Document:

Employers Mutual Companies Reinsurance Pooling Agreement

 Exhibit 10.3 
  
 EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 
 BETWEEN 
 EMPLOYERS MUTUAL CASUALTY COMPANY 
 AND 
 CERTAIN OF ITS AFFILIATED COMPANIES 
 REWRITTEN EFFECTIVE JANUARY 1, 1987 
 REINSURANCE POOLING AGREEMENT 
  
 This Agreement made by and between Employers Mutual Casualty Company and
certain of its affiliated or subsidiary companies such as are signatory hereto by means of exhibits setting forth the interests and liabilities of the parties, attached hereto and made a part of this Agreement. Employers Mutual Casualty Company is
hereinafter referred to as “EMC”, and the other companies signatory hereto are hereinafter referred to as the “Affiliated Companies” or as the “Affiliated Company”, as the context requires. 
  
 EMC and each Affiliated Company signatory to the Pooling Agreement agree to
honor the terms set forth herein as if this Agreement were solely between EMC and each such Affiliated Company. Balances payable to or recoverable from EMC and any such Affiliated Company shall not serve to offset any balances payable to or
recoverable from any other Affiliated Company signatory to this Agreement. Reports and remittances between EMC and each Affiliated Company shall be in sufficient detail to identify the individual premium and loss obligation of each party to the
other. 
  
 ARTICLE I 
  
 The Companies are engaged in the insurance business and maintain a mutual
business relationship having certain incidents of common management, and desire to bring about for each other added economies of operation, uniform underwriting results, diversification as respects the classes of insurance business written, and
maximization of capacity. To accomplish the aforesaid, the Companies do by means of this Agreement, pool all of their insurance business then in force as of 12:01 A.M. of the date signatory hereto, and thereafter to share in the fortunes of their
pooled insurance business. 
  
 ARTICLE II 

 
 EMC hereby reinsures and the Affiliated Company hereby cedes and transfers
to EMC all liabilities incurred under or in connections with all contracts and policies of insurance issued by the Affiliated Company outstanding and in force as of 12:01 A.M. of the date signatory hereto, or thereafter issued by it. Such
liabilities shall include the Affiliated Company’s reserves for unearned premiums, outstanding losses and loss expenses (including unreported losses) and all other underwriting and administrative expenses as evidenced by the Affiliated
Company’s books and records, but shall not include inter-company balances, liabilities for Corporate Taxes including Federal or State Income Taxes, or liabilities incurred in connection with their respective investment transactions. 

 
 ARTICLE III 
  
 The Affiliated Company hereby assigns and transfers to EMC all right, title
and interest in and to reinsurance outstanding and in force with respect to the liabilities reinsured by EMC under Article II hereof. 
  

 ARTICLE IV 
  
 The Affiliated Company assigns and transfers to EMC amounts equal to the aggregate of all of its liabilities reinsured by
EMC under Article II hereof, less a commission allowance equal to the prepaid expenses of the Affiliated Company but not in excess of 40 percent of the Affiliated Company’s combined ratio on a trade basis. Prepaid expenses is defined as those
expenses records in column 2, part 4, of the Underwriting and Expense Exhibit of the Affiliated Company’s convention statement. The trade combined ratio is the ratio of loss and loss adjustment expense to earned premium, plus the ratio of
underwriting expenses to premiums written. 
  
 ARTICLE V

  
 The Affiliated Company hereby reinsures, and EMC hereby
cedes and transfers to the Affiliated Company a portion of its net liabilities under all contracts and policies of insurance (including those reinsured by EMC under Article II hereof) on which EMC is subject to liability and which are outstanding
and in force as of 12:01 A.M. of the date signatory hereto, or are issued thereafter, in accordance with the exhibit attached hereto to which the Affiliated Company is a signatory party. Such liabilities shall include reserves for unearned premiums,
outstanding losses and loss expenses (including unreported losses) and all other underwriting and administrative expenses, but shall not include inter-company balances, liabilities for Corporate Taxes including Federal or State Income Taxes, or
liabilities in connection with investment transactions. 
  
 ARTICLE VI 
  
 EMC hereby assigns and
transfers to the Affiliated Company amounts equal to the aggregate of all liabilities of EMC reinsured by the Affiliated Company under contracts and policies of insurance which are outstanding and in force as of 12:01 A.M. of the date signatory
hereto under Article V hereof, less a commission allowance equal to the prepaid expenses of EMC but not in excess of 40 percent of EMC’s combined ratio on a trade basis. Prepaid expenses is defined as those expenses recorded in column 2, part
4, of the Underwriting and Expense Exhibit of EMC’s convention statement. The trade combined ratio is the ratio of loss and loss adjustment expense to earned premium, plus the ratio of underwriting expenses to premiums written. 
  
 ARTICLE VII 
  
 EMC agrees to pay to the Affiliated Company it respective participation of
all premiums written by the companies after first deducting premiums on all reinsurance ceded to reinsurers (other than the parties hereto). Similarly, it is further agreed that all losses, loss expense and other underwriting and administrative
expenses (with the exceptions noted in Articles II and V hereof) of the companies, less all losses and expense recovered and recoverable under reinsurance ceded to reinsurers (other than the parties hereto), shall be pro-rated between the parties on
the basis of their respective participation as reflected in the aforesaid exhibit. 
  

 ARTICLE VIII 
  
 The obligation of the companies under this Agreement to exchange reinsurance between themselves may be offset by reciprocal
obligation so that the net amount only shall be required to be transferred, except no offset shall be valid under circumstances prohibited by Section 7472, New York Insurance Laws. An accounting on all transactions shall be rendered quarterly, and
the settling of balances shall be made within 30 days after the rendering of the quarterly reports. Except as otherwise required by the context of this Agreement, the amount of all payments between the companies under this Agreement shall be
determined on the basis of the convention form of annual statements of the companies. Notwithstanding anything herein contained, this Agreement shall not apply to the investment operations of the companies. 
  
 ARTICLE IX 
  
 The conditions of reinsurance hereunder shall in all cases be identical with
the conditions of the original insurance or as changed during the term of insurance. 
  
 ARTICLE X 
  
 This
Agreement is a continuing one and is unlimited as to duration but may be terminated upon mutual consent or by 30 day prior written notice by either party. 
  
 ARTICLE XI 
  
 Each of the companies hereto, as the assuming insurer, hereby agrees that all reinsurance made, ceded, renewed or otherwise becoming effective under this
Agreement shall be payable by the assuming insurer on the basis of the liability of the ceding insurer under the policy or contract reinsured without diminution because of insolvency of the ceding insurer; provided that such reinsurance shall be
payable directly to the ceding insurer or to its liquidator, receiver or other statutory successor, except as provided by Section 4118 of New York Insurance Law or except (a) where the contract specifically provides another payee for such
reinsurance in the event of the insolvency of the ceding insurer and (b) where the assuming insurer, with consent of the direct insured or insureds, has assumed such policy obligations of the ceding insurer as direct obligations of the assuming
insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to such payee; and further provided that the liquidator, receiver or statutory successor of the ceding insurer shall give written notice of the
pendency of any claim against the insolvent ceding insurer on the policy or contract reinsured within a reasonable time after such claim; and the assuming insurer may investigate such claim and interpose, at its own expense, in the proceeding where
such claim is to be adjudicated any defense or defenses which it may deem available to the ceding insurer or it liquidator, receiver or statutory successor, the expense thus incurred by the assuming insurer to be chargeable, subject to court
approval against the insolvent ceding insurer as part of the expense of liquidation to the extent of proportionate share of the benefit which may accrue to the ceding insurer solely as a result of the defense undertaken by the assuming insurer.

  
 ARTICLE XII 
  
 Each party shall allow the other party to inspect, at reasonable times, the
records of the Company relevant to the business reinsured under this Agreement, including files concerning claims, losses, or legal proceedings which involve or are likely to involve the other party. 
  

 ARTICLE XIII 
  

	A.	As a condition precedent to any right of action hereunder, any dispute arising out of this Agreement shall be submitted to the decision of a board of arbitration composed of two
arbitrators and an umpire, meeting in Des Moines, Iowa, unless otherwise agreed. 

  

	B.	The members of the board of arbitration shall be active or retired disinterested officials of insurance or reinsurance companies. Each party shall appoint its arbitrator and the two
arbitrators shall choose an umpire before instituting the hearing. If the respondent fails to appoint its arbitrator within four weeks after being requested to do so by the claimant, the latter shall also appoint the second arbitrator. If the two
arbitrators fail to agree upon the appointment of an umpire within four weeks after their nominations, each of them shall name three, of whom the other shall decline two and the decision shall be made by drawing lots. 

  

	C.	The claimant shall submit its initial brief within 20 days from appointment of the umpire. The respondent shall submit its brief within 20 days after receipt of the claimant’s
brief and the claimant may submit a reply brief within 10 days after receipt of the respondent’s brief. 

  

	D.	The board shall make its decision with regard to the custom and usage of the insurance and reinsurance business. The board shall issue its decision in writing based upon a hearing
in which evidence may be introduced without following strict rules of evidence but in which cross examination and rebuttal shall be allowed. The board shall make its decision within 60 days following the termination of the hearings unless the
parties consent to an extension. The majority decision of the board shall be final and binding upon all parties to the proceeding. Judgment may be entered upon the award of the board in any court having jurisdiction thereof.

  

	E.	Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the expense of the umpire. The remaining costs of the arbitration
proceedings shall be allocated by the board. 

  
 ARTICLE XIV 
  
 By execution of this
Agreement, the parties hereto simultaneously terminate any and all reinsurance agreements by and between them heretofore existing, upon the understanding that this Agreement shall supersede and exist in substitution for any such prior agreements.

  
 Executed by the parties hereto the day and year as reflected
in the exhibit attached hereto. 
  

 ADDENDUM #I TO 
 EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
 BETWEEN 
 EMPLOYERS MUTUAL CASUALTY
COMPANY 
 AND 
 CERTAIN OF ITS AFFILIATED COMPANIES 
  
 This Pooling Agreement is
amended by adding Article XV thereto, with effect from January 1, 1993, as follows: 
  
 ARTICLE XV 
  
 Notwithstanding the wording of this Agreement as contained in Articles II through VIII, it is agreed and understood that the voluntary reinsurance assumed business written by EMC and heretofore ceded to the Affiliated Companies under this
Pooling Agreement, is hereafter not “contracts and policies of insurance” as used in this agreement, and is not business subject to cession and transfer by EMC to the Affiliated Companies. 
  
 On January 1, 1993, EMC and the Affiliated Companies shall make such asset and reserve
transfers as are required to give effect to the provisions of this Article XV. 
  
 This Pooling Agreement is further amended by substituting “EMC Insurance Companies” for “Employers Mutual Companies” wherever it appears, consistent with and pursuant to action of the Board of Directors effecting this
name change. 
  

 ADDENDUM #II TO 
 EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
 BETWEEN 
 EMPLOYERS MUTUAL CASUALTY
COMPANY 
 AND 
 CERTAIN OF ITS AFFILIATED COMPANIES 
  
 This EMC Insurance
Companies Reinsurance Pooling Agreement, rewritten effective January 1, 1987, including all Exhibits attached thereto, and as previously amended, is further amended by adding thereto: 
  
 ARTICLE XVI 
  
 This Agreement, including its attached Addenda, Exhibits, Endorsements and the Amendments thereto, constitutes the entire agreement between the parties
hereto, and there are no other oral or written agreements, understandings or undertakings with respect to the subject matter hereof not expressed in this Agreement and its Addenda, Exhibits, Endorsements and the Amendments thereto. 
  
 Executed this 24th day of July, 1998. 
  

									
	EMPLOYERS MUTUAL CASUALTY COMPANY	 	 	 	FARM AND CITY INSURANCE COMPANY
					
	By	 	 /s/ Bruce G. Kelley
	 	 	 	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its President, Treasurer & CEO
	 	 	 	 	 	 Bruce G. Kelley
 Its Chairman, Treasurer & CEO

			
	AMERICAN LIBERTY INSURANCE COMPANY	 	 	 	THE HAMILTON MUTUAL INSURANCE COMPANY OF CINCINNATI, OHIO
					
	 By
	 	 /s/ Bruce G. Kelley
	 	 	 	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman & CEO
	 	 	 	 	 	 Bruce G. Kelley
 Its Chairman & CEO

			
	DAKOTA FIRE INSURANCE COMPANY	 	 	 	ILLINOIS EMCASCO INSURANCE COMPANY
					
	 By
	 	 /s/ Bruce G. Kelley
	 	 	 	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman & CEO
	 	 	 	 	 	 Bruce G. Kelley
 Its Chairman

			
	EMCASCO INSURANCE COMPANY	 	 	 	UNION INSURANCE COMPANY OF PROVIDENCE
					
	 By
	 	 /s/ Bruce G. Kelley
	 	 	 	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman, President, Treasurer & CEO
	 	 	 	 	 	 Bruce G. Kelley
 Its Chairman, Treasurer & CEO

  

 ADDENDUM #III TO 
 EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
 BETWEEN 
 EMPLOYERS MUTUAL CASUALTY
COMPANY 
 AND 
 CERTAIN OF ITS AFFILIATED COMPANIES 
  
 This EMC Insurance
Companies Reinsurance Pooling Agreement, rewritten effective January 1, 1987, including all Exhibits attached thereto, and as previously amended (the “Pooling Agreement”), is further amended by substituting “Union Insurance Company of
Providence” for “Union Mutual Insurance Company of Providence” wherever it appears, consistent with and pursuant to actions of the Board of Directors of such Affiliated Company effecting that name change, with the effective date of
such name change being March 17, 1994. 
  
 This Pooling Agreement
is further amended by substituting “EMC Property & Casualty Company” for “American Liberty Insurance Company” wherever it appears, consistent with and pursuant to actions of the Board of Directors of such Affiliated Company
effecting that name change, with the effective date of such name change being January 1, 1999. 
  
 Executed this 19th day of January, 1999. 
  

			
	 EMPLOYERS MUTUAL CASUALTY COMPANY

		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its President, Treasurer & CEO

	
	 DAKOTA FIRE INSURANCE COMPANY

		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman & CEO

	
	 EMC PROPERTY & CASUALTY COMPANY
 (f/k/a American Liberty Insurance Company)

		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman & CEO

	
	 EMCASCO INSURANCE COMPANY

		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman, President, Treasurer & CEO

	
	 FARM AND CITY INSURANCE COMPANY

		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman, Treasurer & CEO

	
	THE HAMILTON MUTUAL INSURANCE COMPANY OF CINCINNATI, OHIO
		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Vice Chairman & CEO

  

			
	 ILLINOIS EMCASCO INSURANCE COMPANY

		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman

	
	 UNION INSURANCE COMPANY OF PROVIDENCE
 (f/k/a Union Mutual Insurance Company of Providence)

		
	 By
	 	 /s/ Bruce G. Kelley

	 	 	 Bruce G. Kelley
 Its Chairman, Treasurer & CEO

  

 ADDENDUM #IV TO 
 EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
 BETWEEN 
 EMPLOYERS MUTUAL CASUALTY
COMPANY 
 AND 
 CERTAIN OF ITS AFFILIATED COMPANIES 
  
 This EMC Insurance
Companies Reinsurance Pooling Agreement, rewritten effective January 1, 1987, including all Exhibits attached thereto, and as previously amended, is further amended by adding thereto: 
  
 ARTICLE XVII 
  
 Notwithstanding the wording of this Agreement as contained in Articles II through VIII, it is agreed and understood that EMC is responsible for the
accuracy of the amounts produced by its various systems and computational processes and utilized in the preparation of the financial statements of the Affiliated Companies. In the event the amounts produced by EMC’s systems and/or computational
processes, and relied upon by both EMC and the Affiliated Companies in implementing this Agreement, subsequently prove to be inaccurate or overstated to the extent that a restatement of the financial statements of one or more of the Affiliated
Companies would otherwise be required, EMC hereby guarantees to make up the shortfall or difference resulting from such error(s) in its systems and/or computational processes so that no such restatement of the financial statement of any Affiliated
Company is required. 
  
 Executed this 8th day of March, 2004 but retroactively effective to December 31, 2003. 
  

									
	Employers Mutual Casualty Company	 	 	 	Farm and City Insurance Company
					
	By:	 	 /s/ Bruce G. Kelley
	 	 	 	By:	 	 /s/ Robert C. Morlan

	 	 	 Bruce G. Kelley,
 Its President & CEO
	 	 	 	 	 	 Robert C. Morlan,
 Its President & COO

			
	Dakota Fire Insurance Company	 	 	 	The Hamilton Mutual Insurance Company Of Cincinnati, Ohio
					
	By:	 	 /s/ William A. Murray
	 	 	 	By:	 	 /s/ William A. Murray

	 	 	 William A. Murray,
 Its Executive Vice President
	 	 	 	 	 	 William A. Murray,
 Its Executive Vice President

			
	EMC Property & Casualty Company	 	 	 	Illinois EMCASCO Insurance Company
					
	By:	 	 /s/ William A. Murray
	 	 	 	By:	 	 /s/ William A Murray

	 	 	 William A. Murray,
 Its Executive Vice President & COO
	 	 	 	 	 	 William A. Murray,
 Its Vice President and COO

			
	EMCASCO Insurance Company	 	 	 	Union Insurance Company of Providence
					
	By:	 	 /s/ William A. Murray
	 	 	 	By:	 	 /s/ William A. Murray

	 	 	 William A. Murray,
 Its Executive Vice President & COO
	 	 	 	 	 	 William A. Murray,
 Its Vice Chairman & Executive Vice President

  

 ADDENDUM #V TO 
 EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
 BETWEEN 
 EMPLOYERS MUTUAL CASUALTY
COMPANY 
 AND 
 CERTAIN OF ITS AFFILIATED COMPANIES 
  
 This EMC
Insurance Companies Reinsurance Pooling Agreement, rewritten effective January 1, 1987, including all Exhibits attached thereto, and as previously amended, is further amended by deleting Article X in its entirety and substituting therefor the
following: 
  
 ARTICLE X 
  
 This Agreement shall be for a fixed term of three (3) years, and shall not be
terminated or further amended prior to December 31, 2007 (the “Initial Term”), absent the occurrence of a material event not in the ordinary course of business that could reasonably be expected to impact the appropriateness of the
percentage allocations of EMC’s net liabilities pursuant to Article V of this Agreement, such as the sale, dissolution or suspension of business of an Affiliated Company, or the acquisition by (or affiliation with) EMC of a subsidiary or
affiliated company which desires to become a signatory to the Agreement; provided, however, that this Agreement shall be deemed to automatically renew at the end of the Initial Term for an additional term of three (3) years, and every three (3)
years thereafter indefinitely (each such term being a “Renewal Term”), without any action by EMC or any Affiliated Company; provided further, however, that during a Renewal Term EMC or any Affiliated Company may terminate its participation
in the Agreement effective January 1st of any year by providing at least ninety (90) days written notice to EMC and
to each Affiliated Company of such company’s intent to terminate its participation in the Agreement. 
  
 Executed this          day of
                    , 2004, but effective January 1, 2005. 
  

			
	Employers Mutual Casualty Company
		
	 By:
	 	 
	 	 	 Bruce G. Kelley,
 Its President and
CEO

	
	Dakota Fire Insurance Company
		
	 By:
	 	 
	 	 	 William A. Murray,
 Its Executive Vice
President

  
 Page 1 of 2

			
	EMC Property & Casualty Company
		
	 By:
	 	 
	 	 	 William A. Murray,
 Its Executive Vice President &
COO

	
	EMCASCO Insurance Company
		
	 By:
	 	 
	 	 	 William A. Murray,
 Its Executive Vice President &
COO

	
	Farm and City Insurance Company
		
	 By:
	 	 
	 	 	 Robert C. Morlan,
 Its President &
COO

	
	The Hamilton Mutual Insurance Company of Cincinnati, Ohio
		
	 By:
	 	 
	 	 	 William A. Murray,
 Its Executive Vice
President

	
	Illinois EMCASCO Insurance Company
		
	 By:
	 	 
	 	 	 William A. Murray,
 Its Vice President and COO

	
	Union Insurance Company of Providence
		
	 By:
	 	 
	 	 	 William A. Murray,
 Its Vice Chairman & Executive
Vice President

  
 Page 2 of 2

 INTEREST AND LIABILITIES EXHIBIT # I 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 

 
 In consideration of the covenants and agreements as reflected in the
Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts
reinsurance thereon, 2.5% of EMC’s net liabilities, pursuant to Article V, effective January 1, 1987. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the date of this Addendum, as
follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	3.0	%
	 EMCASCO Insurance Company
	  	8.0	%
	 Illinois EMCASCO Insurance Company
	  	6.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	24.5	%
	 EMC’s Net Retained Portions
 of its Net Liabilities is
	  	75.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the
parties hereto this 25th day of November, 1986. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	/s/ Richard E. Haskins
	
	Union Mutual Insurance Company of Providence
		
	By:	 	/s/ Robb B. Kelley

 AMENDMENT # I TO 
 INTEREST AND LIABILITIES EXHIBIT # I 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1992. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	29.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	70.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the
parties hereto this 20th day of December, 1991. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	/s/ Richard E. Haskins
	
	Union Mutual Insurance Company of Providence
		
	By:	 	/s/ Bruce G. Kelley

 AMENDMENT #II TO 
 INTERESTS AND LIABILITY EXHIBIT I 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements as reflected in Addendum #I to the Reinsurance Pooling Agreement to which this Exhibit is attached, EMC
and the affiliated company which is signatory to this Exhibit each do hereby ratify Addendum #I as a part of the Pooling Agreement effective from January 1, 1993. 
  
 Executed by the parties this 23rd day of December, 1992. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	/s/ Bruce G. Kelley
	
	Union Mutual Insurance Company of Providence
		
	By:	 	/s/ Fred A. Schiek

 AMENDMENT #III TO 
 INTEREST AND LIABILITIES EXHIBIT #I 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1997. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
26th day of March, 1997. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	/s/ Bruce G. Kelley        
	 Print Name and Title: Bruce G. Kelley

	 	 	                               President, Treasurer and CEO

	
	 Union Insurance Company of Providence

		
	By:	 	/s/ Fred A. Schiek        
	 Print Name and Title: Fred A. Schiek

	 	 	                               Vice Chairman and Executive V.P.

 AMENDMENT #IV TO 
 INTEREST AND LIABILITIES EXHIBIT #I 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1998. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

			
	 American Liberty Insurance Company
	  	3.5%
	 Dakota Fire Insurance Company
	  	5.0%
	 EMCASCO Insurance Company
	  	9.0%
	 Farm and City Insurance Company
	  	1.5%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0%
	 Illinois EMCASCO Insurance Company
	  	8.0%
	 Union Insurance Company of Providence
	  	2.5%
	 	  	

	 	  	34.5%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5%
	 	  	

	 	  	100.0%

  
 Executed by the
parties hereto this 15th day of January, 1998. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

			
	 Print Name and Title:
	 	 Bruce G. Kelley
 President and CEO

  

			
	 Union Insurance Company of Providence

		
	By:	 	 /s/ Ronald W. Jean

					
	 Print Name and Title:
	 	 Ronald W. Jean
 Vice President and Actuary

 AMENDMENT #V TO 
 INTEREST AND LIABILITIES EXHIBIT #I 
 TO THE EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 2005. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 Dakota Fire Insurance Company
	  	6.5	%
	 EMC Property & Casualty Company
	  	3.5	%
	 EMCASCO Insurance Company
	  	12.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	10.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	41.0	%
	 EMC’s Net Retained Portion of its Net Liabilities is:
	  	59.0	%
	 	  	
	

	 	  	100.0	%

  
 Executed this
     day of                     , 2004, but effective January 1, 2005. 
  

									
	Employers Mutual Casualty Company	 	 	 	Union Insurance Company of Providence
					
	By: 	 	 	 	 	 	By: 	 	 
	 	 	(signature)	 	 	 	 	 	(signature)
					
	 	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	(Print Name and Title)	 	 	 	 	 	(Print Name and Title)

  

 INTEREST AND LIABILITIES EXHIBIT # II 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 

 
 In consideration of the covenants and agreements as reflected in the
Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts
reinsurance thereon, 3% of EMC’s net liabilities, pursuant to Article V, effective January 1, 1987. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the date of this Addendum, as
follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	3.0	%
	 EMCASCO Insurance Company
	  	8.0	%
	 Illinois EMCASCO Insurance Company
	  	6.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	24.5	%
	 EMC’s Net Retained Portions of its Net Liabilities is
	  	75.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
25th day of November, 1986. 
  

			
	 Employers Mutual Casualty Company

		
	 By:
	 	 /s/ Richard E. Haskins

  

			
	 Dakota Fire Insurance Company

		
	 By:
	 	 /s/ Robb B. Kelley

  

 AMENDMENT # I TO 
 INTEREST AND LIABILITIES EXHIBIT # II 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements as reflected in the Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC
and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts reinsurance thereon, 5% of EMC’s net liabilities, pursuant to Article V,
effective January 1, 1992. 
  
 The Affiliated Companies signatory
to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	29.5	%
	 EMC’s Net Retained Portions of its Net Liabilities is
	  	70.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
20th day of December, 1991. 
  

			
	 Employers Mutual Casualty Company

		
	 By:
	 	 /s/ Richard E. Haskins

  

			
	 Dakota Fire Insurance Company

		
	 By:
	 	 /s/ Bruce G. Kelley

  

 AMENDMENT #II TO INTERESTS AND LIABILITY EXHIBIT II 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration
of the covenants and agreements as reflected in Addendum #I to the Reinsurance Pooling Agreement to which this Exhibit is attached, EMC and the affiliated company which is signatory to this Exhibit each do hereby ratify Addendum #I as a part of the
Pooling Agreement effective from January 1, 1993. 
  
 Executed by
the parties this 23rd day of December, 1992. 
  

			
	 Employers Mutual Casualty Company

		
	 By:
	 	 /s/ Bruce G. Kelley

  

			
	 Dakota Fire Insurance Company

		
	 By:
	 	 /s/ Fred A. Schiek

  

 AMENDMENT #III TO 
 INTEREST AND LIABILITIES EXHIBIT #II 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1997. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the
parties hereto this 26th day of March, 1997. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	 /s/ Bruce G. Kelley

  

			
	Dakota Fire Insurance Company
		
	By:	 	 /s/ Fred A. Schiek

  

 AMENDMENT #IV TO 
 INTEREST AND LIABILITIES EXHIBIT #II 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1998. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	3.5	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company Of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
15th day of January, 1998. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	 /s/ Bruce G. Kelley

			
	 Print Name and Title:
	 	 Bruce G. Kelley

	 	 	 President and CEO

  

			
	Dakota Fire Insurance Company
		
	By:	 	 /s/ Ronald W. Jean

			
	 Print Name and Title:
	 	 Ronald W. Jean

	 	 	 Vice President and Actuary

  

 AMENDMENT #V TO 
 INTEREST AND LIABILITIES EXHIBIT #II 
 TO THE EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 2005. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 Dakota Fire Insurance Company
	  	6.5	%
	 EMC Property & Casualty Company
	  	3.5	%
	 EMCASCO Insurance Company
	  	12.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	10.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	41.0	%
	 EMC’s Net Retained Portion of its Net Liabilities is:
	  	59.0	%
	 	  	
	

	 	  	100.0	%

  
 Executed this
             day of                     , 2004, but effective January 1,
2005. 
  

									
	Employers Mutual Casualty Company	 	 	 	Dakota Fire Insurance Company
					
	By: 	 	 	 	 	 	By: 	 	 
	 	 	(signature)	 	 	 	 	 	(signature)
					
	 	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	(Print Name and Title)	 	 	 	 	 	(Print Name and Title)

  

 INTEREST AND LIABILITIES EXHIBIT #III 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 

 
 In consideration of the covenants and agreements as reflected in the
Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfer to the Affiliated Company, and the Affiliated Company hereby accepts
reinsurance thereon, 6% of EMC’s net liabilities, pursuant to Article V, effective January 1, 1987. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the date of this Addendum, as
follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	3.0	%
	 EMCASCO Insurance Company
	  	8.0	%
	 Illinois EMCASCO Insurance Company
	  	6.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	24.5	%
	 EMC’s Net Retained Portions of its Net Liabilities is
	  	75.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
25th day of November, 1986. 
  

			
	EMPLOYERS MUTUAL CASUALTY COMPANY
		
	By:	 	 /s/ Richard E. Haskins

  

			
	ILLINOIS EMCASCO INSURANCE COMPANY
		
	By:	 	 /s/ Robb B. Kelley

  

 AMENDMENT # I TO 
 INTEREST AND LIABILITIES EXHIBIT # III 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements as reflected in the Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC
and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts reinsurance thereon, 8% of EMC’s net liabilities, pursuant to Article V,
effective January 1, 1992. 
  
 The Affiliated Companies signatory
to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	29.5	%
	 EMC’s Net Retained Portions of its Net Liabilities is
	  	70.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
20th day of December, 1991. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	 /s/ Richard E. Haskins

  

			
	Illinois EMCASCO Insurance Company
		
	By:	 	 /s/ Bruce G. Kelley

  

 AMENDMENT #II TO INTERESTS AND LIABILITY EXHIBIT III 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration
of the covenants and agreements as reflected in Addendum #I to the Reinsurance Pooling Agreement to which this Exhibit is attached, EMC and the affiliated company which is signatory to this Exhibit each do hereby ratify Addendum #I as a part of the
Pooling Agreement effective from January 1, 1993. 
  
 Executed by
the parties this 23rd day of December, 1992. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	 /s/ Bruce G. Kelley

  

			
	Illinois EMCASCO Insurance Company
		
	By:	 	 /s/ Fred A. Schiek

  

 AMENDMENT #III TO 
 INTEREST AND LIABILITIES EXHIBIT #III 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1997. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the
parties hereto this 26th day of March, 1997. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	 /s/ Bruce G. Kelley

  

			
	Illinois EMCASCO Insurance Company
		
	By:	 	 /s/ Fred A. Schiek

  

 AMENDMENT #IV TO 
 INTEREST AND LIABILITIES EXHIBIT #III 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1998. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	3.5	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company Of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
15th day of January, 1998. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

  

			
	 Print Name and Title:
	 	 Bruce G. Kelley

	 	 	 President and CEO

  

			
	 Illinois EMCASCO Insurance Company

		
	By:	 	 /s/ Ronald W. Jean

  

			
	 Print Name and Title:
	 	 Ronald W. Jean

	 	 	 Vice President and Actuary

  

 AMENDMENT #V TO 
 INTEREST AND LIABILITIES EXHIBIT #III 
 TO THE EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 2005. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 Dakota Fire Insurance Company
	  	6.5	%
	 EMC Property & Casualty Company
	  	3.5	%
	 EMCASCO Insurance Company
	  	12.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	10.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	41.0	%
	 EMC’s Net Retained Portion of its Net Liabilities is:
	  	59.0	%
	 	  	
	

	 	  	100.0	%

  
 Executed this
             day of                     , 2004, but effective January 1,
2005. 
  

									
	Employers Mutual Casualty Company	 	 	 	Illinois EMCASCO Insurance Company
					
	By: 	 	 	 	 	 	By: 	 	 
	 	 	(signature)	 	 	 	 	 	(signature)
					
	 	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	(Print Name and Title)	 	 	 	 	 	(Print Name and Title)

  

 INTEREST AND LIABILITIES EXHIBIT #IV 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 

 
 In consideration of the covenants and agreements as reflected in the
Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts
reinsurance thereon, 8% of EMC’s net liabilities, pursuant to Article V, effective January 1, 1987. The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the date of this
Addendum, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	3.0	%
	 EMCASCO Insurance Company
	  	8.0	%
	 Illinois EMCASCO Insurance Company
	  	6.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	24.5	%
	 EMC’s Net Retained Portions of its Net Liabilities is
	  	75.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
25th day of November, 1986. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Richard E. Haskins

	
	 EMCASCO Insurance Company

		
	By:	 	 /s/ Robb B. Kelley

  

 AMENDMENT # I TO 
 INTEREST AND LIABILITIES EXHIBIT # IV 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements as reflected in the Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC
and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts reinsurance thereon, 9% of EMC’s net liabilities, pursuant to Article V,
effective January 1, 1992. 
  
 The Affiliated Companies signatory
to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	29.5	%
	 EMC’s Net Retained Portions of its Net Liabilities is
	  	70.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
20th day of December, 1991. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Richard E. Haskins

	
	 EMCASCO Insurance Company

		
	By:	 	 /s/ Bruce G. Kelley

  

 AMENDMENT #II TO INTERESTS AND LIABILITY EXHIBIT IV 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration
of the covenants and agreements as reflected in Addendum #I to the Reinsurance Pooling Agreement to which this Exhibit is attached, EMC and the affiliated company which is signatory to this Exhibit each do hereby ratify Addendum #I as a part of the
Pooling Agreement effective from January 1, 1993. 
  
 Executed by
the parties this 23rd day of December, 1992. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

	
	 EMCASCO Insurance Company

		
	By:	 	 /s/ Fred A. Schiek

  

 AMENDMENT #III TO 
 INTEREST AND LIABILITIES EXHIBIT #IV 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1997. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the
parties hereto this 26th day of March, 1997. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

	
	 EMCASCO Insurance Company

		
	By:	 	 /s/ Fred A. Schiek

  

 AMENDMENT #IV TO 
 INTEREST AND LIABILITIES EXHIBIT #IV 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1998. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	3.5	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company Of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
15th day of January, 1998. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

  

			
	 Print Name and Title:
	 	 Bruce G. Kelley

	 	 	 President and CEO

  

			
	 EMCASCO Insurance Company

		
	By:	 	 /s/ Ronald W. Jean

  

			
	 Print Name and Title:
	 	 Ronald W. Jean

	 	 	 Vice President and Actuary

  

 AMENDMENT #V TO 
 INTEREST AND LIABILITIES EXHIBIT #IV 
 TO THE EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 2005. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 Dakota Fire Insurance Company
	  	6.5	%
	 EMC Property & Casualty Company
	  	3.5	%
	 EMCASCO Insurance Company
	  	12.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	10.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	41.0	%
	 EMC’s Net Retained Portion of its Net Liabilities is:
	  	59.0	%
	 	  	
	

	 	  	100.0	%

  
 Executed this
             day of                     , 2004, but effective January 1,
2005. 
  

									
	Employers Mutual Casualty Company	 	 	 	EMCASCO Insurance Company
					
	By: 	 	 	 	 	 	By: 	 	 
	 	 	(signature)	 	 	 	 	 	(signature)
					
	 	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	(Print Name and Title)	 	 	 	 	 	(Print Name and Title)

  

 INTEREST AND LIABILITIES EXHIBIT #V 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 

 
 In consideration of the covenants and agreements as reflected in the
Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts
reinsurance thereon, 5% of EMC’s net liabilities, pursuant to Article V, effective January 1, 1987. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the date of this Addendum, as
follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	3.0	%
	 EMCASCO Insurance Company
	  	8.0	%
	 Illinois EMCASCO Insurance Company
	  	6.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	24.5	%
	 EMC’s Net Retained Portions of its Net Liabilities is
	  	75.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
25th day of November, 1986. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Richard E. Haskins

	
	 American Liberty Insurance Company

		
	By:	 	 /s/ Robb B. Kelley

 AMENDMENT #I TO 
 INTEREST AND LIABILITIES EXHIBIT #V 
 TO EMPLOYERS MUTUAL COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1992. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of net liabilities of EMC are, as of the effective date of this Amendment,
as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Mutual Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	29.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	70.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the
parties hereto this 20th day of December, 1991. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	 /s/ Richard E. Haskins

  

			
	American Liberty Insurance Company
		
	By:	 	 /s/ Bruce G. Kelley

 AMENDMENT #II TO INTERESTS AND LIABILITY EXHIBIT V 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration
of the covenants and agreements as reflected in Addendum #I to the Reinsurance Pooling Agreement to which this Exhibit is attached, EMC and the affiliated company which is signatory to this Exhibit each do hereby ratify Addendum #I as a part of the
Pooling Agreement effective from January 1, 1993. 
  
 Executed by the parties this
23rd day of December, 1992. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley 

	 	 	 

  

			
	 American Liberty Insurance Company

		
	By:	 	 /s/ Fred A. Schiek

	 	 	 

  

 AMENDMENT #III TO 
 INTEREST AND LIABILITIES EXHIBIT #V 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1997. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
26th day of March, 1997.  
  

			
	 Employers Mutual Casualty Company

		
	By:	 	/s/ Bruce G. Kelley
	
	 Print Name and Title: Bruce G. Kelley

	 	 	                              President, Treasurer and CEO

	
	 American Liberty Insurance Company

		
	By:	 	 /s/ Fred A. Schiek

	
	 Print Name and Title: Fred A. Schiek

	 	 	                              Executive Vice President

 AMENDMENT #IV TO 
 INTEREST AND LIABILITIES EXHIBIT #V 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements reflected in the Reinsurance Pooling Agreement to which this exhibit is attached, by and between EMC and
the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts reinsurance thereon, 3.5% of EMC’s net liabilities, pursuant to Article V, effective
January 1, 1998. 
  
 The Affiliated Companies signatory to this
Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	3.5	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
15th day of January, 1998. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	/s/ Bruce G. Kelley
	
	 Print Name and Title: Bruce G. Kelley
 President and CEO

	
	American Liberty Insurance Company
		
	By:	 	/s/ Ronald W. Jean
	
	 Print Name and Title: Ronald W. Jean
 Vice President and Actuary

 AMENDMENT #V TO 
 INTEREST AND LIABILITIES EXHIBIT #V 
 TO THE EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 2005. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 Dakota Fire Insurance Company
	  	6.5	%
	 EMC Property & Casualty Company
	  	3.5	%
	 EMCASCO Insurance Company
	  	12.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	10.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	41.0	%
	 EMC’s Net Retained Portion of its Net Liabilities is:
	  	59.0	%
	 	  	
	

	 	  	100.0	%

  
 Executed this
             day of                     , 2004, but effective January 1,
2005. 
  

									
	Employers Mutual Casualty Company	 	 	 	EMC Property & Casualty Company
	 	 	 	 	 (f/k/a American Liberty Insurance Company)

					
	By: 	 	 	 	 	 	By: 	 	 
	 	 	(signature)	 	 	 	 	 	(signature)
					
	 	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	(Print Name and Title)	 	 	 	 	 	(Print Name and Title)

  

 INTEREST AND LIABILITIES EXHIBIT #VI 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements reflected in the Reinsurance
Pooling Agreement to which this exhibit is attached, by and between EMC and the Affiliated Company which is signatory to this exhibit, EMC hereby cedes and transfers to the Affiliated Company, and the Affiliated Company hereby accepts reinsurance
thereon, 5.0% of EMC’s net liabilities, pursuant to Article V, effective January 1, 1997. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this Addendum, as follows: 
  

				
	 American Liberty Insurance Company
	  	5.0	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
26th day of March, 1997. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

	 	 	 

			
	 Print Name and Title:
	 	 Bruce G. Kelley
 President, Treasurer & CEO

	 	 	 

  

			
	 The Hamilton Mutual Insurance Company of Cincinnati, Ohio

		
	By:	 	 /s/ Jeffrey E. Felts

	 	 	 

			
	 Print Name and Title:
	 	 Jeffrey E. Felts
 President & CEO

	 	 	 

 ENDORSEMENT NO. I 
 TO 
 REINSURANCE POOLING AGREEMENT BETWEEN 
 HAMILTON MUTUAL INSURANCE COMPANY OF CINCINNATI, OHIO 
 AND EMPLOYERS MUTUAL CASUALTY COMPANY 
  
 Whereas, pursuant to Article XV of the Reinsurance Pooling Agreement (“Agreement”) to which this endorsement is attached, Employers Mutual Casualty Company (“EMC”) retains its voluntary reinsurance
assumed business rather than ceding it to the Affiliated Companies (as defined in the Agreement), and because EMC and Hamilton Mutual Insurance Company of Cincinnati, Ohio (“Hamilton Mutual”) concur that similar treatment should be
afforded to Hamilton Mutual’s voluntary reinsurance assumed business, it is agreed and understood by the parties hereto that, notwithstanding any language in Article II of the aforesaid Reinsurance Pooling Agreement to the contrary, Hamilton
Mutual shall retain all of its obligations incurred under or in connection with any contracts or agreements to which Hamilton Mutual is a party as of the effective date of this endorsement, and under which Hamilton Mutual has assumed or incurred any
actual or potential reinsurance liabilities or commitments, and such business shall not be subject to cession and transfer by Hamilton Mutual to EMC. 
  
 This contract or endorsement may be terminated only upon mutual agreement of both parties hereto. 
  
 Executed by the parties hereto this 26th day of March, 1997, but effective the 1st day of January, 1997. 
  

			
	 The Hamilton Mutual Insurance Company of Cincinnati, Ohio

		
	By:	 	/s/    Jeffrey E. Felts        
	 	 	(signature)

			
		
	Print Name and Title:	 	 Jeffrey E. Felts
 President & CEO

	 	 	 

  

			
	 Employers Mutual Casualty Company

		
	By:	 	/s/    Bruce G. Kelley        
	 	 	(signature)

			
		
	Print Name and Title:	 	 Bruce G. Kelley
 President, Treasurer & CEO

	 	 	 

 AMENDMENT #I TO 
 INTEREST AND LIABILITIES EXHIBIT #VI 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements as reflected an Addendum #I to the Reinsurance Pooling Agreement to which this Exhibit is attached, EMC
and the Affiliated Company which is signatory to this Exhibit each do hereby ratify Addendum #I as a part of the Reinsurance Pooling Agreement effective from January 1, 1997. 
  
 Executed by the parties hereto this 26th day of March, 1997. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	/s/ Bruce G. Kelley
	
	 Print Name and Title: Bruce G. Kelley
 President, Treasurer and CEO

	
	 The Hamilton Mutual Insurance Company of
 Cincinnati, Ohio

		
	By:	 	/s/ Jeffrey E. Felts
	
	 Print Name and Title: Jeffrey E. Felts
 President & CEO

 AMENDMENT #II TO 
 INTEREST AND LIABILITIES EXHIBIT #VI 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 1998. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of the
Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	3.5	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto the
15th day of January, 1998. 
  

			
	Employers Mutual Casualty Company
		
	By:	 	/s/ Bruce G. Kelley
	
	 Print Name and Title: Bruce G. Kelley
 President and CEO

	
	 The Hamilton Mutual Insurance Company of
 Cincinnati, Ohio

		
	By:	 	/s/ Ronald W. Jean
	
	 Print Name and Title: Ronald W. Jean
 Vice President and Actuary

 AMENDMENT #III TO 
 INTEREST AND LIABILITIES EXHIBIT #VI 
 TO THE EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 2005. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 Dakota Fire Insurance Company
	  	6.5	%
	 EMC Property & Casualty Company
	  	3.5	%
	 EMCASCO Insurance Company
	  	12.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	10.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	41.0	%
	 EMC’s Net Retained Portion of its Net Liabilities is:
	  	59.0	%
	 	  	
	

	 	  	100.0	%

  
 Executed this
     day of                     , 2004, but effective January 1, 2005. 
  

									
	Employers Mutual Casualty Company	 	 	 	The Hamilton Mutual Insurance Company of Cincinnati, Ohio
					
	By: 	 	 	 	 	 	By: 	 	 
	 	 	(signature)	 	 	 	 	 	(signature)
					
	 	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	(Print Name and Title)	 	 	 	 	 	(Print Name and Title)

  

 INTEREST AND LIABILITIES EXHIBIT #VII 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements reflected in the Reinsurance
Pooling Agreement to which this exhibit is attached, by and between EMC and the Affiliated Company which is signatory to this exhibit, EMC hereby accepts reinsurance thereon, 1.5% of EMC’s net liabilities, pursuant to Article V, effective
January 1, 1998. 
  
 The Affiliated Companies signatory to this
Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this Amendment, as follows: 
  

				
	 American Liberty Insurance Company
	  	3.5	%
	 Dakota Fire Insurance Company
	  	5.0	%
	 EMCASCO Insurance Company
	  	9.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company Of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	8.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	34.5	%
	 EMC’s Net Retained Portion of its Net Liabilities is
	  	65.5	%
	 	  	
	

	 	  	100.0	%

  
 Executed by the parties hereto this
15th day of January, 1998. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

  

			
	 Print Name and Title:
	 	 Bruce G. Kelley

	 	 	 President and CEO

  

			
	 Farm and City Insurance Company

		
	By:	 	 /s/ Ronald W. Jean

  

			
	 Print Name and Title:
	 	 Ronald W. Jean

	 	 	 Vice President and Actuary

  

 AMENDMENT #I TO 
 INTEREST AND LIABILITIES EXHIBIT #VII 
 TO EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 In consideration of the covenants and agreements as reflected in Addendum #I to the Reinsurance Pooling Agreement to which this Exhibit is attached, EMC
and the Affiliated Company which is signatory to this Exhibit each do hereby ratify Addendum #I as a part of the Reinsurance Pooling Agreement effective from January 1, 1998. 
  
 Executed by the parties hereto this 15th day of January, 1998. 
  

			
	 Employers Mutual Casualty Company

		
	By:	 	 /s/ Bruce G. Kelley

  

			
	 Print Name and Title:
	 	 Bruce G. Kelley

	 	 	 President and CEO

  

			
	 Farm and City Insurance Company

		
	By:	 	 /s/ Ronald W. Jean

  

			
	 Print Name and Title:
	 	 Ronald W. Jean

	 	 	 Vice President and Actuary

  

 AMENDMENT #II TO 
 INTEREST AND LIABILITIES EXHIBIT #VII 
 TO THE EMC INSURANCE COMPANIES 
 REINSURANCE POOLING AGREEMENT 
  
 This Amendment is effective January 1, 2005. 
  
 The Affiliated Companies signatory to this Agreement and their assumed portions of the net liabilities of EMC are, as of the effective date of this
Amendment, as follows: 
  

				
	 Dakota Fire Insurance Company
	  	6.5	%
	 EMC Property & Casualty Company
	  	3.5	%
	 EMCASCO Insurance Company
	  	12.0	%
	 Farm and City Insurance Company
	  	1.5	%
	 Hamilton Mutual Insurance Company of Cincinnati, Ohio
	  	5.0	%
	 Illinois EMCASCO Insurance Company
	  	10.0	%
	 Union Insurance Company of Providence
	  	2.5	%
	 	  	
	

	 	  	41.0	%
	 EMC’s Net Retained Portion of its Net Liabilities is:
	  	59.0	%
	 	  	
	

	 	  	100.0	%

  
 Executed this
     day of                     , 2004, but effective January 1, 2005. 
  

									
	Employers Mutual Casualty Company	 	 	 	Farm and City Insurance Company
					
	By: 	 	 	 	 	 	By: 	 	 
	 	 	(signature)	 	 	 	 	 	(signature)
					
	 	 	 	 	 	 	 	 	 
					
	 	 	 	 	 	 	 	 	 
	 	 	(Print Name and Title)	 	 	 	 	 	(Print Name and Title)2004 Executive Contingent Salary Plan

 Exhibit 10.5 
  
 2004 EXECUTIVE CONTINGENT SALARY PLAN (CSP) 
  
 EMC Reinsurance Company (EMC Re) 
  
 Purpose – To provide special incentive for participants to contribute to the success of EMC Reinsurance Company and EMC
Insurance Companies and to provide a means to participate in the favorable underwriting results of the companies. 
  
 Plan Year – Calendar year beginning January 1, 2004 and ending December 31, 2004. 
  
 Eligible Participants – 
  
 Ronnie D. Hallenbeck, President – EMC Reinsurance Company 
  
 Subject Compensation – base salary and wages paid during the plan year in the eligible position 
  
 Contingent Salary Percentage – based on (1) the Consolidated Combined
Trade Ratio for EMC Insurance Companies and (2) the adjusted Combined Trade Ratio for EMC Re computed according to the formula below. Calculations will be to the nearest 1/10th of 1%. 
  
 Determination of adjusted Combined Trade Ratio for EMC Re 
  
 Step One: The actual combined trade ratio is adjusted for the profit or loss incurred
by EMCC under the occurrence cap protection. 
  
 Step Two: The adjusted
combined trade ratio from Step One is compared to that of the reinsurance industry as published by the Reinsurance Association of America. If it is greater than the RAA combined, no further adjustment is made. If it is lower than the RAA
combined ratio, the adjusted combined trade ratio is reduced by the difference, subject to a maximum reduction of three points. 
  
 Contingent Salary Percentage = 
  
 Consolidated Combined Trade Ratio Component (A) 
  
 + Adjusted EMC Re Combined Trade Ratio Component (B) 
  
 (subject to maximum of 50.0%) 
  

							
	 Where,
	 	 	 	 	 	 
				
	 	 	(A)	 	=	 	(104.0 – Consolidated Combined Trade Ratio) X 2.0%
				
	 	 	 	 	 	 	 (subject to maximum of 20.0% and minimum of 0.0%)

				
	 	 	 and	 	 	 	 
				
	 	 	(B)	 	=	 	(104.0 – adjusted EMC Re Combined Trade Ratio) X 3.0%
	 	 	 	 	 	 	 (subject to maximum of 50.0% and minimum of –20.0%)

  
 The Contingent Salary
Payment for the plan year will be made to eligible participants as soon as all necessary information is available and calculations have been completed and verified and will be equal to – 
  
 Contingent Salary Percentage X Subject Compensation 

 

 ADMINISTRATION: 
  

	 	1.	An otherwise eligible participant will not be eligible to receive payment if they are no longer employed by the Companies on the established date for the contingent salary payment.

  

	 	2.	Exception - an eligible participant who retires or becomes deceased or disabled before the established date for the contingent salary payment will receive payment based on subject
compensation for the plan year. 

  

	 	3.	If there is a disagreement or misunderstanding of the basis for the CSP or in the calculation of the amount payable, the decision of the Executive Vice President for Corporate
Development will be final 

  

	 	4.	Deductions for Federal and State income taxes and FICA, if applicable, will be made from the contingent salary payment on the basis of IRS regulations. 

  

	 	5.	Neither the adoption of the Executive Contingent Salary Plan nor any of its provisions shall confer upon any participant any right to continued employment with the Companies or
affect in any way the right of the Companies to terminate the employment of a participant at any time.

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