UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 11, 2007
EMPLOYERS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
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NEVADA (State or Other Jurisdiction of Incorporation) |
001-33245 (Commission File Number) |
04-3850065 (I.R.S. Employer Identification No.) |
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9790 Gateway Drive (Address of Principal Executive Offices) |
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89521 (Zip Code) |
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Registrant's telephone number including area code: (888) 682-6671 | ||
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No change since last report (Former Name or Address, if Changed Since Last Report) | ||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 – Other Information
Item 8.01. Other Events.
On May 11, 2007, Employers Holdings, Inc. (the "Company") announced that its Board of Directors approved a quarterly dividend on its common stock of $0.06 per share. The dividend is payable on June 14, 2007 to shareholders of record as of May 24, 2007. Furnished as Exhibit 99.1 and incorporated herein by reference is the press release issued by the Company.
Separately, on May 11, 2007, the Company announced that its Board of Directors authorized management to repurchase up to $75,000,000 worth of the Company's common stock in the open market during the remainder of 2007. The Company intends to use this authorization to repurchase shares opportunistically. The Company has no obligation to repurchase shares under the authorization, and the specific timing and amount of the stock repurchased will vary based on market conditions, securities law limitations and other factors. The stock repurchase will be executed utilizing the Company's cash resources. Furnished as Exhibit 99.1 and incorporated herein by reference is the press release issued by the Company.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
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99.1 |
Employers Holdings, Inc. press release, dated May 11, 2007. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EMPLOYERS HOLDINGS, INC. | ||
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By: |
/s/ Lenard T. Ormsby | |
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Name: |
Lenard T. Ormsby | |
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Title: |
Executive Vice President, Chief Legal Officer and General Counsel | |
Dated: May 11, 2007
Exhibit Index
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Exhibit No. |
Exhibit |
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99.1 |
Employers Holdings, Inc. press release, dated May 11, 2007. |
Exhibit 99.1
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May 11, 2007 |
For Immediate Release |
Employers Holdings, Inc. Announces $75 Million Stock Repurchase Plan, Declares First Dividend
May 11, 2007—Reno, NV—The Board of Directors of Employers Holdings, Inc. (NYSE: EIG) today announced that its Board of Directors has authorized a stock repurchase program for up to $75 million of the Company’s common stock. The Company expects the shares to be purchased from time to time at prevailing market prices during the remainder of this year in open market or private transactions, in accordance with applicable laws and regulations, and subject to market conditions and other factors. The repurchases may be commenced or suspended from time to time without prior notice. Based on the closing price of the Company’s common stock on May 10, 2007, the authorized repurchase would represent approximately 7.3 percent of the 53.5 million outstanding shares.
“This repurchase program represents our confidence in the value of our Company,” said Employers Holdings, Inc. President and CEO Douglas D. Dirks. “Our financial position has never been stronger. We are optimistic about our ability to grow earnings over the long run, and our profitability has resulted in underwriting leverage that is stronger than the industry average and has outpaced our ability to put this capital to use.”
Additionally, the Board of Directors has declared a second quarter cash dividend of six cents per share. The dividend is payable on June 14, 2007, to stockholders of record as of May 24, 2007. The common stock’s dividend yield would be 1.2 percent based on the 24 cent indicated annual dividend and the Company’s closing stock price of $19.32 on May 10, 2007. This is the first dividend declaration since the Company’s completion of its initial public offering in February 2007.
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This press release includes “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) reflecting the company’s expectations regarding future events. These statements are subject to certain risks and uncertainties that may cause actual results to differ from expectations including, without limitation, factors that affect the company’s share price, its decision as to whether to purchase any shares under the share repurchase program and general market conditions.
Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on select small businesses engaged in low-to-medium-hazard industries. The company, through its subsidiaries, operates in 11 states from 13 office locations. The company’s insurance subsidiaries, Employers Insurance Company of Nevada and Employers Compensation Insurance Company, are rated A- (Excellent) by the A.M. Best Company.
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CONTACT: Vicki Erickson, Director, Investor Relations (775) 327-2794, verickson@employers.com
MEDIA: Ann Nelson, Executive Vice President, Corporate and Public Affairs (775) 327-2557, anelson@employers.com
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Copyright © 2007 EMPLOYERS. All rights reserved.
tel 775 327-2700 | 9790 GATEWAY DRIVE | RENO, NEVADA 89521-5906 | www.employers.com