SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KELLEY BRUCE G

(Last)

(First)

(Middle)

14 GLENVIEW DRIVE

(Street)

DES MOINES

50312

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
EMC INSURANCE GROUP INC [ EMCI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
EMC Insurance Group Inc - Common Stock	02/26/2004		F		3,887	D	$22.67	79,656	D
EMC Insurance Group Inc. - Common Stock	02/26/2004		M		10,000	A	$8.8125	89,656	D
EMC Insurance Group Inc. - Common Stock								24,698	I	Children
EMC Insurance Group Inc. - Common Stock								1,500	I	Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
ISO Right to buy	$8.8125	02/26/2004		M			10,000	04/01/1995	04/01/2004	Common Stock	10,000	$22.67	0	D
ISO Right to Buy	$10							02/01/1996⁽¹⁾	02/01/2005	Common Stock	10,000		10,000	D
ISO Right to Buy	$13.25							02/01/1997⁽¹⁾	02/01/2006	Common Stock	6,000		16,000	D
ISO Right to Buy	$12.25							02/01/1998⁽¹⁾	02/01/2007	Common Stock	10,000		26,000	D
ISO Right to Buy	$9.25							08/01/2001⁽¹⁾	08/01/2010	Common Stock	10,000		36,000	D
ISO Right to Buy	$18.3							02/01/2003⁽¹⁾	02/01/2012	Common Stock	4,000		40,000⁽²⁾	D
ISO Right to Buy	$16.875							02/07/2004⁽¹⁾	02/07/2013	Common Stock	5,000		5,000	D
ISO Right to Buy	$22.28							02/06/2005⁽¹⁾	02/06/2014	Common Stock	6,000		11,000⁽³⁾	D

Explanation of Responses:

1. Options vest in five equal annual installments beginning one year from date of grant.

2. Aggregate total of options to buy under the 1993 Incentive Stock Option Plan.

3. Aggregate total of options to buy under the 2003 Incentive Stock Option Plan.

	Bruce G. Kelley	02/27/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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