NEVADA
(State
or Other Jurisdiction of
Incorporation)
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001-33245
(Commission
File Number)
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04-3850065
(I.R.S.
Employer Identification No.)
|
10375
Professional Circle
Reno,
Nevada
(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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EMPLOYERS
HOLDINGS, INC.
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By:
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/s/
Lenard T. Ormsby
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Name:
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Lenard
T. Ormsby
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Title:
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Executive
Vice President, Chief
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Legal
Officer and General Counsel
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Exhibit
No.
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Exhibit
|
99.1
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Presentation
Materials
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C
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Physicians and
Clerical
|
6.8
|
A
|
Restaurants
|
6.5
|
B
|
Wholesale
Stores
|
5.1
|
B
|
Retail
Stores
|
2.9
|
B
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College
Employees
|
2.7
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C
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Clothing
Manufacturers
|
2.6
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D
|
Automobile
Services
|
2.3
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C
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Clerical
|
2.2
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D
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Machine
Shops
|
2.0
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C
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Retail
Grocery/Provisions
Stores |
1.8
|
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Total
Top 10
|
34.9
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Contract
|
|
|
($
million)
|
Total
Coverage
|
$2,000
|
|
|
Original
Reserves (Liabilities)
Transferred |
$1,525
|
Consideration
|
$ 775
|
Gain at
1/1/2000
|
750
|
Subsequent
Reserve Adjustments
|
(147.5)
|
Gain at
3/31/09
|
$602.5
|
Accounting at
3/31/09
|
|
|
($
million)
|
Statutory
Surplus Created
|
$602.5
|
Cumulative
Amortization To Date
|
(200.3)
|
|
|
GAAP: Deferred
Reinsurance Gain -
LPT Agreement |
$402.2
|
Income
Statement ($
million)
|
2005
|
2006
|
2007
|
2008
|
Q1
2009
|
Gross Written
Premium
|
$ 458.7
|
$ 401.8
|
$ 350.7
|
$ 322.9
|
$
128.1
|
Net Written
Premium
|
439.7
|
387.2
|
338.6
|
312.8
|
124.7
|
Net Earned
Premium
|
438.3
|
393.0
|
346.9
|
328.9
|
111.6
|
Net Investment
Income
|
54.4
|
68.2
|
78.6
|
78.1
|
23.3
|
Net
Income
|
137.6
|
171.6
|
120.3
|
101.8
|
20.9
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Net Income
Before LPT
|
93.8
|
152.2
|
102.2
|
83.4
|
16.5
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Balance Sheet
($
million)
|
2005
|
2006
|
2007
|
2008
|
Q1
2009
|
Total
Investments
|
$
1,595.8
|
$
1,715.7
|
$
1,726.3
|
$
2,042.9
|
$
2,083.2
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Cash and Cash
Equivalents
|
61.1
|
80.0
|
149.7
|
202.9
|
190.4
|
Total
Assets
|
3,094.2
|
3,195.7
|
3,191.2
|
3,756.7
|
3,764.8
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Reserves for
Loss and LAE
|
2,350.0
|
2,307.8
|
2,269.7
|
2,506.5
|
2,494.6
|
Shareholders’
Equity
|
144.6
|
303.8
|
379.5
|
444.7
|
459.9
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Equity
Including LPT Deferred Gain
|
607.0
|
746.8
|
804.5
|
851.3
|
862.2
|
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||||||||
COMPUTATION
OF ADJUSTED EXPENSE RATIO ON LEVEL PREMIUMS
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Three
Months
|
|
Three
Months
|
|
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|
Ending
|
|
Ending
|
|
|
|
|
|
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3/31/2008
|
|
3/31/2009
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|
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(millions)
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|
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Earned
Premium
|
|
|
|
|
|
|
|
|
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Employers
|
$ 75.8
|
|
$ 111.6
|
|
|
|
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Acquired
operations
|
52.2
|
|
-
|
|
|
|
|
|
|
|
128.0
|
D
|
111.6
|
A
|
|
|
|
|
|
|
|
|
|
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Underwriting
& Other Operating Expenses
|
41.7
|
|
36.5
|
|
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Policyholder
Dividends
|
2.4
|
|
2.0
|
|
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Total
Expenses
|
|
44.1
|
|
38.5
|
B
|
|
|
|
|
|
|
|
|
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Less:
One-time restructuring charge
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-
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3.8
|
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Net
Underwriting & Other
|
|
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Operating
Expenses
|
$ 44.1
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|
$ 34.7
|
C
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Expense
ratio
|
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34.5%
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34.5%
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B/A
|
|
|
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Adjusted
Expense ratio (net)
|
34.5%
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|
31.1%
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C/A
|
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Adjusted
Expense ratio (net)
|
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on
Level Premiums (1stQ-'08)
|
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27.1%
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C/D
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