Item 1.01 Entry into a Material Definitive Agreement.

On November 2, 2012, the Registrant issued a press release announcing that a change in the terms of the excess of loss reinsurance agreement between the Registrant's reinsurance subsidiary, EMC Reinsurance Company, and Employers Mutual Casualty Company (Employers Mutual), the Registrant's parent organization, has been approved for calendar year 2013. Effective January 1, 2013, EMC Reinsurance Company will continue to retain the first $4.0 million of losses per event, but will also retain 20.0 percent of any losses between $4.0 million and $10.0 million and 10.0 percent of any losses between $10.0 million and $50.0 million associated with any event. In connection with the change in the amount of losses retained per event, the cost of the excess of loss coverage will decrease from the current 10.0 percent of total assumed reinsurance premiums to 9.0 percent of total assumed reinsurance premiums. These changes are a result of efforts to ensure that the terms of the agreement are fair and equitable to both parties. Final regulatory approval of the revised agreement was received on January 17, 2013. The revised agreement was formally executed on January 21, 2013. The revised agreement is filed as Exhibit 10.1.4.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit Number Description

10.1.4 Excess of Loss Reinsurance Agreement

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