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Employers Holdings, Inc. reports developments tied to its workers' compensation insurance business for small and mid-sized employers in low-to-medium hazard industries. The company operates through insurance subsidiaries and earns revenue primarily from premiums, with investment income also contributing to results.
Recurring news includes digital distribution through Cerity, the company's direct-to-customer workers' compensation platform, and partnerships that place small-business insurance coverage in online purchasing channels. Company updates also commonly address claims services, policy access, restaurant and small-business customer categories, dividends, share repurchases and other capital actions.
Employers Holdings, Inc. (NYSE:EIG) reported its Q2 2024 financial results, showing a mixed performance. Key highlights include:
- Net income per diluted share of $1.25, down from $1.30 in Q2 2023
- Gross premiums written increased 5% to $207.9 million
- Net premiums earned rose 6% to $187.8 million
- GAAP combined ratio of 94.2% (95.4% excluding LPT), up from 90.4% (91.5% excluding LPT)
- Underwriting and general and administrative expense ratio improved to 22.0% from 26.0%
- Record number of ending policies in-force at 128,522, up 3% year-over-year
The company declared a regular quarterly dividend of $0.30 per share and continued its share repurchase program, buying back 461,789 shares at an average price of $41.53 per share during Q2 2024.
Simply Business, a leading digital insurance broker for small businesses, has partnered with EMPLOYERS, a major workers' compensation insurance provider. This collaboration expands Simply Business' ability to digitally quote and bind workers' compensation policies for over 300 small business types across eligible states.
The partnership aims to address the challenges small businesses face in obtaining required workers' compensation coverage, often due to lack of knowledge or high costs. Simply Business focuses on offering tailored and affordable solutions for small business owners.
This expansion adds to Simply Business' diverse panel of nationally recognized workers' compensation providers, including its recent strategic collaboration with Cerity Insurance announced in 2023.
Employers Holdings, Inc. (NYSE:EIG) will release its second quarter 2024 financial results on Wednesday, July 31, 2024, after market close. These results will be accessible on the Company’s website under the 'Investors' section. The company will host a conference call and webcast to discuss the results on Thursday, August 1, 2024, at 11:00 a.m. EDT / 8:00 a.m. PDT. Interested participants need to register beforehand to receive dial-in details and a unique PIN. The webcast and an archived version will be available on the Company’s website. Employers Holdings, Inc. specializes in workers' compensation insurance for small and medium-risk businesses across the United States, excluding four states served by state funds. Their subsidiaries, including Employers Insurance Company of Nevada and Employers Compensation Insurance Company, are rated A- (Excellent) by A.M. Best.
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