31, 2012, as well as its expectations for 2013.  Dial-in information for the call is toll-free 1-877-407-9205 (International: 1-201-689-8054).  The event will be archived and available for digital replay through May 20, 2013.  The replay access information is toll-free 1-877-660-6853 (International: 1-201-612-7415); conference ID number 407063.

Members of the news media, investors and the general public are invited to access a live webcast of the conference call via the Company’s investor relations page at www.emcins.com/ir.  The webcast will be archived and available for replay until May 20, 2013. A transcript of the teleconference will also be available on the Company’s website shortly after the completion of the teleconference.

ABOUT EMCI: EMC Insurance Group Inc. is a publicly held insurance holding company with operations in property and casualty insurance and reinsurance, which was formed in 1974 and became publicly held in 1982. The Company’s common stock trades on the Global Select Market tier of the NASDAQ OMX Stock Market under the symbol EMCI. EMCI’s parent company is Employers Mutual Casualty Company (EMCC).  EMCI and EMCC, together with their subsidiary and affiliated companies, conduct operations under the trade name EMC Insurance Companies. Additional information regarding EMC Insurance Companies may be found at www.emcins.com.

FORWARD-LOOKING STATEMENTS: The Private Securities Litigation Reform Act of 1995 provides issuers the opportunity to make cautionary statements regarding forward-looking statements.  Accordingly, any forward-looking statement contained in this report is based on management’s current beliefs, assumptions and expectations of the Company’s future performance, taking into account all information currently available to management.  These beliefs, assumptions and expectations can change as the result of many possible events or factors, not all of which are known to management.  If a change occurs, the Company’s business, financial condition, liquidity, results of operations, plans and objectives may vary materially from those expressed in the forward-looking statements.  The risks and uncertainties that may affect the actual results of the Company include, but are not limited to, the following:

● catastrophic events and the occurrence of significant severe weather conditions;

● the adequacy of loss and settlement expense reserves;

● state and federal legislation and regulations;

● changes in the property and casualty insurance industry, interest rates or the performance of financial markets and the general economy;

● rating agency actions;

● “other-than-temporary” investment impairment losses; and

● other risks and uncertainties inherent to the Company’s business, including those discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K.

Management intends to identify forward-looking statements when using the words “believe,” “expect,” “anticipate,” “estimate,” “project,” or similar expressions.  Undue reliance should not be placed on these forward-looking statements.

¹The Company uses a non-GAAP financial measure called “operating income (loss)” that management believes is useful to investors because it illustrates the performance of our normal, ongoing operations, which is important in understanding and evaluating our financial condition and results of operations.  While this measure is consistent with measures utilized by investors to evaluate performance, it is not a substitute for the GAAP financial measure of net income (loss). Therefore, the Company has provided the following reconciliation of the non-GAAP financial measure of operating income (loss) to the GAAP financial measure of net income (loss). Management also uses non-GAAP financial measures for goal setting, determining employee and senior management awards and compensation, and evaluating performance.

Reconciliation of operating income (loss) to net income (loss):

	Three Months Ended December 31,				Year Ended December 31,
	2012		2011*		2012		2011*
Operating income (loss)	$	12,729,000	$	8,136,000	$	32,755,000	$	(8,784,000	)
Net realized investment gains		269,000		1,863,000		5,211,000		6,047,000
Net income (loss)	$	12,998,000	$	9,999,000	$	37,966,000	$	(2,737,000	)

*  Prior year amounts restated, where applicable, for new accounting guidanceregarding deferrable acquisition costs (effective January 1, 2012).

CONSOLIDATED STATEMENTS OF INCOME

	Property and
	Casualty						Parent
Quarter Ended December 31, 2012	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	93,222,288		$	24,048,708		$	-		$	117,270,996
Investment income, net		7,900,211			2,974,188			(3,715	)		10,870,684
Other income		87,976			84,875			-			172,851
		101,210,475			27,107,771			(3,715	)		128,314,531
Losses and expenses:
Losses and settlement expenses		55,093,127			15,329,707			-			70,422,834
Dividends to policyholders		1,736,076			-			-			1,736,076
Amortization of deferred policy acquisition costs		17,013,604			4,804,578			-			21,818,182
Other underwriting expenses		15,250,782			318,277			-			15,569,059
Interest expense		225,000			-			-			225,000
Other expenses		189,005			(72,000	)		343,003			460,008
		89,507,594			20,380,562			343,003			110,231,159
Operating income (loss) before income taxes		11,702,881			6,727,209			(346,718	)		18,083,372
Realized investment gains		278,297			135,106			-			413,403
Income (loss) before income taxes		11,981,178			6,862,315			(346,718	)		18,496,775
Income tax expense (benefit):
Current		1,700,558			1,465,173			(121,352	)		3,044,379
Deferred		1,834,958			619,517			-			2,454,475
		3,535,516			2,084,690			(121,352	)		5,498,854
Net income (loss)	$	8,445,662		$	4,777,625		$	(225,366	)	$	12,997,921
Average shares outstanding											12,893,673
Per Share Data:
Net income (loss) per share - basic and diluted	$	0.66		$	0.37		$	(0.02	)	$	1.01
(Increase) decrease in provision for insured events of prior years (after tax)	$	(0.16	)	$	0.15		$	-		$	(0.01	)
Catastrophe and storm losses (after tax)	$	(0.15	)	$	(0.26	)	$	-		$	(0.41	)
Dividends per share										$	0.21
Other Information of Interest:
Net written premiums	$	76,969,211		$	25,239,548		$	-		$	102,208,759
Increase (decrease) in provision for insured events of prior years	$	3,170,644		$	(2,912,511	)	$	-		$	258,133
Catastrophe and storm losses	$	2,877,749		$	5,207,920		$	-		$	8,085,669
GAAP Combined Ratio:
Loss ratio		59.1	%		63.7	%		-			60.1	%
Expense ratio		36.5	%		21.3	%		-			33.3	%
		95.6	%		85.0	%		-			93.4	%

CONSOLIDATED STATEMENTS OF INCOME                                                                                                                                                

	Property and
	Casualty						Parent
Quarter Ended December 31, 2011 (as adjusted)*	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	83,660,958		$	28,106,755		$	-		$	111,767,713
Investment income, net		8,212,872			3,017,858			(2,759	)		11,227,971
Other income		152,332			37,308			-			189,640
		92,026,162			31,161,921			(2,759	)		123,185,324
Losses and expenses:
Losses and settlement expenses		57,132,128			19,341,265			-			76,473,393
Dividends to policyholders		1,174,194			-			-			1,174,194
Amortization of deferred policy acquisition costs		15,007,198			5,968,430			-			20,975,628
Other underwriting expenses		12,586,443			354,006			-			12,940,449
Interest expense		225,000			-			-			225,000
Other expenses		214,875			(6,078	)		332,382			541,179
		86,339,838			25,657,623			332,382			112,329,843
Operating income (loss) before income taxes		5,686,324			5,504,298			(335,141	)		10,855,481
Realized investment gains		2,036,893			829,642			-			2,866,535
Income (loss) before income taxes		7,723,217			6,333,940			(335,141	)		13,722,016
Income tax expense (benefit):
Current		(1,397,937	)		1,743,848			(117,301	)		228,610
Deferred		3,336,661			157,361			-			3,494,022
		1,938,724			1,901,209			(117,301	)		3,722,632
Net income (loss)	$	5,784,493		$	4,432,731		$	(217,840	)	$	9,999,384
Average shares outstanding											12,870,862
Per Share Data:
Net income (loss) per share - basic and diluted	$	0.45		$	0.35		$	(0.02	)	$	0.78
Decrease in provision for insured events of prior years (after tax)	$	0.14		$	0.44		$	-		$	0.58
Catastrophe and storm losses (after tax)	$	(0.01	)	$	(0.17	)	$	-		$	(0.18	)
Dividends per share										$	0.20
Other Information of Interest:
Net written premiums	$	69,460,236		$	28,212,718		$	-		$	97,672,954
Decrease in provision for insured events of prior years	$	(2,659,359	)	$	(8,730,979	)	$	-		$	(11,390,338	)
Catastrophe and storm losses	$	147,895		$	3,347,038		$	-		$	3,494,933
GAAP Combined Ratio:
Loss ratio		68.3	%		68.8	%		-			68.4	%
Expense ratio		34.4	%		22.5	%		-			31.4	%
		102.7	%		91.3	%		-			99.8	%

*Amounts adjusted, where applicable, for new accounting guidance regarding deferrable acquisition costs (effective January 1, 2012).

CONSOLIDATED STATEMENTS OF INCOME

	Property and
	Casualty						Parent
Year Ended December 31, 2012	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	357,138,686		$	101,707,313		$	-		$	458,845,999
Investment income, net		32,214,705			11,940,123			(9,754	)		44,145,074
Other income		774,210			85,216			-			859,426
		390,127,601			113,732,652			(9,754	)		503,850,499
Losses and expenses:
Losses and settlement expenses		233,892,280			69,495,435			-			303,387,715
Dividends to policyholders		8,630,580			-			-			8,630,580
Amortization of deferred policy acquisition costs		63,640,886			20,633,887			-			84,274,773
Other underwriting expenses		59,182,195			1,736,396			-			60,918,591
Interest expense		900,000			-			-			900,000
Other expenses		798,046			24,829			1,299,379			2,122,254
		367,043,987			91,890,547			1,299,379			460,233,913
Operating income (loss) before income taxes		23,083,614			21,842,105			(1,309,133	)		43,616,586
Realized investment gains		7,347,944			669,084			-			8,017,028
Income (loss) before income taxes		30,431,558			22,511,189			(1,309,133	)		51,633,614
Income tax expense (benefit):
Current		7,060,964			4,995,795			(462,178	)		11,594,581
Deferred		573,326			1,499,278			-			2,072,604
		7,634,290			6,495,073			(462,178	)		13,667,185
Net Income (loss)	$	22,797,268		$	16,016,116		$	(846,955	)	$	37,966,429
Average shares outstanding											12,886,667
Per Share Data:
Net income (loss) per share - basic and diluted	$	1.77		$	1.24		$	(0.06	)	$	2.95
Decrease in provision for insured events of prior years (after tax)	$	0.66		$	0.64		$	-		$	1.30
Catastrophe and storm losses (after tax)	$	(1.74	)	$	(0.96	)	$	-		$	(2.70	)
Dividends per share										$	0.81
Book value per share										$	31.08
Effective tax rate											26.5	%
Net income as a percent of beg. SH equity											10.8	%
Other Information of Interest:
Net written premiums	$	371,235,457		$	107,246,028		$	-		$	478,481,485
Decrease in provision for insured events of prior years	$	(13,056,836	)	$	(12,675,669	)	$	-		$	(25,732,505	)
Catastrophe and storm losses	$	34,372,205		$	19,087,407		$	-		$	53,459,612
GAAP Combined Ratio:
Loss ratio		65.5	%		68.3	%		-			66.1	%
Expense ratio		36.8	%		22.0	%		-			33.5	%
		102.3	%		90.3	%		-			99.6	%

CONSOLIDATED STATEMENTS OF INCOME

	Property and
	Casualty						Parent
Year Ended December 31, 2011 (as adjusted)*	Insurance			Reinsurance			Company			Consolidated
Revenues:
Premiums earned	$	321,649,215		$	94,753,098		$	-		$	416,402,313
Investment income, net		33,718,436			12,395,350			(2,861	)		46,110,925
Other income		790,802			37,308			-			828,110
		356,158,453			107,185,756			(2,861	)		463,341,348
Losses and expenses:
Losses and settlement expenses		251,449,247			91,525,190			-			342,974,437
Dividends to policyholders		5,255,568			-			-			5,255,568
Amortization of deferred policy acquisition costs		57,548,814			19,769,243			-			77,318,057
Other underwriting expenses		53,783,546			731,896			-			54,515,442
Interest expense		900,000			-			-			900,000
Other expenses		750,675			591,850			1,330,129			2,672,654
		369,687,850			112,618,179			1,330,129			483,636,158
Operating loss before income taxes		(13,529,397	)		(5,432,423	)		(1,332,990	)		(20,294,810	)
Realized investment gains		6,970,028			2,333,265			-			9,303,293
Loss before income taxes		(6,559,369	)		(3,099,158	)		(1,332,990	)		(10,991,517	)
Income tax expense (benefit):
Current		(7,960,371	)		(1,391,340	)		(466,548	)		(9,818,259	)
Deferred		2,510,548			(946,527	)		-			1,564,021
		(5,449,823	)		(2,337,867	)		(466,548	)		(8,254,238	)
Net loss	$	(1,109,546	)	$	(761,291	)	$	(866,442	)	$	(2,737,279	)
Average shares outstanding											12,912,718
Per Share Data:
Net loss per share - basic and diluted	$	(0.08	)	$	(0.06	)	$	(0.07	)	$	(0.21	)
Decrease in provision for insured events of prior years (after tax)	$	1.01		$	0.66		$	-		$	1.67
Catastrophe and storm losses (after tax)	$	(2.64	)	$	(1.40	)	$	-		$	(4.04	)
Dividends per share										$	0.77
Book value per share										$	27.37
Effective tax rate											75.1	%
Net loss as a percent of beg. SH equity											(.8	)%
Other Information of Interest:
Net written premiums	$	333,294,142		$	96,493,350		$	-		$	429,787,492
Decrease in provision for insured events of prior years	$	(20,162,952	)	$	(12,936,231	)	$	-		$	(33,099,183	)
Catastrophe and storm losses	$	52,447,963		$	27,882,541		$	-		$	80,330,504
GAAP Combined Ratio:
Loss ratio		78.2	%		96.6	%		-			82.4	%
Expense ratio		36.2	%		21.6	%		-			32.9	%
		114.4	%		118.2	%		-			115.3	%

*Amounts adjusted, where applicable, for new accounting guidance regarding deferrable acquisition costs (effective January 1, 2012).

CONSOLIDATED BALANCE SHEETS

	December 31,			December 31,
	2012				2011*
ASSETS
Investments:
Fixed maturity securities available-for-sale, at fair value (amortized cost $920,843,939 and $899,939,616)	$	999,794,857		$	958,203,576
Equity securities available-for-sale, at fair value (cost $111,851,963 and $90,866,131)		140,293,825			111,300,053
Other long-term investments		863,257			14,527
Short-term investments		53,418,914			42,628,926
Total investments		1,194,370,853			1,112,147,082
Cash		330,392			255,042
Reinsurance receivables due from affiliate		34,277,728			39,517,108
Prepaid reinsurance premiums due from affiliate		5,195,892			9,378,026
Deferred policy acquisition costs (all affiliated)		34,425,593			30,849,717
Prepaid pension benefits due from affiliate		1,413,104			-
Accrued investment income		9,938,714			10,256,499
Accounts receivable		2,390,955			1,644,782
Income taxes recoverable		1,588,089			9,670,459
Deferred income taxes		-			6,710,919
Goodwill		941,586			941,586
Other assets (affiliated $5,760,369 and $2,584,111)		5,836,200			2,659,942
Total assets	$	1,290,709,106		$	1,224,031,162
LIABILITIES
Losses and settlement expenses (affiliated $577,476,988 and $588,846,586)	$	583,096,965		$	593,300,247
Unearned premiums (all affiliated)		196,215,465			180,689,377
Other policyholders' funds (all affiliated)		6,055,111			5,061,160
Surplus notes payable to affiliate		25,000,000			25,000,000
Amounts due affiliate to settle inter-company transaction balances		19,127,010			21,033,627
Pension and postretirement benefits payable to affiliate		30,714,633			29,671,835
Deferred income taxes		6,352,690			-
Other liabilities (affiliated $22,794,304 and $16,744,447)		22,938,068			16,934,321
Total liabilities		889,499,942			871,690,567
STOCKHOLDERS' EQUITY
Common stock, $1 par value, authorized 20,000,000 shares; issued and outstanding, 12,909,457 shares in 2012 and 12,875,591 shares in 2011		12,909,457			12,875,591
Additional paid-in capital		89,205,881			88,310,632
Accumulated other comprehensive income (loss):
Net unrealized gains on investments		69,805,305			51,153,622
Unrecognized pension and postretirement benefit obligations (all affiliated)		(22,052,930	)		(23,813,112	)
Total accumulated other comprehensive income		47,752,375			27,340,510
Retained earnings		251,341,451			223,813,862
Total stockholders' equity		401,209,164			352,340,595
Total liabilities and stockholders' equity	$	1,290,709,106		$	1,224,031,162

*  Prior year amounts adjusted, where applicable, for new accounting guidance regarding deferrable acquisition costs (effective January 1, 2012).

INVESTMENTS

The Company had total cash and invested assets with carrying values of $1.2 billion and $1.1 billion as of December 31, 2012 and December 31, 2011, respectively.  The following table summarizes the Company's cash and invested assets as of the dates indicated:

	December 31, 2012
					Percent of
	Amortized		Fair		Total			Carrying
($ in thousands)	Cost		Value		Fair Value			Value
Fixed maturity securities available-for-sale	$	920,844	$	999,795		83.7	%	$	999,795
Equity securities available-for-sale		111,852		140,294		11.8	%		140,294
Cash		330		330		-			330
Short-term investments		53,419		53,419		4.5	%		53,419
Other long-term investments		863		863		-			863
	$	1,087,308	$	1,194,701		100.0	%	$	1,194,701

	December 31, 2011
					Percent of
	Amortized		Fair		Total			Carrying
($ in thousands)	Cost		Value		Fair Value			Value
Fixed maturity securities available-for-sale	$	899,940	$	958,204		86.1	%	$	958,204
Equity securities available-for-sale		90,866		111,300		10.0	%		111,300
Cash		255		255		-			255
Short-term investments		42,629		42,629		3.9	%		42,629
Other long-term investments		14		14		-			14
	$	1,033,704	$	1,112,402		100.0	%	$	1,112,402

NET WRITTEN PREMIUMS

	Three Months Ended						Year Ended
	December 31, 2012						December 31, 2012
				Percent of						Percent of
	Percent of			Increase/(Decrease)			Percent of			Increase/(Decrease)
	Net Written			in Net Written			Net Written			in Net Written
	Premiums			Premiums			Premiums			Premiums
Property and Casualty Insurance
Commercial Lines:
Automobile		17.1	%		17.4	%		16.8	%		15.9	%
Liability		14.9	%		14.8	%		15.1	%		15.0	%
Property		17.0	%		16.4	%		17.1	%		13.5	%
Workers' Compensation		13.5	%		9.6	%		16.3	%		10.4	%
Other		1.6	%		0.6	%		1.6	%		(0.4	)%
Total Commercial Lines		64.1	%		14.4	%		66.9	%		13.3	%
Personal Lines:
Automobile		6.4	%		(6.0	)%		5.9	%		(0.7	)%
Property		4.7	%		(6.1	)%		4.7	%		2.7	%
Liability		0.1	%		8.3	%		0.1	%		13.4	%
Total Personal Lines		11.2	%		(5.9	)%		10.7	%		0.9	%
Total Property and Casualty Insurance		75.3	%		10.8	%		77.6	%		11.4	%
Reinsurance (1) (2)		24.7	%		(10.5	)%		22.4	%		12.2	%
Total		100.0	%		4.6	%		100.0	%		11.6	%

(1)  Percentages for the year ended December 31, 2012 include $3,065,279 negative portfolio adjustment related to the January 1, 2012 cancellation of a large pro rata account.

(2) Percent increase for the year ended December 31, 2012 excludes $920,597 positive portfolio adjustment related to the January 1, 2011 increased participation in the MRB pool.