UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 3, 2010
EMPLOYERS HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
_____________________
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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.)
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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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_____________________
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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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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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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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section 7 – Regulation FD
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Item 7.01.
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Regulation FD Disclosure.
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In connection with presentations by senior management of Employers Holdings, Inc. (the "Company") with certain analysts and investors, the Company is disclosing certain information (the "Disclosed Information").
Statements made in the Disclosed Information that are not historical are forward-looking statements that reflect management's current views with respect to future events and performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical fact. Such statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. See "Forward-looking Statements" in the Disclosed Information.
A copy of the Disclosed Information is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information set forth under "Item 7.01. Regulation FD Disclosure" and in Exhibit 99.1 is intended to be furnished pursuant to Item 7.01. Such information, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. The furnishing of information pursuant to Item 7.01 shall not be deemed an admission by the Company as to the materiality of such information.
Section 9 – Financial Statements and Exhibits
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Item 9.01.
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Financial Statements and Exhibits.
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99.1 Presentation Materials
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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||||
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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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Dated: September 3, 2010
Exhibit Index
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Exhibit No.
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Exhibit
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99.1
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Presentation Materials
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Exhibit 99.1
Employers Holdings, Inc.
Investor Presentation
September, 2010
1
Safe Harbor Disclosure
This slide presentation is for informational purposes only. It should be read in conjunction with our Form 10-K for the year 2009, our Form 10-Qs and our
Form 8-Ks filed with the Securities and Exchange Commission (SEC), all of which are available on the “Investor Relations” section of our website at
www.employers.com.
Form 8-Ks filed with the Securities and Exchange Commission (SEC), all of which are available on the “Investor Relations” section of our website at
www.employers.com.
Non-GAAP Financial Measures
In presenting Employers Holdings, Inc.’s (EMPLOYERS) results, management has included and discussed certain non-GAAP financial measures, as
defined in Regulation G. Management believes these non-GAAP measures better explain EMPLOYERS results allowing for a more complete
understanding of underlying trends in our business. These measures should not be viewed as a substitute for those determined in accordance with GAAP.
The reconciliation of these measures to their most comparable GAAP financial measures is included in this presentation or in our Form 10-K for the year
2009, our Form 10-Qs and our Form 8-Ks filed with the Securities and Exchange Commission (SEC) and available in the “Investor Relations” section of our
website at www.employers.com.
defined in Regulation G. Management believes these non-GAAP measures better explain EMPLOYERS results allowing for a more complete
understanding of underlying trends in our business. These measures should not be viewed as a substitute for those determined in accordance with GAAP.
The reconciliation of these measures to their most comparable GAAP financial measures is included in this presentation or in our Form 10-K for the year
2009, our Form 10-Qs and our Form 8-Ks filed with the Securities and Exchange Commission (SEC) and available in the “Investor Relations” section of our
website at www.employers.com.
Forward-looking Statements
This presentation may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements include statements regarding anticipated future results and can be identified by the fact that they do not relate strictly to historical or
current facts. They often include words like "believe”, "expect”, "anticipate”, "estimate" and "intend" or future or conditional verbs such as "will”, "would”,
"should”, "could" or "may”. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly
qualified in their entirety by these cautionary statements.
looking statements include statements regarding anticipated future results and can be identified by the fact that they do not relate strictly to historical or
current facts. They often include words like "believe”, "expect”, "anticipate”, "estimate" and "intend" or future or conditional verbs such as "will”, "would”,
"should”, "could" or "may”. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly
qualified in their entirety by these cautionary statements.
Any forward-looking statements made in this presentation reflect EMPLOYERS current views with respect to future events, business transactions and
business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements.
business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements.
We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Copyright © 2010 EMPLOYERS. All rights reserved. EMPLOYERS® and America’s small business insurance specialist.® are registered trademarks of Employers Insurance
Company of Nevada. 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 30 states. Insurance subsidiaries include
Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all
rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com.
Company of Nevada. 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 30 states. Insurance subsidiaries include
Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all
rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com.
2
Overview
Business
· Specialty provider of workers’ compensation
insurance
insurance
· Coverage generally required by statute
Ø Medical, temporary/permanent indemnity, death
Geographic
· Diversified: 30 states with concentrations in CA,
FL, WI, IL and NV
FL, WI, IL and NV
Ø Unique markets by state and area
Customers
· Small “main street” businesses
· Low-to-medium hazard exposure industries
Ø Top classes include restaurants, physicians, dentists,
clerical, retail stores
clerical, retail stores
· Distribution through agents and strategic partners
$38 billion
per year
industry
(2010, A.M. Best)
per year
industry
(2010, A.M. Best)
Highly
focused
business
model
focused
business
model
Operate in
76% of total
market
(2010, A.M. Best)
76% of total
market
(2010, A.M. Best)
3
Selectively Expanding Footprint
2000
2002
2006
2007
FL
NM
MD
TX
OK
KS
NE
SD
ND
MT
WY
CO
UT
ID
AZ
NV
WA
CA
OR
KY
ME
PA
NH
MA
CT
VA
WV
OH
IN
IL
NC
TN
SC
AL
AR
LA
MO
IA
MN
MS
VT
NJ
DE
RI
2008
1913 - 1999
State WC
fund in NV
State WC
fund in NV
2000
Privatization
Privatization
2007
Demutualization
and IPO - entry
into FL, IL and
OR
Demutualization
and IPO - entry
into FL, IL and
OR
2002
Acquisition,
book of
business in
CA, UT, ID,
MT, CO
Acquisition,
book of
business in
CA, UT, ID,
MT, CO
2005
Formation of
mutual hold co
Formation of
mutual hold co
2008
Acquisition of
AmCOMP
Incorporated,
entry into IA
Acquisition of
AmCOMP
Incorporated,
entry into IA
2006 Entry
into TX, AZ
into TX, AZ
In Force Premiums Written (%)
6/30/10
6/30/10
GA
Highlights
(at June 30, 2010)
• 12 Mo. NPW: $310 million
• BV per share: $21.63
• Q 2 Combined ratio: 107.4%
• Market cycle currently reflects competitive pricing/downward pressure on rates
• High levels of unemployment/reduced work hours result in declining payroll/premium
– Insured payroll down 16% year over year at June 30, 2010; NPW down 15.5% for the same period
• Combined four regional operating units into
two to better align resources with business
activity and growth opportunities
two to better align resources with business
activity and growth opportunities
• Reduced operating and capital costs -
expect annual cost savings of $18.3 million
beginning in 2011
expect annual cost savings of $18.3 million
beginning in 2011
4
Recent Actions/Results
• Positive net rate (in-force premium divided
by insured payroll) in half our book of
business for past fifteen months
by insured payroll) in half our book of
business for past fifteen months
5
$ million
# policies
Market Penetration
Purchased
Fremont Book
of Business
Fremont Book
of Business
Purchased
AmCOMP
Incorporated
AmCOMP
Incorporated
Policy Count ‘02-’09
CAGR = 9.3%
NPW ‘02-’09 CAGR = 10.2%
* Trailing Twelve Months
6
Disciplined Risk Selection
Hazard Group A
Hazard Group B
Hazard Group C
Hazard Group D
Hazard Group E
Hazard Group F
Hazard Group G
Lower
Risk
Risk
Higher
Risk
Risk
EMPLOYERS = 83% of
Total In Force Premium,
Hazard Groups A - D
Total In Force Premium,
Hazard Groups A - D
% In Force Premiums, 12/31/09
EMPLOYERS
Top 10 Classes
Top 10 Classes
EMPLOYERS
Top 10 Classes
Top 10 Classes
NCCI
Hazard
Group
Hazard
Group
%
In Force
Premium
In Force
Premium
Focused guidelines and selection within industry-defined classes
7
Delivering Superior Loss Ratios
Consistently lower Loss and LAE Ratios than the industry
A.M. Best, “Aggregates and Averages”
8
Strategic Partnerships
Unique Distribution Network
Industry Focused
• 1,600 in place
• Strong relationships
with agents
with agents
• Two key partners
Ø ADP
Ø Anthem Blue Cross
Restaurants and physicians
are our top two classes of
customers
are our top two classes of
customers
• California Restaurant Association
provider of choice
provider of choice
• California Medical Association
sponsorship
sponsorship
• NFIB (National Federation of
Independent Business)
Independent Business)
Independent Agents and Brokers
9
Increasing Points of Access
Partnerships
… a distribution
advantage by
expanding market
reach and providing
local knowledge
advantage by
expanding market
reach and providing
local knowledge
… in high persistency
… about 20% of
in-force premiums
at 6/30/10
in-force premiums
at 6/30/10
10
Strong Retention Rates
Strategic partnerships result in consistently higher retention rates
* Trailing Twelve Months
11
Superior Claims Management
12
Key Highlights
|
INCOME STATEMENT ($ million except per
share) |
Q 2 2010
|
Q 1 2010
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Q 2 2009
|
|
Net premiums earned
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78.2
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79.3
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104.4
|
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Net investment income
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20.6
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21.3
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23.1
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GAAP net income
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16.5
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16.1
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20.3
|
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Net income before the LPT
|
12.1
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11.7
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16.0
|
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Earnings per share before the LPT
|
0.29
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0.27
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0.34
|
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BALANCE SHEET ($ million)
|
6/30/10
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3/31/10
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12/31/09
|
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Total investments
|
2,012.3
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2,027.4
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2,029.6
|
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Cash and cash equivalents
|
193.1
|
190.3
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191.6
|
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Total assets
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3,614.2
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3,651.5
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3,676.7
|
|
Reserves for loss and LAE
|
2,359.4
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2,393.9
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2,425.7
|
|
Shareholders’ equity
|
521.3
|
509.2
|
498.4
|
|
Equity including LPT deferred gain
|
901.1
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893.4
|
887.0
|
|
UNDERWRITING
|
Q 2 2010
|
Q 1 2010
|
Q 2 2009
|
|
Loss ratio before LPT
|
63.2%
|
56.3%
|
56.0%
|
|
Combined ratio before LPT
|
107.4%
|
111.3%
|
101.6%
|
|
Change in net rate (premium in-force/insured
payroll) |
-2% (since 12/31/09)
-6% (since 6/30/09)
|
-1% (since 12/31/09)
-5% (since 6/30/09)
|
|
|
Change in insured payroll
|
-9% (since 12/31/09)
-16% (since 6/30/09)
|
-7% (since 12/31/09)
-17% (since 6/30/09)
|
|
|
FINANCIAL
|
6/30/10
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3/31/10
|
12/31/09
|
|
Book value per share
|
$21.63
|
$20.91
|
$20.67
|
|
Return on average adjusted equity (12 mos.)
|
6.4%
|
6.9%
|
7.5%
|
13
Loss Portfolio Transfer (LPT)
Claims 6/30/1995 and prior - Approximately 3,500 claims
open as of 6/30/10 with 4.5% closing each year
open as of 6/30/10 with 4.5% closing each year
Remaining liabilities at 6/30/10: $868.5 million
14
Return on Average Adjusted Equity, Increasing Book
Value per Share
Value per Share
NOTE: 50,000,002 pro forma shares prior to February 5, 2007 (IPO date)
Return on Average Equity includes deferred gain related to the LPT - equity in the ROE calculation is averaged for the period
(Pro forma)
(Pro forma)
* Trailing Twelve Months
15
History of Reserve Strength
Reserve Review
Reserve Development
Net reserves for workers’ comp industry estimated to be deficient by $9 Billion at 12/31/09 (1)
(1) NCCI, “State of the Line” - May 6, 2010 - an increase of 50% from $6 billion in 2008
Net Calendar Year Reserve Releases for
Prior Accident Years ($ million)
Prior Accident Years ($ million)
$16.6 million
YTD
YTD
16
Strong Capital Position
($ million)
.75 to 1
NPW/Statutory
Surplus Ratio
NPW/Statutory
Surplus Ratio
$355 million
extraordinary
dividends to
parent in 2008
extraordinary
dividends to
parent in 2008
Statutory surplus provides a solid basis for underwriting
$150 million
extraordinary
dividends to
parent in 2010
extraordinary
dividends to
parent in 2010
17
Prudent Capital Management
Statutory Surplus
Investing in the Future
Returning Capital to Shareholders
Holding Company Flexibility at 6/30/10
• Debt to total capital ratio - 12.8%
• $62 million in cash and $364 million in securities
• Generating capital to invest in operations/securities
• Deploying capital - opportunistic acquisitions
– Acquired AmCOMP (October, 2008) - equity value $189 million with savings of $20 - $22 million in 2010
• Controlling costs
– Underwriting and other operating expense declined 22.5% over prior year’s second quarter
– Q 3, 2010 cost controls: anticipated net savings of $2.7 million in 2010 and $18.3 million in 2011
• Dividends - $0.24 per share or $11 million per year - subject to Board approval
• Share Repurchases - $28 million of $50 million 2010 authorization remains at 6/30/10
Common share repurchases
and dividends as a percent of
net Income before the LPT
and dividends as a percent of
net Income before the LPT
18
• 97% fixed maturities with an
average weighted AA+ rating
average weighted AA+ rating
• Average book yield of 4.3%
• Tax equivalent book yield of
5.5%
5.5%
• Effective duration of 4.8
• $364 million in securities at the
holding company of which
90% were municipals
holding company of which
90% were municipals
• Managed by Conning Asset
Management
Management
High Quality Investment Portfolio
Portfolio at 6/30/10
$2.0 billion fair market value
19
High Quality Reinsurance
Program Structure, Effective 7/1/10
Reinsurance Management
Reinsurers by Market
20
Summary of Financial Strength
Strong
Underwriting
Leverage
Conservative
Reserving
Reserving
High Quality
Investment
Portfolio
Investment
Portfolio
Catastrophe
Reinsurance
Program
Reinsurance
Program
.75 to 1 NPW to
Surplus at 6/30/10
Surplus at 6/30/10
$2 billion -
approximately 97%
invested in fixed
maturities with
average weighted
rating of AA+
approximately 97%
invested in fixed
maturities with
average weighted
rating of AA+
Track record of
reserve strength:
since IPO, $199.5
million favorable
prior AY reserve
development as of
6/30/10
reserve strength:
since IPO, $199.5
million favorable
prior AY reserve
development as of
6/30/10
Coverage up to
$200 M loss
$200 M loss
21
Key Strategies
FOCUS
GROWTH
CAPITAL
• Target attractive
small business
market
• Maintain
disciplined risk
selection,
underwriting,
pricing and
claims operations
• Focus on
underwriting
profitability
• Selectively
expand into
additional
markets
• Increase
penetration in
current markets
• Leverage
infrastructure,
technology and
systems
• Develop existing
and new
distribution
partners
• Invest in core
operations
• Invest in strategic
acquisitions
• Return capital to
shareholders
22
Key Strengths
• Strong underwriting franchise with established presence in attractive
markets
markets
– 97 year operating history - attractive, underserved target market segment with growth
opportunities
opportunities
• Unique, long-standing strategic distribution relationships
• Conservative risk profile and prudent capital management
• Strong financial position and strong balance sheet
– rated A- by A.M. Best
• Experienced management team with deep knowledge of workers’
compensation
compensation
– average 27 years experience with the ability to manage through challenging operating
conditions
conditions
23
Douglas D. Dirks
President & Chief Executive Officer
Employers Holdings, Inc.
William E. (Ric) Yocke
Chief Financial Officer
Employers Holdings, Inc.
President & Chief Executive Officer
Employers Holdings, Inc.
William E. (Ric) Yocke
Chief Financial Officer
Employers Holdings, Inc.
Analyst Contact:
Vicki Erickson
Vice President, Investor Relations
Employers Holdings, Inc.
(775) 327-2794
verickson@employers.com
Vicki Erickson
Vice President, Investor Relations
Employers Holdings, Inc.
(775) 327-2794
verickson@employers.com
10375 Professional Circle
Reno, NV 89521
(775) 327-2700
Reno, NV 89521
(775) 327-2700
Appendix
24
Stock Ownership Limitations
As a reminder to investors, Employers Holdings, Inc. (EMPLOYERS) owns four insurance companies, domiciled in three
different states. These wholly-owned insurers are regulated by insurance commissioners and are subject to the statutes and
regulations of the various states where they are domiciled and authorized to transact insurance. As a result, EMPLOYERS
has the following stock ownership limitations, which must be satisfied prior to certain stock transactions.
different states. These wholly-owned insurers are regulated by insurance commissioners and are subject to the statutes and
regulations of the various states where they are domiciled and authorized to transact insurance. As a result, EMPLOYERS
has the following stock ownership limitations, which must be satisfied prior to certain stock transactions.
● For a period of five years following the effective date of the Plan of Conversion of EMPLOYERS, which was February 5,
2007, no person may directly or indirectly acquire or offer to acquire in any manner beneficial ownership of 5% or more of
any class of EMPLOYERS voting securities without the prior approval by the Nevada Commissioner of Insurance of an
application for acquisition under Section 693A.500 of the Nevada Revised Statutes.
2007, no person may directly or indirectly acquire or offer to acquire in any manner beneficial ownership of 5% or more of
any class of EMPLOYERS voting securities without the prior approval by the Nevada Commissioner of Insurance of an
application for acquisition under Section 693A.500 of the Nevada Revised Statutes.
● Under Nevada insurance law, the Nevada Commissioner of Insurance may not approve an application for such acquisition
unless the Commissioner finds that (1) the acquisition will not frustrate the plan of conversion as approved by our members
and the Commissioner, (2) the board of directors of Employers Insurance Company of Nevada has approved the acquisition
or extraordinary circumstances not contemplated in the plan of conversion have arisen which would warrant approval of the
acquisition, and (3) the acquisition is consistent with the purpose of relevant Nevada insurance statutes to permit
conversions on terms and conditions that are fair and equitable to the members eligible to receive consideration.
unless the Commissioner finds that (1) the acquisition will not frustrate the plan of conversion as approved by our members
and the Commissioner, (2) the board of directors of Employers Insurance Company of Nevada has approved the acquisition
or extraordinary circumstances not contemplated in the plan of conversion have arisen which would warrant approval of the
acquisition, and (3) the acquisition is consistent with the purpose of relevant Nevada insurance statutes to permit
conversions on terms and conditions that are fair and equitable to the members eligible to receive consideration.
● Furthermore, any person or entity who individually or together with an affiliate (as defined by applicable law) seeks to
directly or indirectly acquire in any manner, at any time, beneficial ownership of 5% or more of any class of EMPLOYERS
voting securities, will be subject to certain requirements, including the prior approval of the proposed acquisition by certain
state insurance regulators, depending upon the circumstances involved. Any such acquisition without prior satisfaction of
applicable regulatory requirements may be deemed void under state law.
directly or indirectly acquire in any manner, at any time, beneficial ownership of 5% or more of any class of EMPLOYERS
voting securities, will be subject to certain requirements, including the prior approval of the proposed acquisition by certain
state insurance regulators, depending upon the circumstances involved. Any such acquisition without prior satisfaction of
applicable regulatory requirements may be deemed void under state law.
25
Operating Organization
Employers Holdings, Inc.
Employers
Insurance Company
of Nevada
Employers
Compensation
Insurance Company
Employers
Preferred
Insurance Company
Employers
Occupational
Health, Inc.
Employers
Assurance
Company
Employers Group, Inc.
26
|
Income Statement ($ million)
|
2005
|
2006
|
2007
|
2008
|
2009
|
|
Gross Written Premium
|
$ 451.4
|
$ 386.8
|
$ 351.8
|
$ 318.4
|
$ 379.9
|
|
Net Written Premium
|
432.5
|
372.2
|
339.7
|
308.3
|
368.3
|
|
Net Earned Premium
|
438.3
|
393.0
|
346.9
|
328.9
|
404.2
|
|
Net Investment Income
|
54.4
|
68.2
|
78.6
|
78.1
|
90.5
|
|
Net Income
|
137.6
|
171.6
|
120.3
|
101.8
|
83.0
|
|
Net Income Before LPT
|
93.8
|
152.2
|
102.2
|
83.4
|
65.0
|
|
Balance Sheet ($ million)
|
2005
|
2006
|
2007
|
2008
|
2009
|
|
Total Investments
|
$ 1,595.8
|
$ 1,715.7
|
$ 1,726.3
|
$ 2,042.9
|
$ 2,029.6
|
|
Cash and Cash Equivalents
|
61.1
|
80.0
|
149.7
|
202.9
|
191.6
|
|
Total Assets
|
3,188.8
|
3,266.8
|
3,264.3
|
3,825.1
|
3,676.7
|
|
Reserves for Loss and LAE
|
2,350.0
|
2,307.8
|
2,269.7
|
2,506.5
|
2,425.7
|
|
Shareholders’ Equity
|
144.6
|
303.8
|
379.5
|
444.7
|
498.4
|
|
Equity Including LPT Deferred Gain
|
607.0
|
746.8
|
804.5
|
851.3
|
887.0
|
Selected Operating Results
27
Calendar Year Combined Ratio (GAAP)
84.9%
72.6%
85.6%
(LPT is 10%)
(LPT is 4.9%)
91.5%
(LPT is 5.2%)
(LPT is 5.6%)
(LPT is 4.5%)
102.5%
111.3%
(LPT is 5.5%)
107.4%
(LPT is 5.6%)
FL
NM
MD
TX
OK
KS
NE
SD
ND
MT
WY
CO
UT
ID
AZ
NV
WA
CA
OR
KY
NY
PA
MA
CT
VA
WV
OH
IN
IL
NC
TN
SC
AL
AR
LA
MO
IA
MN
MS
VT
NJ
GA
28
Regional Pricing Trends: 9/30/09 thru 9/01/10
Corporate Headquarters
States Licensed, actively writing
States Licensed, not actively writing
% Employers Insurance Co of NV (EICN)
% Employers Comp Ins Company (ECIC)
% Employers Assurance Co (EAC)
% Employers Preferred Insurance Co (EPIC)
+3.0%
-7.4%
-4.2%
-9.7%
-2.6%
-18.8%
-0.1%
-24.5%
+7.0% -4.5%
-6.7%
-37.4%
+2.3%
-28.7%
+22.0%
-6.1%
-27.0%
-29.8%
+3.7%
-14.3%
+14.2%
-28.1%
-19.1%
-28.3%
+4.4%
-37.8%
-13.7%
-1.1%
-1.3%
-34.7%
+2.2%
-42.1%
-9.6%
-9.6%
-2.8%
+0.4%
+0.4%
-4.2%
-7.6%
-7.5%
+6.2%
-28.1%
-5.8%
-5.8%
+8.7%
-24.1%
-0.1%
-0.1%
-6.4%
+1.9%
+5.8%
-32.6%
-9.8%
-9.8%
-21.2%
-10.0%
+3.0%
+3.0%
-6.8%
-6.8%
-4.2%
-4.2%
-6.8%
-4.2%
+0.7%
ME
DE
NH
WESTERN
EASTERN