RENO, Nev., Dec. 2 /PRNewswire-FirstCall/ -- Employers Holdings, Inc. Chief Operating Officer Martin J. Welch today commented on A.M. Best Company's A- (Excellent) rating of EMPLOYERS two newly-acquired workers' compensation insurance subsidiaries by noting its benefit to agents and policyholders.
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"The appointed agents of EMPLOYERS(R) now have this excellent financial strength rating at their disposal across our entire, newly-expanded territory of 29 states. The new rating applies to both existing and new policies issued by the two new EMPLOYERS insurance subsidiaries," Welch said.
The new financial strength rating of A- (Excellent) was assigned to workers' compensation insurance subsidiaries AmCOMP Preferred Insurance Company and AmCOMP Assurance Corporation, which operate through an approved, intercompany pooling agreement with Employers Insurance Company of Nevada (EICN) and Employers Compensation Insurance Company (ECIC), collectively known as EMPLOYERS. The outlook assigned to all four insurance subsidiaries of EMPLOYERS is stable.
"This secure rating reflects the excellent risk-adjusted capitalization, strong operating performance, prudent reserving and strong niche position we maintain at EMPLOYERS," Welch added. "We are confident this new rating will help agents throughout our new territories expand and grow their businesses."
The two newest workers' compensation insurance subsidiaries of EMPLOYERS were formally acquired by Employers Holdings, Inc. in October 2008 in a transaction valued at $223.5 million. The acquisition of AmCOMP, Inc. was financed through a combination of cash and debt.
EMPLOYERS is a leading workers' compensation insurance carrier serving small- to medium-sized businesses in 29 states. EMPLOYERS maintains its corporate headquarters in Reno, Nev., and operates 17 branch offices in locations throughout the United States.
On Oct. 31, 2008, A.M. Best Company affirmed the financial strength rating of A- (Excellent) and issuer credit ratings of "a-" of EMPLOYERS and its two pooling members, Employers Insurance Company of Nevada (EICN) and Employers Compensation Insurance Company (ECIC). An overview of the rating process and rating methodologies is available at http://www.ambest.com/ratings.
This press release includes "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) 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 future performance of Employers Holdings, Inc., including the risks detailed in the Company's Forms 10-Q for the periods ended March 31, June 30, and September 30, 2008 and the Company's 2007 Annual Report on Form 10-K, filed with the SEC. Employers Holdings, Inc. undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Copyright (C) 2008 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 29 states from 17 office locations. Insurance subsidiaries include Employers Insurance Company of Nevada, Employers Compensation Insurance Company, AmCOMP Preferred Insurance Company, and AmCOMP Assurance Corporation, all rated A- (Excellent) by the A.M. Best Company. Additional information can be found at: http://www.employers.com/.
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