Employers Holdings Inc. EIG reported third quarter operating EPS of $0.13 “compared to our estimate of $0.23 and consensus of $0.25,” Oppenheimer reports.
Net written premiums were about 7.5% above estimates, but declined by 2% year over year.
“The accident year loss ratio was in line with our estimate of 65% and the company reported no favorable development in the quarter (OPCO $3.3M),” Oppenheimer writes. “Although the company is making solid progress on reducing the expense ratio, EIG's accident year combined ratio remains well over 100%.”
Oppenheimer maintains its Perform rating.
Employers Holdings currently trades at $16.50.
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