Oppenheimer Maintains Employers Holdings Rating

Employers Holdings Inc.

reported third quarter operating EPS of $0.13 “compared to our estimate of $0.23 and consensus of $0.25,” Oppenheimer reports. Net written premiums were about 7.5% above estimates, but declined by 2% year over year. “The accident year loss ratio was in line with our estimate of 65% and the company reported no favorable development in the quarter (OPCO $3.3M),” Oppenheimer writes. “Although the company is making solid progress on reducing the expense ratio, EIG's accident year combined ratio remains well over 100%.” Oppenheimer maintains its Perform rating. Employers Holdings currently trades at $16.50.