A.M. Best Affirms A- (Excellent) Rating of Employers Holdings, Inc. and its Subsidiaries and Revises Outlook from Stable to Negative
Dirks added, “Going into 2013, we feel positive about our business strategy. We are disappointed with the negative outlook assigned to us. Our significant growth in 2011 and 2012 was part of a strategic plan to recover in excess of 30 percent decline in net written premium since 2008 that resulted from the recession and soft pricing in the market. Relative to reserves, as we have previously stated, our analysis of total reserves has shown modest adverse development for accident years 2009 through 2011, completely offset by aggregate favorable development in accident years preceding 2008.”
The revision of the ratings outlook was driven by the significant
premium growth of the most recent calendar years, and the emergence of
modest adverse loss development on recent accident years. “While we
share A.M. Best’s concerns about the workers’ compensation market
generally, we are more optimistic about our opportunities for profitable
growth going forward than is
For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.
Founded in 1899,
Copyright © 2012 EMPLOYERS. All rights reserved.
Employers Holdings, Inc.
Ty Vukelich, 775-327-2677
Vice President, Corporate Marketing
Vicki Erickson Mills, 775-327-2794
Vice President, Investor Relation