Recognition Highlights Mercury's Commitment to Team Members Growth and Company CultureLOS ANGELES, April 16, 2025 /PRNewswire/ -- Mercury Insurance has been awarded a spot on the Forbes list of America's Best Midsized Employers for 2025. This prestigious recognition is made in collaboration with Forbes and Statista, the world-leading statistics portal and industry ranking provider.Forbes and Statista selected America's Best Midsized Employers 2025 through an independent survey from a vast sample of over 217 ...

RENO, Nev., April 03, 2025 (GLOBE NEWSWIRE) -- Employers Holdings, Inc. (the “Company”) (NYSE:EIG) today announced that it will release its first quarter 2025 financial results after market close on Thursday, May 1, 2025, after which these materials will be available on the Company’s website at www.employers.com through the “Investors” link. Conference Call DetailsThe Company will then review these financial results via a conference call and webcast on Friday, May 2, 2025, at 11:00 a.m. EDT / 8:00 a.m. PDT. ...

Core Viewpoint - 1st Source Bank has been recognized as one of America's Best Midsize Employers for the fourth consecutive year, highlighting its strong employee satisfaction and workplace culture [1][2]. Company Overview - 1st Source Corporation, the parent company of 1st Source Bank, has total assets of $8.9 billion and is the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area [3]. - The corporation operates 77 banking centers, 18 specialty finance group locations, nine trust and wealth advisory services locations, 10 insurance offices, and three loan production offices [3]. Employee Recognition - The recognition comes from Forbes, which partnered with Statista to survey over 217,000 employees at U.S. companies with more than 1,000 employees, assessing factors such as salary, work environment, training programs, and advancement opportunities [1][2]. - 1st Source Bank ranked 276 out of 498 midsize companies on the list, indicating a solid position among its peers [1]. Commitment to Culture - The Chief Human Resources Officer emphasized the bank's commitment to creating an engaging work environment that supports personal and professional growth, which has contributed to the positive employee ratings [2].

RENO, Nev., March 03, 2025 (GLOBE NEWSWIRE) -- Employers Holdings, Inc. (NYSE: EIG), today announced the appointment of Marvin Pestcoe to the Board of Directors, effective March 3, 2025. “We are very excited to welcome Marvin Pestcoe to the Employers Holdings, Inc. Board,” said Katherine H. Antonello, President and Chief Executive Officer of Employers Holdings, Inc. “Marvin brings a wealth of knowledge and expertise with over 40 years of experience in insurance, reinsurance and investments, including a rang ...

Financial Performance - In 2024, the company reported net premiums written of $769.5 million, an increase from $760.6 million in 2023 and $707.2 million in 2022[48]. - Total revenues for 2024 were $880.7 million, compared to $850.9 million in 2023 and $713.5 million in 2022[48]. - The company achieved a net income of $118.6 million in 2024, slightly up from $118.1 million in 2023 and significantly higher than $48.4 million in 2022[48]. - New business premiums written in 2024 were $227.5 million, up from $201.9 million in 2023 and $167.7 million in 2022[38]. - Renewal premiums in 2024 reached $559.6 million, compared to $526.7 million in 2023 and $483.2 million in 2022[38]. - The company experienced net investment income of $107.0 million in 2024, compared to $106.5 million in 2023 and $89.8 million in 2022[43]. - The company ended 2024 with total assets of $3.5 billion, down from $3.6 billion in 2023[47]. Underwriting and Premiums - Total in-force premiums increased from $622.5 million in 2022 to $742.1 million in 2024, representing a growth of 19.2%[68]. - The number of policies in-force rose by 7.8% from 121,356 in 2022 to 130,767 in 2024[68]. - In-force premiums in California reached $336.1 million in 2024, up from $279.7 million in 2022, indicating a significant increase[69]. - The company targets small to mid-sized businesses in low-to-medium hazard industries, focusing on risks likely to generate loss ratios below the industry average[67]. - The average annual in-force premium per policyholder increased from $5,495 in 2023 to $5,675 in 2024[72]. Operational Efficiency - The integration of direct-to-consumer operations into mainstream operations is expected to generate cost savings and improve efficiency[61]. - The company has implemented a new digital first notice of loss tool and an enhanced payment processing system in 2024 to improve operational efficiency[63]. - The claims department utilizes a predictive model for early identification of claims likely to develop into large losses, ensuring timely resource allocation[59]. - The company actively investigates and pursues fraud, including claimant and provider fraud, to mitigate claims exposure[58]. - The company maintains business continuity and disaster recovery plans to ensure critical functions are restored in case of disruptions[64]. Investment and Reinsurance - The total carrying value of the company's investment portfolio was more than $2.4 billion as of December 31, 2024[93]. - Approximately $190.0 million in excess of $10.0 million retention on a per occurrence basis is covered under the current reinsurance program, effective from July 1, 2024 to July 1, 2025[79]. - Estimated remaining liabilities subject to the Loss Portfolio Transfer (LPT) Agreement were approximately $277.1 million and $291.7 million as of December 31, 2024 and 2023, respectively[83]. - The LPT Agreement ceded $1.5 billion in liabilities for incurred but unpaid losses for consideration of $775.0 million in cash[83]. Distribution and Market Concentration - Specialty agents and distribution partners generated 34.7% of in-force premiums as of December 31, 2024, up from 30.7% in 2022[101]. - ADP, the largest payroll services provider in the U.S., generated 17.2% of in-force premiums as of December 31, 2024, compared to 15.0% in 2022[102]. - Digital agents contributed 7.0% of in-force premiums as of December 31, 2024, an increase from 4.5% in 2022[103]. - The company had approximately 2,500 traditional insurance agencies marketing its products as of December 31, 2024, generating 65.3% of in-force premiums[98]. - The company generated 45% of its in-force premiums from California as of December 31, 2024, indicating a significant concentration in that state[134]. Regulatory and Competitive Environment - The property and casualty insurance industry is cyclical, with current excess underwriting capacity leading to lower rate levels and smaller profit margins[132]. - The company faces intense competition in the workers' compensation insurance market, which could adversely affect its ability to sell policies at adequate rates[129]. - The company is subject to various state insurance assessments, which are accrued as liabilities and recognized as expenses as related premiums are earned[117]. - The company must comply with state insurance regulations, which require prior approval for changes in control and significant transactions involving its subsidiaries[112]. - Regulatory changes could significantly impact the company’s operations, particularly in key states like California, Florida, Nevada, and New York[164]. Risk Management - The company is exposed to risks from acts of terrorism and natural disasters, which could materially affect financial results and operations[159]. - Recent geopolitical uncertainties have indirectly impacted the value of the company’s investment portfolio, with potential future effects[163]. - The company faces credit risk from reinsurers, which could adversely affect financial condition if they fail to pay ceded losses[144]. - The company’s loss and LAE reserves are estimates and may be inadequate, with potential adjustments impacting financial results[153]. - Cybersecurity threats pose significant risks, with potential disruptions to operations and loss of sensitive data impacting reputation and financial condition[186]. - The company maintains insurance for certain liabilities, but coverage may not be adequate for potential losses from disruptions or security breaches[189]. Capital Management - The company maintains a strong equity capital position, having declared $150.7 million in dividends and repurchased $149.2 million of its common stock over the past three years[35]. - The company has declared and paid quarterly cash dividends since becoming publicly traded in 2007, with expectations to continue this practice in the future[210]. - The company repurchased a total of 193,857 shares of its common stock during the quarter ended December 31, 2024, at an average price of $51.20 per share[211]. - The company has a stock repurchase authorization of up to $100 million, extended through July 31, 2025[211]. - The company may require additional capital in the future, which could be unavailable or only available on unfavorable terms, potentially impacting growth and operations[182]. Workforce and Diversity - The company has improved female representation in leadership roles, with women making up 64% of all employees, 72% of managers, and 71% of the executive team[122]. - The Chief Information Security Officer (CISO) has over 30 years of experience in technology and cybersecurity, enhancing the company's risk management capabilities[202]. - The company relies heavily on key executives and employees for industry expertise and relationships, and losing these individuals could disrupt operations and financial performance[183]. Real Estate and Operations - The company has reduced its real estate footprint by closing and vacating certain offices in California, Missouri, Nevada, North Carolina, and Wisconsin since 2021[202]. - As of February 1, 2025, the company leased a total of 50,152 square feet of office space across four states, including its corporate headquarters in Reno, Nevada[202].

Core Viewpoint - Employers Holdings, Inc. (EIG) reported mixed fourth-quarter 2024 results, with a 4.3% increase in shares following the announcement, driven by a record number of policies in force and improved investment yields, although profitability was pressured by elevated expenses and a slight decline in premiums written [1] Financial Performance - Adjusted earnings per share (EPS) for Q4 were $1.15, exceeding the Zacks Consensus Estimate by 6.5%, but down 17.9% year over year [2] - Operating revenues totaled $217 million, a 4% decline year over year, missing the consensus estimate by 2.1% [2] - Gross premiums written decreased by 1% year over year to $176.3 million, while net premiums written also fell by 1% to $174.7 million [3] - Net premiums earned increased by 1% year over year to $190.2 million, but fell short of the Zacks Consensus Estimate of $193.5 million [3] - Net investment income rose by 2% year over year to $26.7 million, although it was below the consensus mark of $27.6 million [4] - Total expenses increased by 8.6% year over year to $181.9 million, with losses and loss adjustment expenses rising by 22% year over year [5] - Pre-tax income dropped by 40.4% year over year to $34.7 million [5] Operational Metrics - The number of policies in force reached a record 130,767, up 3.4% year over year [6] - The GAAP combined ratio was 95.5%, worsening by 740 basis points year over year but better than the Zacks Consensus Estimate of 96.3% [6] - The underwriting and general administrative expense ratio improved by 140 basis points year over year to 23.2% [6] Balance Sheet and Capital Deployment - As of December 31, 2024, EIG had investments, cash, and cash equivalents of $2.5 billion, a 1.1% increase from the end of 2023 [7] - Total assets decreased by 0.3% to $3.5 billion, while total stockholders' equity rose by 5.4% to $1.1 billion [7] - Adjusted book value per share increased by 7% year over year to $50.71 [7] - In 2024, EIG repurchased shares worth $41.7 million and paid dividends totaling $30 million [8] - A quarterly dividend of 30 cents per share was announced for Q1 2025, payable on March 19, 2025 [8] Full-Year Overview - For the full year 2024, adjusted EPS decreased by 2.6% year over year to $3.73, while total revenues grew by 3.5% to $880.7 million [9] - Gross premiums written increased by 1.1% year over year to $776.3 million, and net premiums written rose by 1% to $769.5 million [9] - Net premiums earned advanced by 4% year over year to $749.5 million, with net investment income remaining relatively flat at $107 million [9] - Adjusted net income declined by 8% year over year to $94 million [9] - The combined ratio for the year was 97.9%, deteriorating by 290 basis points year over year [10]

Financial Data and Key Metrics Changes - The fourth quarter contributed to the highest levels of written and earned premium, enforced premium, policies, and net investment income in the company's history [9] - Gross written premium excluding final audit premiums increased by 3% in Q4 and 6% for the full year [10] - Net premiums earned were $190 million for the quarter and $750 million for the year, representing increases of 1% and 4% respectively [16] - The combined ratio for Q4 was 95.5% excluding LTT, and for the full year, it was 98.6% excluding LPT, marking the tenth consecutive year of underwriting profit [11] - The underwriting and general administrative expense ratio for Q4 was 23.2%, down from 24.6% a year ago, and for the full year, it was 23.5%, down from 24.9% [12][20] - Net investment income for Q4 was $27 million, up from $26 million a year ago, and for the full year, it was $107 million, consistent with the previous year [21] Business Line Data and Key Metrics Changes - The company achieved solid growth in new and renewal premiums, offset by lower final audit premiums and endorsements [10] - The company recognized $9 million of favorable prior year loss reserve development during Q4, down from $25 million a year ago [16] Market Data and Key Metrics Changes - The company anticipates an increase in the 2025 accident year loss and LAE ratio for voluntary business due to a competitive rate environment [13] - The current accident year loss and LAE ratio for 2024 was set at 64%, slightly higher than 63.3% for 2023 [36] Company Strategy and Development Direction - The company plans to continue pursuing profitable growth opportunities through disciplined underwriting and claims management, and expanding into new risk segments [28] - The company is focusing on increasing digital partnerships and API utilization for submissions, quotes, and binds [53] Management's Comments on Operating Environment and Future Outlook - Management noted that the competitive rate environment and prudent reserving philosophy influenced the decision to increase the loss pick for 2025 [36] - The company expressed confidence in its strong capital position to support growth and innovation initiatives [29] Other Important Information - The company repurchased $10 million of common stock in Q4 and an additional $11 million since year-end [25] - AM Best upgraded the financial strength ratings of the company's insurance companies to A [28] Q&A Session Summary Question: Can you give us a sense of the magnitude of the change in the loss pick for the current accident year? - Management explained that the current accident year loss and LAE ratio is determined annually based on various factors, including pricing environment and growth prospects [34] Question: Is one to think the 70 basis points uptick in 2024 is a good starting point for 2025? - Management stated that they do not provide specific guidance but expect the decrease in the expense ratio to offset the increase in the loss and LAE ratio [39] Question: What trends are driving the higher actuarial trend selection? - Management indicated that frequency has been trending downward, and overall claim severity values have remained steady, with medical inflation being relatively mild [44] Question: Can you describe the increase in the higher hazard groups? - Management noted that the shift into higher hazard groups is tied to appetite expansion efforts and that they are being cautious in selecting risks [66] Question: Was the $9 million favorable development related to any particular accident years? - Management confirmed that it was predominantly related to accident years 2020 and prior [71]

Core Viewpoint - Employers Holdings (EIG) reported a decline in revenue and earnings per share (EPS) for the quarter ended December 2024, indicating potential challenges in financial performance compared to the previous year and market expectations [1]. Financial Performance - Revenue for the quarter was $216.6 million, down 4% year-over-year, and below the Zacks Consensus Estimate of $221.18 million by 2.07% [1]. - EPS was reported at $1.15, a decrease from $1.40 in the same quarter last year, but exceeded the consensus estimate of $1.08 by 6.48% [1]. - The combined ratio was 95.5%, better than the average estimate of 96.3% from two analysts [4]. - The loss and LAE (Loss Adjustment Expense) ratio was reported at 59.5%, slightly above the estimated 59.4% [4]. Revenue Breakdown - Net premiums earned were $190.20 million, compared to the average estimate of $193.49 million, reflecting a year-over-year increase of 1.4% [4]. - Net investment income was reported at $26.70 million, below the average estimate of $27.64 million, but showed a year-over-year increase of 1.9% [4]. Stock Performance - Shares of Employers Holdings have returned -0.1% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.6% [3]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3].

Group 1 - Employers Holdings (EIG) reported quarterly earnings of $1.15 per share, exceeding the Zacks Consensus Estimate of $1.08 per share, but down from $1.40 per share a year ago, representing an earnings surprise of 6.48% [1] - The company posted revenues of $216.6 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 2.07%, and down from $225.7 million year-over-year [2] - Over the last four quarters, Employers Holdings has surpassed consensus EPS estimates three times, but has topped consensus revenue estimates only once [2] Group 2 - The stock has underperformed the market, losing about 4.2% since the beginning of the year compared to the S&P 500's gain of 4.5% [3] - The current consensus EPS estimate for the coming quarter is $0.72 on revenues of $220.53 million, and for the current fiscal year, it is $3.63 on revenues of $895.74 million [7] - The Zacks Industry Rank for Insurance - Accident and Health is currently in the top 22% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Gross premiums written for Q4 2024 were $176.3 million, a decrease of 1% from $178.2 million in Q4 2023[4] - Net income for Q4 2024 was $28.3 million, down 38% from $45.6 million in Q4 2023[4] - Net premiums earned increased by 1% to $190.2 million in Q4 2024 from $187.5 million in Q4 2023[4] - Total revenues for the year ended December 31, 2024, were $880.7 million, compared to $850.9 million in 2023, reflecting a growth of 3%[9] - Adjusted net income for the year ended December 31, 2024, was $94.0 million, down from $101.7 million in 2023[11] - Net income for the three months ended December 31, 2024, was $28.3 million, a decrease from $45.6 million in the same period of 2023[11] - Adjusted net income for the three months ended December 31, 2024, was $28.7 million, compared to $36.1 million in 2023, reflecting a decrease of 20.5%[22] - Net income excluding the LPT Agreement for the year ended December 31, 2024, was $113.0 million, up from $110.9 million in 2023, a growth of 1.9%[22] Underwriting Performance - The combined ratio excluding LPT for Q4 2024 was 95.5%, compared to 88.8% in Q4 2023, indicating a deterioration in underwriting performance[4] - The GAAP combined ratio for the three months ended December 31, 2024, was 95.5%, compared to 88.1% in the same period of 2023[13] - Losses and LAE incurred for the year ended December 31, 2024, totaled $456.2 million, an increase from $405.7 million in 2023[13] Shareholder Metrics - Cash dividends declared per share increased by 7% to $0.30 in Q4 2024 from $0.28 in Q4 2023[4] - Basic earnings per share (EPS) decreased to $1.14 in Q4 2024 from $1.78 in Q4 2023, a decline of 36%[22] - Cash dividends declared per share rose to $1.18 in 2024 from $1.10 in 2023, an increase of 7.3%[19] - Book value per share rose to $43.52 in Q4 2024, up 9% from $39.96 in Q4 2023[7] - Book value per share increased by 11.9% year-to-date, reaching $43.52 in 2024 compared to $39.96 in 2023[19] - Adjusted book value per share increased to $50.71 in 2024 from $47.26 in 2023, marking a growth of 9.8%[19] - Stockholders' equity increased by 5% to $1,068.7 million as of December 31, 2024, compared to $1,013.9 million in 2023[7] - Stockholders' equity at the end of the period was $1,068.7 million, unchanged from the previous year[11] - Stockholders' equity increased to $1,068.7 million in 2024 from $1,013.9 million in 2023, representing a growth of 5.4%[19] - The average stockholders' equity for the year ended December 31, 2024, was $1,041.3 million, compared to $979.1 million in 2023[11] Investment Performance - Net investment income for the year ended December 31, 2024, was $107.0 million, slightly up from $106.5 million in 2023[4] - Total investments and cash as of December 31, 2024, amounted to $2,532.4 million, slightly up from $2,504.7 million in 2023[17] - The weighted average ending book yield on fixed income securities, cash, and cash equivalents was 4.5% as of December 31, 2024[17] Other Metrics - The impact of the LPT Agreement on net income was minimal, with a contribution of $0.1 million in Q4 2024 compared to a loss of $1.2 million in Q4 2023[22] - Deferred Gain decreased slightly to $94.0 million in 2024 from $99.2 million in 2023, a decline of 5.2%[19] - The net unpaid losses and LAE at the end of the period was $1,395.8 million, consistent with the previous year[15] - Average common shares outstanding (basic) decreased to 24,725,425 in Q4 2024 from 25,645,821 in Q4 2023, a reduction of 3.6%[22]