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Employers Holdings Q1 earnings down

Portfolio fair market value increased 2% from December 31, 2008 to $2.1 billion at March 31, 2009

Employers Holdings, a provider of workers’ compensation insurance, has reported a net income of $20.85m, or $0.43 per share, for the first quarter ended March 31, 2009, compared to $25.49m, or $0.51 per share, for the first quarter ended March 31, 2008.

For the first quarter of 2009, gross written premiums were $128.09m, compared to $81.67m during the first quarter of 2008. Net written premiums were $124.67m during the first quarter of 2009, compared with $79.1m for the first quarter of 2008.

According to the company, net investment income for the first quarter of 2009 increased to $23.31m from $18.9 million for the corresponding quarter of 2008. Realized losses on investments for the first quarter of 2009 were $2.1m compared with $1.5m in the first quarter of 2008 primarily due to $1.8m in other-than-temporary impairments on certain equity securities.

Furthermore, first quarter losses and LAE increased 93.3% to $59.2m in 2009 compared with $30.6m in 2008. Excluding acquired operations, losses and LAE decreased 9.8% to $27.6m. Losses and LAE before the LPT was $63.5m in the first quarter of 2009 and $35.4m in the first quarter of 2008.

Total revenues for the first quarter of 2009 were $132.94m, compared to $93.75m for the prior-year quarter, said the company.