Core Insights - Edgewell Personal Care Company has been recognized as the 1 employer in Connecticut on Forbes' list of America's Best-In-State Employers 2025, marking the third consecutive year of this accolade [1][2] - The recognition is based on an independent survey of over 160,000 U.S. employees, with more than 2 million employer evaluations considered [2] Company Overview - Edgewell is a leading pure-play consumer products company with a diversified portfolio that includes well-known brands such as Schick®, Wilkinson Sword®, Billie®, Playtex®, and Banana Boat® [4] - The company operates in over 50 markets globally, employing approximately 6,700 individuals [4] Employee Satisfaction - The recognition highlights Edgewell's commitment to its "People First" values, which contribute to high employee satisfaction and a supportive work environment [3] - The company emphasizes comprehensive benefits, well-being initiatives, and meaningful connections among team members [2][3]

MENLO PARK, Calif., Aug. 21, 2025 /PRNewswire/ -- Global talent solutions and business consulting firm Robert Half (NYSE: RHI) has been named one of America's Best-In-State Employers 2025 by Forbes. The company earned the No. 1 spot for its industry in the state of California. Robert Half (NYSE: RHI) is the world's first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and pe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-33245 EMPLOYERS HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation ...

Financial Data and Key Metrics Changes - Gross written premium decreased by 2.2% compared to 2024, primarily due to a decrease in new business written premium within the middle market [7][11] - Net premiums earned increased by 5.6%, driven by strong increases in net written premium in 2024 [7][11] - The current accident year loss and loss adjustment expense (LAE) ratio on voluntary business was 69%, up from 66% in 2024, reflecting a response to rising cumulative trauma claims in California [8][11] - Adjusted net income decreased by 58.8% to $11,500,000 compared to $27,900,000 in the prior year [15] - Stockholders' equity increased, with book value per share rising 12.8% to $49.44 and adjusted book value per share increasing by 8.2% to $51.68 over the last twelve months [19] Business Line Data and Key Metrics Changes - The company experienced a record number of policies in force, with a year-over-year growth rate of 4.6% [7] - Commission expense ratio improved to 13.2% from 13.9% a year ago, while underwriting expense ratio decreased to 21.7% from 22.4% [10][12] - Net investment income for the quarter was $27,100,000, slightly higher than the previous year [14] Market Data and Key Metrics Changes - The California Insurance Commissioner approved an 8.7% rate increase effective September 1, driven by medical loss development and increased frequency of cumulative trauma claims [22][23] - The company noted that California represents about 45% of its book, and while overall industry results are worsening, the company believes its results will remain favorable [22] Company Strategy and Development Direction - The company is focused on profitability over growth, leading to targeted underwriting actions and improved risk selection [7] - There is an ongoing emphasis on expense management and capital management, with a commitment to refining underwriting and pricing approaches for profitable growth [17][18] - The company is actively involved in advocating for legislative reforms to address the challenges posed by cumulative trauma claims in California [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial strength and prospects, highlighting the importance of deep customer relationships and geographic diversification [18] - The company is cautiously optimistic about managing potential headwinds related to prescription drug costs and medical services [18] - A full actuarial study is planned for the third quarter to assess the impact of cumulative trauma claims [9][35] Other Important Information - The Board of Directors declared a quarterly dividend of $0.32 per share, payable on August 27 [16] - The company repurchased $23,000,000 of its common stock at an average price of $48.08 per share during the quarter [15] Q&A Session Summary Question: Impact of cumulative trauma claims on current accident year loss - Management noted that California's results have been more favorable than the industry, but overall industry results are worsening, prompting actions on current accident year reserves [22][24] Question: Frequency of claims and attorney involvement - Management confirmed that California allows claims to be filed post-termination, leading to higher attorney involvement and a broader legislative framework compared to other states [29][30] Question: Confidence in reserves reflecting trends - Management expressed confidence in their multi-pronged approach to manage reserves and indicated that accident year 2025 is in a good position [35][36] Question: Comparison of claims to industry averages - Management stated that their book remains better than the industry average and that claims are typically late reported [38] Question: Capital management and excess capital - Management highlighted their high level of excess capital, which provides flexibility for growth investments and potential capital management strategies [44][45]

Employers Holdings (EIG) came out with quarterly earnings of $0.48 per share, missing the Zacks Consensus Estimate of $0.94 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items. Employers Holdings shares have lost about 9.9% since the beginning of the year versus the S&P 500's gain of 8.3%. What's Next for Employers Holdings? While Employers Holdings has underperformed the market so far this year, the question that comes to investors' minds is ...

[Second Quarter 2025 Financial Supplement Overview](index=1&type=section&id=Financial%20Supplement%20Overview) This overview details the company's Q2 2025 financial performance, position, and investment portfolio [Consolidated Financial Highlights](index=3&type=section&id=1%20Consolidated%20Financial%20Highlights) This section provides a high-level overview of key financial metrics for the three and six months ended June 30, 2025, and 2024, including premiums, income, assets, equity, and combined ratios, highlighting significant year-over-year changes Selected Financial Highlights (Three Months Ended June 30) | Metric | 2025 ($M) | 2024 ($M) | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | Gross premiums written | 203.3 | 207.9 | (2)% | | Net premiums earned | 198.3 | 187.8 | 6% | | Net investment income | 27.1 | 26.9 | 1% | | Net Income | 29.7 | 31.7 | (6)% | | Adjusted net income | 11.5 | 27.9 | (59)% | | Annualized adjusted return on stockholders' equity | 3.7% | 9.2% | (60)% | | Earnings per diluted share | 1.23 | 1.25 | (2)% | | Combined ratio excluding LPT | 106.4% | 95.4% | | Selected Financial Highlights (Six Months Ended June 30) | Metric | 2025 ($M) | 2024 ($M) | % Change | | :-------------------------------- | :-------- | :-------- | :------- | | Gross premiums written | 415.4 | 418.7 | (1)% | | Net premiums earned | 381.3 | 372.6 | 2% | | Net investment income | 59.2 | 53.8 | 10% | | Net Income | 42.5 | 60.0 | (29)% | | Adjusted net income | 32.8 | 45.1 | (27)% | | Annualized adjusted return on stockholders' equity | 5.3% | 7.5% | (29)% | | Earnings per diluted share | 1.74 | 2.36 | (26)% | | Combined ratio excluding LPT | 104.8% | 99.0% | | Balance Sheet Highlights (June 30, 2025 vs June 30, 2024) | Metric | 2025 ($M) | 2024 ($M) | % Change | | :------------------ | :-------- | :-------- | :------- | | Total assets | 3,543.3 | 3,550.0 | — | | Stockholders' equity| 1,083.1 | 1,022.9 | 6% | | Book value per share| 45.62 | 41.09 | 11% | [Summary Consolidated Balance Sheets](index=4&type=section&id=2%20Summary%20Consolidated%20Balance%20Sheets) This section presents the company's financial position as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, and stockholders' equity, showing a slight increase in total assets and stockholders' equity Summary Consolidated Balance Sheets ($ in millions) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------------------------------- | :------------ | :---------------- | | **ASSETS** | | | | Investments, cash and cash equivalents | 2,529.5 | 2,532.4 | | Premiums receivable, net | 382.0 | 361.3 | | Total assets | 3,543.3 | 3,541.3 | | **LIABILITIES** | | | | Unpaid losses and LAE | 1,786.8 | 1,808.2 | | Unearned premiums | 429.6 | 402.2 | | Total liabilities | 2,460.2 | 2,472.6 | | **STOCKHOLDERS' EQUITY** | | |\ | Total stockholders' equity | 1,083.1 | 1,068.7 | | Total liabilities and stockholders' equity | 3,543.3 | 3,541.3 | - Total assets increased slightly to **$3,543.3 million** as of June 30, 2025, from **$3,541.3 million** at December 31, 2024, while total liabilities decreased to **$2,460.2 million** from **$2,472.6 million** over the same period[7](index=7&type=chunk) - Stockholders' equity increased to **$1,083.1 million** as of June 30, 2025, from **$1,068.7 million** at December 31, 2024[7](index=7&type=chunk) [Summary Consolidated Income Statements](index=5&type=section&id=3%20Summary%20Consolidated%20Income%20Statements) This section details the company's revenues, expenses, and net income for the three and six months ended June 30, 2025, and 2024, showing an increase in total revenues but a decrease in net income for both periods Summary Consolidated Income Statements ($ in millions, Three Months Ended June 30) | Item | 2025 | 2024 | | :--------------------------------------- | :--- | :--- | | Net premiums earned | 198.3| 187.8| | Net investment income | 27.1 | 26.9 | | Net realized and unrealized gains on investments | 20.9 | 2.2 | | Total revenues | 246.3| 217.0| | Losses and LAE incurred | (140.1)| (108.8)| | Total expenses | (209.3)| (177.0)| | Net Income before income taxes | 37.0 | 40.0 | | Net Income | 29.7 | 31.7 | | Total comprehensive income | 37.2 | 29.6 | Summary Consolidated Income Statements ($ in millions, Six Months Ended June 30) | Item | 2025 | 2024 | | :--------------------------------------- | :--- | :--- | | Net premiums earned | 381.3| 372.6| | Net investment income | 59.2 | 53.8 | | Net realized and unrealized gains on investments | 8.1 | 13.6 | | Total revenues | 448.9| 440.1| | Losses and LAE incurred | (260.8)| (225.3)| | Total expenses | (396.0)| (364.8)| | Net Income before income taxes | 52.9 | 75.3 | | Net Income | 42.5 | 60.0 | | Total comprehensive income | 71.8 | 47.0 | - Net realized and unrealized gains on investments significantly increased for the three months ended June 30, 2025, to **$20.9 million** from **$2.2 million** in the prior year, but decreased for the six-month period[10](index=10&type=chunk) [Return on Equity](index=6&type=section&id=4%20Return%20on%20Equity) This section provides calculations for Return on Stockholders' Equity and Adjusted Return on Stockholders' Equity, showing a decline in both metrics for the three and six months ended June 30, 2025, compared to the prior year Return on Equity Metrics (Annualized) | Metric | Three Months Ended June 30, 2025 (%) | Three Months Ended June 30, 2024 (%) | Six Months Ended June 30, 2025 (%) | Six Months Ended June 30, 2024 (%) | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Return on stockholders' equity | 11.0% | 12.4% | 7.9% | 11.8% | | Adjusted return on stockholders' equity | 3.7% | 9.2% | 5.3% | 7.5% | - Annualized adjusted return on stockholders' equity decreased by **60%** for the three months ended June 30, 2025 (**3.7%** vs **9.2%**), and by **29%** for the six months ended June 30, 2025 (**5.3%** vs **7.5%**)[13](index=13&type=chunk) [Combined Ratios](index=7&type=section&id=5%20Combined%20Ratios) This section presents various combined ratios, including GAAP combined ratio and combined ratio excluding LPT, for the three and six months ended June 30, 2025, and 2024, indicating an increase in these ratios, primarily driven by higher loss and LAE ratios Combined Ratios (Three Months Ended June 30) | Ratio | 2025 (%) | 2024 (%) | | :--------------------------------------- | :----- | :----- | | GAAP combined ratio | 105.6% | 94.2% | | Combined ratio excluding LPT | 106.4% | 95.4% | | Combined ratio excluding LPT: current accident year | 106.3% | 100.2% | Combined Ratios (Six Months Ended June 30) | Ratio | 2025 (%) | 2024 (%) | | :--------------------------------------- | :----- | :----- | | GAAP combined ratio | 103.9% | 97.9% | | Combined ratio excluding LPT | 104.8% | 99.0% | | Combined ratio excluding LPT: current accident year | 104.3% | 101.5% | - The Loss and LAE ratio excluding LPT for the current accident year increased to **71.4%** for the three months ended June 30, 2025, from **63.9%** in the prior year, and to **68.8%** for the six-month period from **64.1%**[15](index=15&type=chunk) [Roll-forward of Unpaid Losses and LAE](index=8&type=section&id=6%20Roll-forward%20of%20Unpaid%20Losses%20and%20LAE) This section details the changes in unpaid losses and loss adjustment expenses (LAE) for the three and six months ended June 30, 2025, and 2024, showing the movement from beginning to end balances, including incurred and paid losses Roll-forward of Unpaid Losses and LAE ($ in millions) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Unpaid losses and LAE at beginning of period | 1,792.6 | 1,874.5 | 1,808.2 | 1,884.5 | | Total losses incurred | 141.8 | 110.9 | 264.1 | 229.5 | | Total paid losses | 141.5 | 128.8 | 274.1 | 253.0 | | Unpaid losses and LAE at end of period | 1,786.8 | 1,850.9 | 1,786.8 | 1,850.9 | - Net unpaid losses and LAE at the end of the period decreased to **$1,385.8 million** as of June 30, 2025, from **$1,432.6 million** as of June 30, 2024[17](index=17&type=chunk) - Total losses incurred for the six months ended June 30, 2025, were **$264.1 million**, an increase from **$229.5 million** in the prior year[17](index=17&type=chunk) [Consolidated Investment Portfolio](index=9&type=section&id=7%20Consolidated%20Investment%20Portfolio) This section provides a detailed breakdown of the company's investment portfolio as of June 30, 2025, and December 31, 2024, highlighting the composition by asset class, fair values, and key investment characteristics such as yield and credit quality Consolidated Investment Portfolio (Fair Value, $ in millions) | Investment Position | June 30, 2025 | % of Total | December 31, 2024 | % of Total | | :------------------ | :------------ | :--------- | :---------------- | :--------- | | Fixed maturity securities | 2,077.0 | 82% | 2,097.4 | 83% | | Equity securities | 275.6 | 11% | 259.8 | 10% | | Short-term investments | 9.0 | — | 0.1 | — | | Other invested assets | 98.6 | 4% | 106.6 | 4% | | Cash and cash equivalents | 69.1 | 3% | 68.3 | 3% | | Total investments and cash | 2,529.5 | 100% | 2,532.4 | 100% | Breakout of Fixed Maturity Securities (Fair Value, June 30, 2025) | Type | Amount ($M) | % of Fixed Maturity | | :------------------------ | :---------- | :------------------ | | Corporate securities | 797.2 | 38% | | Mortgage-backed securities| 675.9 | 33% | | Asset-backed securities | 195.8 | 9% | | States and municipalities | 167.9 | 8% | | Bank loans and other | 146.8 | 7% | | U.S. Treasuries and agencies | 67.5 | 3% | | Collateralized loan obligations | 25.9 | 1% | - The weighted average book yield remained stable at **4.5%** as of June 30, 2025, and December 31, 2024, with an average credit quality of **A+ (S&P)**, while the duration slightly decreased to **4.3** from **4.5**[19](index=19&type=chunk) [Book Value Per Share](index=10&type=section&id=8%20Book%20Value%20Per%20Share) This section presents book value per share, book value per share including Deferred Gain, and adjusted book value per share, along with their year-over-year changes, showing an overall increase across all book value metrics Book Value Per Share Metrics ($) | Metric | June 30, 2025 ($) | March 31, 2025 ($) | December 31, 2024 ($) | June 30, 2024 ($) | | :--------------------------------------- | :------------ | :------------- | :---------------- | :------------ | | Book value per share | 45.62 | 44.43 | 43.52 | 41.09 | | Book value per share including the Deferred Gain | 49.44 | 48.25 | 47.35 | 44.91 | | Adjusted book value per share | 51.68 | 50.75 | 50.71 | 48.89 | Year-over-year Change in Book Value Per Share Metrics (Twelve Months Ended) | Metric | June 30, 2025 (%) | March 31, 2025 (%) | December 31, 2024 (%) | June 30, 2024 (%) | | :--------------------------------------- | :------------ | :------------- | :---------------- | :------------ | | Book value per share | 14.0% | 13.5% | 11.9% | 15.7% | | Book value per share including the Deferred Gain | 12.8% | 12.3% | 10.6% | 14.0% | | Adjusted book value per share | 8.2% | 8.5% | 9.8% | 10.2% | - Book value per share increased by **14.0%** year-over-year for the twelve months ended June 30, 2025, while adjusted book value per share increased by **8.2%** over the same period[21](index=21&type=chunk)[22](index=22&type=chunk) [Earnings Per Share](index=11&type=section&id=9%20Earnings%20Per%20Share) This section details basic and diluted earnings per share, earnings per share excluding LPT, and adjusted earnings per share for the three and six months ended June 30, 2025, and 2024, showing a general decline across all EPS metrics Earnings Per Share Metrics (Diluted, $) | Metric | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Diluted Earnings per share | 1.23 | 1.25 | 1.74 | 2.36 | | Earnings per share excluding LPT | 1.16 | 1.17 | 1.61 | 2.19 | | Adjusted earnings per share | 0.48 | 1.10 | 1.35 | 1.77 | - Adjusted diluted earnings per share decreased significantly by **56%** for the three months ended June 30, 2025 (**$0.48** vs **$1.10**), and by **24%** for the six months ended June 30, 2025 (**$1.35** vs **$1.77**)[24](index=24&type=chunk) - Average common shares outstanding (diluted) decreased to **24,136,221** for the three months ended June 30, 2025, from **25,363,941** in the prior year[24](index=24&type=chunk) [Non-GAAP Financial Measures](index=12&type=section&id=10%20Non-GAAP%20Financial%20Measures) This section explains the company's use of various non-GAAP financial measures, providing the rationale for their inclusion and how they offer a more meaningful understanding of ongoing operational performance, underwriting capital, and profitability by excluding non-recurring or non-operating items - Management believes non-GAAP measures are important for investors and analysts, offering an objective and consistent basis for comparison within the industry and being more relevant for evaluating financial performance[25](index=25&type=chunk) - The LPT Agreement effects are excluded from non-GAAP measures because it is a non-recurring transaction without ongoing cash benefits, allowing for a clearer understanding of the Company's ongoing underwriting performance[26](index=26&type=chunk) - Adjusted net income excludes the LPT Agreement effects, net realized and unrealized gains/losses on investments (net of tax), and other non-recurring transactions (net of tax) to help identify trends in operating performance[28](index=28&type=chunk) - Adjusted stockholders' equity includes the Deferred Gain and excludes accumulated other comprehensive income (net of tax), serving as a key denominator for the adjusted return on stockholders' equity metric and providing a meaningful measure of total underwriting capital[29](index=29&type=chunk)[30](index=30&type=chunk)

Core Viewpoint - Employers Holdings, Inc. reported a mixed financial performance for the second quarter of 2025, with a slight decrease in gross premiums written but an increase in net premiums earned, reflecting a focus on profitability and improved risk selection [3][7]. Financial Highlights - Gross premiums written decreased by 2% from $207.9 million to $203.3 million [7][8]. - Net premiums earned increased by 6% from $187.8 million to $198.3 million [7][8]. - Net income per diluted share decreased by 2% from $1.25 to $1.23, while adjusted net income per diluted share saw a significant drop of 56% from $1.10 to $0.48 [7][8]. - Loss and loss adjustment expenses ratio increased from 57.9% to 70.7% [7][9]. - The company declared a regular quarterly dividend of $0.32 per share, reflecting confidence in future operations [6][15]. Management Commentary - The CEO noted that the decrease in gross premiums was due to a decline in the middle market, while smaller policy sizes showed growth [3]. - The company has increased the loss and LAE ratio for 2025 due to rising cumulative trauma claims in California, indicating a proactive approach to risk management [4]. Expense Ratios - The commission expense ratio improved from 13.9% to 13.2%, attributed to lower new business premiums [5][10]. - The underwriting expense ratio decreased from 22.4% to 21.7%, despite a slight increase in underwriting expenses [5][11]. Investment Performance - Net investment income increased by 1% from $26.9 million to $27.1 million, while net realized and unrealized gains on investments surged from $2.2 million to $20.9 million [12][7]. Shareholder Returns - The company returned $31.4 million to shareholders through share repurchases and dividends during the quarter [7][16]. - A total of 482,000 shares were repurchased at an average price of $48.08 per share [16].

Company Overview - Employers Holdings (EIG) is anticipated to report a year-over-year decline in earnings, with expected earnings of $0.94 per share, reflecting a decrease of 14.6% compared to the previous year [3] - Revenues for the quarter are projected to be $214.65 million, which is a decline of 1.1% from the same quarter last year [3] Earnings Expectations - The consensus EPS estimate has remained unchanged over the last 30 days, indicating that analysts have not significantly altered their outlook for the company [4] - The Most Accurate Estimate for Employers Holdings is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -3.19%, suggesting a bearish sentiment among analysts regarding the company's earnings prospects [12] Historical Performance - In the last reported quarter, Employers Holdings exceeded the expected earnings of $0.69 per share by delivering $0.87, resulting in a surprise of +26.09% [13] - Over the past four quarters, the company has successfully beaten consensus EPS estimates on all occasions [14] Industry Context - In the broader context of the Zacks Insurance - Accident and Health industry, Unum (UNM) is expected to report earnings of $2.23 per share for the same quarter, indicating a year-over-year increase of 3.2% [18] - Unum's revenue is projected to be $3.32 billion, reflecting a growth of 2.4% from the previous year [18]

Core Insights - Employers are increasingly prioritizing comprehensive wellbeing strategies to address macro uncertainty and rising costs, focusing on physical, emotional, career, and financial health [1][2][10] Benefits Trends - 31% of employers enhanced medical benefits to support recruitment and retention, while only 12% focused on improving pharmacy benefits [4] - Adjustments to medical (31%) and prescription drug (26%) plan designs are being made to manage expenses effectively, with 29% switching plan carriers and 32% carving out pharmacy benefits to a pharmacy benefit manager [5] - Employers are customizing benefit packages with specialized coverages, including hearing aids (59%) and autism treatments (44%) [6] Reproductive Health Benefits - 48% of employers cover infertility services, with increases in coverage for fertility medications (84%), in vitro fertilization (71%), and other related services [7] Voluntary Benefits - 67% of employers view voluntary offerings as essential for a comprehensive financial wellbeing strategy, providing support in areas where traditional benefits may fall short [8] - Financial-focused programs like identity theft protection (39%) and legal plans (38%) help employees manage financial risks, contributing to reduced stress and increased productivity [9] Report Overview - The 2025 U.S. Benefits Benchmarks Report is based on responses from over 4,000 organizations and aims to guide employers in optimizing employee wellbeing through holistic initiatives [3][12]

Company Overview - Employers Holdings, Inc. (NYSE: EIG) is a holding company specializing in workers' compensation insurance and services, primarily targeting small and mid-sized businesses in low-to-medium hazard industries [4] - The company has over a century of experience in providing comprehensive coverage solutions, focusing on protecting employees through exceptional claims management, loss control, and risk management services [4] Upcoming Financial Results - The company will release its second quarter 2025 financial results after market close on July 30, 2025, with materials available on its website [1] - A conference call and webcast to review these financial results will take place on July 31, 2025, at 11:00 a.m. EDT / 8:00 a.m. PDT [2] Digital Solutions - Employers also offers Cerity®, a digital-first platform providing direct-to-consumer workers' compensation insurance solutions with fast and affordable coverage options [5] Operational Scope - Employers operates throughout the United States, except for four states served exclusively by state funds, with insurance offered through various subsidiaries rated A (Excellent) by AM Best [6]