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):  May 19, 2009

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.)
10375 Professional Circle Reno, Nevada (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 presentations by senior management of Employers Holdings, Inc. (the "Company") with certain analysts and investors, the Company is disclosing certain information (the "Disclosed Information").

Statements made in the Disclosed Information that 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 furnished as Exhibit 99.1 to this Current Report on Form 8-K.  The information set forth under "Item 7.01.  Regulation FD Disclosure." and Exhibit 99.1 is intended to be furnished pursuant to Item 7.01.  Such information, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.  The furnishing of this information pursuant to Item 7.01 shall not be deemed an admission by the Company as to the materiality of such information.

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, Chief
	Legal Officer and General Counsel

Dated:    May 19, 2009

Exhibit Index

Exhibit No.	Exhibit
99.1	Presentation Materials

EX-99.1

Exhibit 99.1

Employers Holdings, Inc.

Investor Presentation

May, 2009

1

Safe Harbor Disclosure

This slide presentation is for informational purposes only.It should be read in conjunction with our Form 10-K for the year 2008, our Form 10-Q for the first
quarter of 2009 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
2008, our Form 10-Q for the first quarter of 2009 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

This presentation may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-
looking statements include statements regarding anticipated future results and can be identified by the fact that they do not relate strictly to historical or
current facts. They often include words like "believe”, "expect”, "anticipate”, "estimate" and "intend" or future or conditional verbs such as "will”, "would”,
"should”, "could" or "may”. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly
qualified in their entirety by these cautionary statements.

Any forward-looking statements made in this presentation 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.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Copyright © 2009 EMPLOYERS. All rights reserved. EMPLOYERS® and America’s small business insurance specialist.® are registered trademarks of Employers Insurance
Company of Nevada. Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused
on select, small businesses engaged in low to medium hazard industries. The company, through its subsidiaries, operates in 30 states. Insurance subsidiaries include
Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all
rated A- (Excellent) by A.M. Best Company. Employers Preferred Insurance Company and Employers Assurance Company are also known as AmCOMP Preferred Insurance
Company and AmCOMP Assurance Corporation in some jurisdictions. Additional information can be found at: http://www.employers.com.

2

Overview

Business

·Specialty provider of workers’ compensation
insurance

·Coverage required by statute

»Medical, temporary/permanent indemnity, death

Geographic

·30 states with concentrations in CA, FL, WI and NV

»Unique markets by state and area

Customers

·Small “main street” businesses

»Small business accounts for over 70% of net new jobs

·Low-to-medium hazard exposure industries

»Top classes include restaurants, physicians, dentists,
clerical, retail stores

·Distribution through agents and strategic partners

$50 billion
per year
industry
(2007, A.M. Best)

Highly
focused
business
model

Operate in
74% of total
market
(2008, A.M. Best)

3

2000

2002

2006

2007

FL

NM

MD

TX

OK

KS

NE

SD

ND

MT

WY

CO

UT

ID

AZ

NV

WA

CA

OR

KY

PA

MA

CT

VA

WV

OH

IN

IL

NC

TN

SC

AL

AR

LA

MO

IA

MN

MS

VT

NJ

DE

2008

1913 - 1999
State WC
fund in NV

2000
Privatization

2007
Demutualization
and IPO - entry
into FL, IL and
OR

2002
Acquisition,
book of
business in
CA, UT, ID,
MT, CO

2005
Formation of
mutual hold co

2008
Acquisition of
AmCOMP
Incorporated,
entry into IA

2006 Entry
into TX, AZ

NV

GA

TN

TX

Other

WI

FL

CA

IL

IN

GA

4

Key Strategies

5

Update

6

PEOPLE

•Senior management staffing changes implemented

•14% staff reduction underway

BRANCHES

•Consolidating corporate functions into corporate headquarters

–Centralizing support functions of 18 branch offices

•Field organization in place

–5 business units

•Complete rebranding of 9 acquired branch offices

•Opened Charlotte Customer Service Support Center, centralizing call/imaging/mail center on the East Coast
for improved customer service and operational efficiencies

BUSINESS

•Underwriting quality

–Reviewed 20 to 30 largest accounts in each branch

–Established quality assurance function with common underwriting requirements and processes

•Claims

–Conversion of claims system partially implemented and to be completed in early 2010

–Consolidated Florida claims handling in Maitland

•Loss Control

–Loss control technical manual revised consistent with strategy in coordination with Underwriting and Claims

7

Integration on Track

8

Risk Selection
Expertise

Strong Underwriting
Culture

Focused Guidelines
and Consistent
Automated Approach

Disciplined
Underwriting

Pricing of Individual
Risks

Local Knowledge

Disciplined Underwriting

9

Disciplined Risk Selection

Lower
Risk

Higher
Risk

EMPLOYERS = 87% of
Premiums Written,
Hazard Groups A - D

% of Premiums Written, 12/31/08

C	Physicians and Clerical	6.8
A	Restaurants	6.5
B	Wholesale Stores	5.1
B	Retail Stores	2.9
B	College Employees	2.7
C	Clothing Manufacturers	2.6
D	Automobile Services	2.3
C	Clerical	2.2
D	Machine Shops	2.0
C	Retail Grocery/Provisions Stores	1.8
	Total Top 10	34.9

Top 10 Classes
in 2008

NCCI
Hazard
Group

%Direct

Written
Premium

Further Differentiate Risks within Industry-defined Customer Classes

10

Superior Claims Management

11

Delivering Superior Loss Ratios

Consistently Lower Loss and LAE Ratios than the Industry

A.M. Best, “Aggregates and Averages”

12

Independent Agents and Brokers

Strategic Partnerships

Unique Distribution Network

Industry Focused

•California Restaurant
Association provider of choice

•California Medical Association
sponsorship

•Over 1,900 in place

•Strong relationships
with agents

Physicians and restaurants
are our top two classes of
customers

13

Increasing Points of Access

Strategic Partnerships

14

Strong Retention Rates

Strategic Partnerships Result in Consistently Higher Retention Rates

15

$ million

# policies

NPW 2002 - 2008 CAGR, 9%

Policy Count 2002 - 2008 CAGR,12%

•Substantive M & A growth

•Responsible, strong in force policy
growth

–33.2% increase (3/31/08 to
3/31/09)

•Maintaining underwriting discipline

Increasing Market Penetration

Purchased
Fremont Book
of Business

Purchased
AmCOMP
Incorporated

16

Strong Capital Position

($ million)

.8 to 1
NPW/Statutory
Surplus Ratio

$355 million
extraordinary
dividends to
parent in 2008

Strong Growth in Statutory Surplus Provides a Solid Basis for Underwriting

17

Loss Portfolio Transfer (LPT)

Contract
	($ million)
Total Coverage	$2,000
Original Reserves (Liabilities) Transferred	$1,525
Consideration	$775
Gain at 1/1/2000	750
Subsequent Reserve Adjustments	(147.5)
Gain at 3/31/09	$602.5

Accounting at 3/31/09
	($ million)
Statutory Surplus Created	$602.5
Cumulative Amortization To Date	(200.3)
GAAP: Deferred Reinsurance Gain - LPT Agreement	$402.2

Youngest claim is 14 years old - 3,656 claims open as of
3/31/09 with 5% closing each year

Remaining liabilities at 3/31/09: $920 million

18

High Quality Investment Portfolio

Portfolio at 3/31/09

$2.08 billion fair market value

19

History of Reserve Strength

Reserve Review

Reserve Development

Net reserves for workers’ comp industry estimated to be deficient by $6 Billion at 12/31/08 (1)

(1)NCCI, “2009 State of the Line”

Net Calendar Year Reserve Releases for
Prior Accident Years ($ million)

Track Record of Reserve Strength

20

20

High Quality Reinsurance

Program Structure

Reinsurance Management

Prudent Capital Management

Dividends

Share
Repurchases

Investing in the Future

Returning Capital to Shareholders

Holding Company Flexibility

$80 million in cash

$18 million in additional upstream dividends in 2009

Over $200 million in fixed maturities

(Over $100 million in maturing securities over the next year at operating
subsidiaries)

Investing in operations

Investing in securities

Acquisition equity value of
$189 million

$150 million Wells Fargo
secured line of credit

2008 operating expenses flat (vs.
2007);Q1 2009 expenses down,
excluding acquired operations and
restructuring/integration costs

14% staff reduction,
consolidation of functions

Extensive budget review

 21

22

Income Statement ($ million)	2005	2006	2007	2008	Q1 2009
Gross Written Premium	$458.7	$401.8	$350.7	$322.9	$ 128.1
Net Written Premium	439.7	387.2	338.6	312.8	124.7
Net Earned Premium	438.3	393.0	346.9	328.9	111.6
Net Investment Income	54.4	68.2	78.6	78.1	23.3
Net Income	137.6	171.6	120.3	101.8	20.9
Net Income Before LPT	93.8	152.2	102.2	83.4	16.5
Balance Sheet ($ million)	2005	2006	2007	2008	Q1 2009
Total Investments	$ 1,595.8	$ 1,715.7	$ 1,726.3	$ 2,042.9	$ 2,083.2
Cash and Cash Equivalents	61.1	80.0	149.7	202.9	190.4
Total Assets	3,094.2	3,195.7	3,191.2	3,756.7	3,764.8
Reserves for Loss and LAE	2,350.0	2,307.8	2,269.7	2,506.5	2,494.6
Shareholders’ Equity	144.6	303.8	379.5	444.7	459.9
Equity Including LPT Deferred Gain	607.0	746.8	804.5	851.3	862.2

Selected Operating Results

Consistently Profitable Underwriting

Underwriting model targets a
100% combined ratio and a 12-
13% return on a premium dollar

NOTE:LPT percentages include reserve adjustments

84.9%

72.6%

85.6%

(LPT is 10%)

(LPT is 4.9%)

(LPTis 5.2%)

(LPT is 12%)

(LPT is 16.8%)

(LPT is 5.5%)

109.2%

94.3%

90.9%

91.5%

(LPTis 5.6%)

103.6%

(LPTis 3.9%)

Non-recurring
integration /
restructuring
charges
added 3.4
points to Q 1
2009 expense
ratio

Expense ratio
on level net
earned
premium and
excluding non
-recurring
charges
would be
approximately
27.1% (see
Appendix for
calculation)

 23

24

Continuing Profits

Net Income Before LPT 2002 - 2008 CAGR = 40%

$ million

NOTE:50,000,002 pro forma shares prior to February 5, 2007 (IPO date)

0.34

25

Return on Average Adjusted Equity, Increasing Book
Value per Share

NOTE:50,000,002 pro forma shares prior to February 5, 2007 (IPO date)

Return on Average Equity includes deferred gain related to the LPT - equity in the ROE calculation is averaged for the period

Trailing
12
Months
ROAAE

26

Summary of Financial Strength

Strong

Underwriting

Leverage

Conservative
Reserving

High Quality
Investment
Portfolio

Catastrophe
Reinsurance
Program

.8 to 1 Surplus to
NPW at 3/31/09

$2 billion - over 97%
fixed maturity with
average rating AA

Track record of
reserve strength:
since IPO, $145
million favorable
prior AY reserve
development as of
3/3109

Coverage up to
$200 M loss

27

Key Strengths

•Established enterprise with consistently strong performance- 95 year
operating history

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

•Unique and long-standing strategic distribution relationships - resulting in
higher retention

•Financial strength and flexibility- strong balance sheet, conservative reserving,
negligible asset exposure to recent sub-prime market dislocations

•Experienced management team with deep knowledge of workers’
compensation - - average 25 years experience with the ability to manage through
challenging operating conditions

28

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


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

Analyst Contact:

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

10375 Professional Circle
Reno, NV 89521
(775) 327-2700

29

Appendix

30

Organization

Employers Holdings, Inc.

Employers

Insurance
Company

of Nevada

Employers

Compensation

Insurance

Company

Employers

Preferred

Insurance
Company

Employers

Occupational

Health, Inc.

Employers

Assurance

Company

Elite

Insurance

Services

EIG Services,
Inc.

Pinnacle

Benefits, Inc.

AmSERV,

Inc.

Employers Group, Inc.

COMPUTATION OF ADJUSTED EXPENSE RATIO ON LEVEL PREMIUMS
			Three Months		Three Months
			Ending		Ending
			3/31/2008		3/31/2009
			(millions)
	Earned Premium
		Employers	$75.8		$111.6
		Acquired operations	52.2		-
			128.0	D	111.6	A
	Underwriting & Other Operating Expenses		41.7		36.5
	Policyholder Dividends		2.4		2.0
	Total Expenses		44.1		38.5	B
	Less: One-time restructuring charge		-		3.8
	Net Underwriting & Other
	Operating Expenses		$44.1		$34.7	C
	Expense ratio		34.5%		34.5%	B/A
	Adjusted Expense ratio (net)		34.5%		31.1%	C/A
	Adjusted Expense ratio (net)
	on Level Premiums (1stQ-'08)				27.1%	C/D

31

Regional Organization, Pricing Trends in 2009 at 4/1/09

ME

NY

NH

MA

CT

VT

NJ

RI

KY

OH

IN

MO

IA

MN

IL

MIDWEST

KS

NE

SD

ND

NM

TX

OK

MT

WY

CO

UT

ID

AZ

NV

WESTERN

WA

CA

OR

PACIFIC

Corporate Headquarters

Regional Headquarters

MD

PA

VA

WV

NC

TN

AL

AR

LA

GA

MS

DC

SC

FL

SOUTHEAST

States Licensed, actively writing

States Licensed, not actively writing

+10%

-7.8%

-16.0%

-3.8%

+3.5%

-10.0%
(5/1/09)

-18.6%

-2.4%

+3.2%

-3.1%

-5.9%

+6.4%

-2.3%

+2.8%

+0.4%

-5.1%

-5.4%

-13.0%

-7.7%

-2.9%

+9.1%

-1.4%

+6.0%

-15.0%

-15.9%

+1.7%

-12.2%

%Employers Insurance Co of NV (ECIN)

%Employers Comp Ins Company (ECIC)

%Employers Assurance Co (EAC)

%Employers Preferred Insurance Co (EPIC)

-0.6%

-1.8%

-18.8%
(5/1/09)

32