8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 11, 2008

EMPLOYERS HOLDINGS, INC.

(Exact Name of Registrant as Specified in its Charter)

_____________________

NEVADA (State or Other Jurisdiction of Incorporation)	001-33245 (Commission File Number)	04-3850065 (I.R.S. Employer Identification No.)
9790 Gateway Drive Reno, Nevada 89521 (Address of Principal Executive Offices)		89521 (Zip Code)
Registrant's telephone number including area code: (888) 682-6671
No change since last report (Former Name or Address, if Changed Since Last Report)

_____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure

In connection with a presentation by senior management of Employers Holdings, Inc. (the “Company”) at the 12th Annual Insurance Industry Conference, hosted by the New York Society of Security Analysts, the Company is disclosing certain information (the “Disclosed Information”).

Statements made in the Disclosed Information which are not historical are forward-looking statements that reflect management’s current views with respect to future events and performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical fact.  Such statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  See “Forward-looking Statements” in the Disclosed Information.

A copy of the Disclosed Information is attached to this report as Exhibit 99.1.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

99.1           Presentation Materials

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EMPLOYERS HOLDINGS, INC
By:	/s/ Lenard T. Ormsby
Name:	Lenard T. Ormsby
Title:	Executive Vice President and, Chief
	Legal Officer and General Counsel

Dated:  February 11, 2008

Exhibit Index

Exhibit No.	Exhibit
99.1	Presentation Materials

EX-99.1

Exhibit 99.1

New York Society of Security Analysts

12th Annual Insurance Industry Conference

February, 2008

This slide presentation is for informational purposes only.It should be read in conjunction with our Form 10-K for the year 2006, our Form
10-Q for the second and third quarters of 2007 and our Form 8-Ks filed with the Securities and Exchange Commission (SEC), all of which
are available on the “Investor Relations” section of our website at www.employers.com.

Non-GAAP Financial Measures

In presenting Employers Holdings, Inc.’s (EMPLOYERS) results, management has included and discussed certain non-GAAP financial
measures, as defined in Regulation G.Management believes these non-GAAP measures better explain EMPLOYERS results allowing
for a more complete understanding of underlying trends in our business.These measures should not be viewed as a substitute for those
determined in accordance with GAAP.The reconciliation of these measures to their most comparable GAAP financial measures is
included in this presentation or in our Form 10-K for the year 2006, our Form 10-Q for the second and third quarters of 2007 and our
Form 8-Ks filed with the Securities and Exchange Commission (SEC) and available in the “Investor Relations” section of our website at
www.employers.com.

Forward-looking Statements

All forward-looking statements made in this presentation, related to the anticipated acquisition of AmCOMP, Inc. or otherwise, reflect EMPLOYERS
current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from
those set forth in these statements. The following factors, among others, could cause or contribute to such material differences:failure to satisfy any of
the conditions of closing, including the failure to obtain AmCOMP stockholder approval or any required regulatory approvals; the risks that EMPLOYERS
and AmCOMP's businesses will not be integrated successfully; the risk that EMPLOYERS will not realize estimated cost savings and synergies; costs
relating to the proposed transaction; and disruption from the transaction making it more difficult to maintain relationships with customers, employees,agents or producers.More generally, the businesses of EMPLOYERS and AmCOMP could be affected by competition; pricing and policy trends; the
levels of new and renewal business achieved; market acceptance; changes in demand; the frequency and severity of catastrophic events; actual loss
experience; uncertainties in the loss reserving and claims settlement process; new theories of liability; judicial, legislative, regulatory and other
governmental developments; litigation tactics and developments; investigation developments; the amount and timing of reinsurance recoverables; credit
developments among reinsurers; changes in the cost or availability of reinsurance; market developments; rating agency action; possible terrorism or the
outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions; relations with and performance of
employee agents, as well as management’s response to these factors; and other factors identified in EMPLOYERS filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on
which they are made. EMPLOYERS undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

Safe Harbor Disclosure

EMPLOYERS, AmCOMP and their respective directors and executive officers and other persons may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.Information regarding EMPLOYERS directors and executive officers is
available in EMPLOYERS' proxy statement for its 2007 annual meeting of stockholders and the EMPLOYERS' 2006 Annual Report on
Form 10-K, which were filed with the SEC on April 19, 2007 and March 30, 2007, respectively.Information regarding AmCOMP's directors
and executive officers is available in AmCOMP's proxy statement for its 2007 annual meeting of stockholders and AmCOMP's 2006 Annual
Report on Form 10-K, which were filed with the SEC on April 27, 2007 and April 2, 2007, respectively.Other information regarding the
participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be
contained in the proxy statement and other relevant materials to be filed with the Securities and Exchange Commission.

Copyright © 2007 EMPLOYERS. All rights reserved. EMPLOYERS and America’s small business insurance specialists are
registered trademarks of Employers Insurance Company of Nevada. Workers’ compensation insurance and services are offered
through Employers Compensation Insurance Company and Employers Insurance Company of Nevada.

Safe Harbor Disclosure (continued)

ContentsPage

Corporate Overview
and
Operations

Business

·Specialty provider of workers’ compensation insurance

–18th largest private writer in the U.S.(1)

–8th largest private writer in California (1)

–2nd largest writer in Nevada (1)

Geographic

·Focused in western United States

Customers

·Small businesses in low to medium hazard industries

·Distribution through independent agents and strategic partners

·33,027 policies in force at 9/30/2007

·Average annual policy premium of approximately $11,000

(1)Based on “One-Year Premium and Loss Study,” U.S., California and Nevada, A.M. Best Company, 2006

6

Overview

7

Key Strengths

•Established enterprise with 95 year operating history

•Focused operations and disciplined underwriting - target an attractive
and underserved market segment with growth opportunities

•Unique and long-standing strategic distribution relationships

•Financial strength and flexibility - strong balance sheet and conservative
reserving

•Experienced management team with deep knowledge of workers’
compensation insurance

2000

2002

2006

2007

FL

NM

MD

TX

OK

KS

NE

SD

ND

MT

WY

CO

UT

ID

AZ

NV

WA

CA

OR

KY

ME

PA

NH

MA

CT

VA

WV

OH

IN

IL

NC

TN

SC

AL

AR

LA

MO

IA

MN

GA

MS

VT

NJ

DE

RI

8

RECENT STATES

Florida, Oregon,
Texas, Arizona
and Illinois = 1.3%

Direct Premiums Written (%) for nine months ended 9/30/07

Expanding GeographicFootprint

47.6% statutory loss and LAE ratio as of 9/30/07

Risk Selection

Expertise

Strong

Underwriting

Culture

Focused

Guidelines and

Consistent

Automated

Approach

Disciplined
Underwriting

Local Knowledge

Pricing of

Individual Risks

Five Basic Elements

9

Disciplined Underwriting

10

(1) NCCI 2006 Premium Distribution by Hazard Group (as presented at 2007 Annual Issues Symposium).

Focus on Low to Medium Hazard Groups

Customer Selection

Hazard Group	Class	Direct Premiums Written (000s)	Percent of Total
A	Restaurants	$27,654	7.1%
C	Physicians & Clerical	24,858	6.4
B	Store: Wholesale	18,854	4.8
B	College: Professional Employees & Clerical	11,590	3.0
B	Store: Retail	11,189	2.9
C	Clerical Office Employees	9,846	2.5
D	Machine Shops	9,455	2.4
C	Clothing Manufacturers	9,040	2.3
C	Dentists & Dental Surgeons & Clerical	7,939	2.0
D	Automobile	6,458	1.7
	Top 10	$136,883	35.1%

EMPLOYERS further differentiates risks within industry-defined customer classes

Top Ten Classes in 2006

11

•Largest payroll services company
in the U.S. with over 450,000
clients

•Partner since entering California
market in 2002

•Business originated by ADP’s field
sales staff and insurance agency

•“Pay-by-Pay” premium collection

Strategic partners expand market reach and produce business with high persistency

12

•Largest group health carrier in
California

•Partner since entering
California market in 2002

•Business originated by
Wellpoint’s health insurance
agents

•Single bill to customers

E-chx, Inc.

•Since Q 4 2006

•Specialty provider of
payroll services

Intego Insurance
Services, LLC

•Since Q 4 2007

•Provider of insurance
software services

Strategic Distribution Partners

Focus on
Profitability

·Target attractive, underserved small business market

·Maintain disciplined risk selection, underwriting and
pricing

Pursue
Growth
Opportunities

·Expand in current markets and in our new states

·Leverage infrastructure, technology and systems

·Utilize existing and new strategic distribution partners

·Consider opportunistic strategic transactions

Optimize
Capital
Structure

·Invest in operations and manage capital prudently

·Return capital to shareholders

13

Strategies

14

Policyholders by Industry Group

Miscellaneous

6%

Contracting

Manufacturing

Office and
Clerical

6%

40%

19%

29%

Goods and Services

Written Premium by State: $176 M

Florida

Wisconsin

Georgia

Other

29%

13%

14%

23%

8%

6%

7%

Tennessee

Indiana

Texas

% of Direct Premiums Written, 09/30/07

AmCOMP Acquisition - Compelling Transaction

•Excellent strategic fit

–Mono-line workers’ compensation company with focus on disciplined
underwriting for small to mid-sized businesses

•Immediate premium volume growth

–Writes in 18 states

–Average premium size approximately $24,000 at 9/30/07

–Over 900 independent agencies

FL

NM

MD

TX

OK

KS

NE

SD

ND

MT

WY

CO

UT

ID

AZ

NV

WA

CA

OR

KY

ME

NY

PA

NH

MA

CT

VA

WV

OH

IN

IL

NC

TN

SC

AL

AR

LA

MO

IA

MN

GA

MS

VT

NJ

DE

RI

15

AmCOMP

EMPLOYERS

Overlap

Expands EMPLOYERS Geographic Footprint

(1)By 2006 Direct Premiums Written for states, by 2006 Net Premiums Written for total U.S., A.M. Best

EMPLOYERS

EMPLOYERS + AmCOMP Pro Forma

% of Direct Premiums Written, 09/30/07

California

Indiana
3%

Texas

Other

43%

12%

17%

11%

5%

6%

Wisconsin

Florida

Nevada

California

Nevada

Other

71%

19%

10%

Direct Premiums Written: $ 268 Million

Direct Premiums Written: $ 443 Million

Tennessee
3%

16

Diversifies EMPLOYERS Geographic Footprint

17

Compelling Transaction

•Increased scale

–Diversifies earnings base

–Reduces expense ratio

–Enhances visibility with agents / customers

•Meaningful synergies

–$10 million annual pre-tax cost savings achievable by 2010

úPhase-in of approximately 25% in 2008, approximately 75% in 2009 and 100% in 2010

úElimination of public company expenses, systems integration, reduction in reinsurance costs

•Financial benefits

–Efficient use of capital and debt capacity

úPro forma debt to total capital approximately 20% based on preliminary financing plan

–Accretive to EPS and ROE in the first full year

Consideration /
Financing

·$12.50 per share, $194 million equity value, $230 million
including assumed debt

·100% cash consideration

·Expected financing sources: combination of debt and cash

Valuation

·Implied multiple of earnings of 9.5x and 11.5x for 2007E and
2008E, respectively (1)

·1.2x 12/31/07E GAAP book value (2)

Timing

·Announced 1/10/08

·Estimated closing:2Q 2008

·Subject to regulatory approvals and AmCOMP shareholder vote

18

(1)Based on I/B/E/S estimates

(2)Based on actual book value of $9.88 per share at 9/30/07plus I/B/E/S EPS estimate for Q 4, 2007 of $0.26

Acquisition of AmCOMP - Key Terms

Financial Results

Surplus of
$673MM

at 9/30/2007

Conservative
Reserving

High Quality
Investment
Portfolio

Catastrophe
Reinsurance
Program

0.5:1 NPW / Surplus
(Trailing 12 months NPW
at 9/30/07)

Approximately 90% fixed
maturity with average
rating AA at 9/30/07

Coverage up to
$200MM loss

Track record of
reserve strength

20

Four Key Elements of Our Financial Strength

Contract
$ millions
Total Coverage	$2,000
Original Reserves Transferred	$1,525
Consideration	$   775
Gain at 1/1/2000	750
Subsequent Reserve Adjustments	(147.5)
Gain at 9/30/2007	$602.5

Accounting at 9/30/07
$ millions
Statutory Surplus Created	$602.5
Cumulative Amortization To Date	(173.2)
GAAP: Deferred Reinsurance Gain - LPT Agreement	$429.3

21

Loss Portfolio Transfer (LPT)

•Non-recurring transaction with no ongoing cash benefits or charges to current operations

•Retroactive 100% quota share reinsurance coverage for all losses occurring prior to
7/1/95

•Gain on transaction booked as statutory surplus; deferred and amortized under GAAP

Net Premium Written

Net Income Before Loss Portfolio Transfer (LPT)

Equity Incl. Deferred Gain - LPT

Statutory Surplus

($ million)

Premium growth has declined due to California rate
decreases

Strong growth provides a solid basis for underwriting

Loss trends and investments are driving net income

Capital management plans include dividends and share
repurchases

22

Financial Snapshot

23

•Solid in force policy count
growth continued in the third
quarter, 2007

–33,027 at 9/30/07

–29,311 at 9/30/06

–Total increase of 3,716 or
12.7%

Growing In Force Policy Count

Total in force policy count has grown consistently with a 2002 - 2006 CAGR of 6%

24

Selected Operating Results

25

(1)Pro Forma EPS for 2006 assumes 50,000,002 shares outstanding before the conversion.

(2)Pro forma basic and diluted EPS computed using the weighted average shares outstanding during the period after the Company’s IPO and assumes the

50,000,002 shares outstanding prior to the IPO.  Equity instruments have been excluded in computing the diluted earnings per share because their

inclusion would be anti-dilutive. 

(3)Basic EPS and Diluted EPS round to the same amount for the period.

Earnings and EPS

(1)Excluding $43.4 million of favorable development in the first nine months of 2007, our loss ratio before the LPT would have been 64.2% and our
combined ratio would have been 103.7%.We target a combined ratio of 100.

(2)Total deferred gain amortization and LPT reserve adjustment of $19.4 million in 2006, $4.6 million in the first, second and third quarters of 2007.

(3)Our higher expense ratio is largely a function of falling California rates.

26

Underwriting Profitability

•$1.7 billion of
investment securities

- Less than .03% related to

sub-prime

- Less than 6% related to

financials

•Approximately 90%
AA rated

•Book yield of 4.4%

•Tax equivalent book
yield of 5.3%

•Effective duration of 5.7

•Outsourced to Conning
Asset Management

Portfolio Mix at 9/30/07

27

Investment Portfolio

•In 2007 greater than $100
million in cash

–$38 million ordinary dividends,
plus

–$9.7 million in net proceeds
from the IPO, plus

– $55 million up-streamed
extraordinary dividend

•As of 9/30/07 reported
earnings, $100 million
ordinary dividend capacity
in 2008

– Additional $200 million
extraordinary dividend
capacity through 12/31/2008
approved by DOI

Holding Company
Cash Flow

Strong Capital Position

•$771 million GAAP
adjusted equity at
9/30/2007

•0.5:1 trailing 12
months NPW/surplus
at 9/30/07

•No debt pending
acquisition

•Reserve strength

Our goal is to drive shareholder value through an improving ROE resulting from (i) profitability
consistent with historical results, (ii) disciplined growth and (iii) prudent capital management

28

Capital Management
Tools

•Shareholder dividends

–$0.06 per share
quarterly dividend

–Three quarters
declared and paid

$3.2 million Q2, 2007

$3.1 million Q3, 2007

$3.0 million Q4, 2007

•Share repurchase

–$75 million in 2007

3,911,272 shares

Capital Management

Summary

30

Summary

•Established enterprise with 95 year operating history

•Focused operations and disciplined underwriting - target an attractive and
underserved market segment with growth opportunities

•Pending acquisition - - when closed, immediate growth in premium

•Unique and long-standing strategic distribution relationships

•Financial strength and flexibility - strong balance sheet and conservative reserving

•Experienced management team with deep knowledge of workers’
compensation

Analyst Contact:

Vicki Erickson
Vice President, Investor Relations
Employers Holdings, Inc.
(775) 327-2794
verickson@employers.com

9790 Gateway Drive
Reno, NV. 89521-5906
(775) 327-2700

31

Douglas D. Dirks
President & Chief Executive Officer
Employers Holdings, Inc.


William E. (Ric) Yocke
Chief Financial Officer
Employers Holdings, Inc.