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Employers Holdings Reports Q2 Results

Net income of $20.3 million or $0.44 per share

Employers Holdings has reported second quarter net income of $20.3 million or $0.44 per share, as compared to $27.4 million or $0.55 per share in the second quarter of 2008.

The consolidated net income before the impact of LPT was $16 million or $0.34 per share in the second quarter of 2009, and $22.8 million or $0.46 per share in the second quarter of 2008.

The net income for the six months ended June 30, 2009 was $41.2 million or $0.87 per share, as compared to $52.9 million or $1.07 per share for the six months ended June 30, 2008.

Second quarter net premiums earned increased $30.6 million or 41.4% to $104.4 million from $73.8 million in the second quarter of 2008. Second quarter net premiums earned were $44 million for acquired operations.

Second quarter underwriting and other operating expense was $32.5 million in 2009, as compared to $22.9 million in 2008. For the first six months of 2009, underwriting and other operating expense was $68.9 million in 2009, compared to $44.6 million in 2008.

Book value per share increased 3.9% to $18.97 at June 30, 2009, from $18.26 at March 31, 2009. Book value per share increased 8.8% from $17.43 at December 31, 2008.

Employers is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services.