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EMPLOYERS® America's small business insurance specialistⓇ Employers Holdings , Inc. Reports Second Quarter 2021 Results ; Declares Third Quarter 2021 Cash Dividend of $ 0.25 per Share Exhibit 99.1 news release For Immediate Release Company to Host Conference Call on Friday , July 23 , 2021 , at 11:00 a.m. Eastern Daylight Time Reno , Nevada - July 22 , 2021 - Employers Holdings , Inc. ( the “ Company ” ) ( NYSE : EIG ) , 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 , today reported financial results for its second quarter ended June 30 , 2021 . Financial Highlights • Record number of ending policies in - force ( 107,314 ) , up 3.7 % since year - end ; • Gross premiums written were $ 147.1 million , an increase of 5 % ; • Net income of $ 26.4 million , or $ 0.92 per diluted share ; • • • • Adjusted net income of $ 11.8 million , or $ 0.41 per diluted share ; Net pretax realized and unrealized gains on investments recorded through the income statement of $ 16.0 million ; Net investment income of $ 18.2 million , down 9 % year - over - year ; Net premiums earned of $ 137.0 million , down 10 % year - over - year ; Net favorable prior year loss reserve development on voluntary business of $ 1.6 million , vs. $ 23.5 million a year ago ; The Company repurchased 250,336 shares of its common stock at an average price of $ 41.72 per share ; Book value per share including the Deferred Gain of $ 46.83 , up 2.3 % for the quarter including dividends declared . Management Commentary Chief Executive Officer Katherine Antonello commented : " With businesses reopening and restrictions lifted , we have begun to capture year - over - year increases in new business submissions , quotes and binds and are encouraged by the rebound we experienced during the second quarter of 2021. We closed the quarter with another record number of policies in - force and premium in - force has begun to increase , which demonstrates that our policyholders have endured the pandemic and small businesses are actively shopping for workers ' compensation coverage . Our year - over - year new business premium is down slightly , however , as both the labor - force participation rate and unemployment rate continue to improve , we remain confident that rising payrolls and new business opportunities will bring further growth to our top line . During the second quarter , we delivered a 3.8 % annualized return on adjusted equity and a combined ratio of 98.8 % within our largest operating segment , Employers . While we continued to experience significant favorable loss reserve development in nearly all prior accident years , our second quarter results were tempered by $ 8 million of adverse loss reserve development associated with two catastrophic non - COVID claims that occurred in late 2020 . Last quarter we referred to our $ 46.6 million of underwriting and general and administrative expenses as the high - water mark for 2021 and , as expected , those expenses decreased by 21 % during the second quarter . The decrease was primarily a result of targeted expense savings , employee departures and lower variable expenses that fluctuate directly with earned premium . ” Ms. Antonello continued , " Our Cerity operating segment , which offers digital workers ' compensation insurance solutions directly to consumers , continues to gather momentum and now has $ 1 million of in - force premium , all within our targeted low hazard groups A through D. While the low - to - medium hazard direct to consumer workers ' compensation market is relatively immature and Cerity is an early entrant in this space , we believe that its technological and intellectual capabilities will support our future growth initiatives and provide direct access to workers ' compensation insurance for businesses seeking an online experience . In summary , we are diligently focused on capitalizing on emerging labor market improvements , while continuing to maintain underwriting discipline and actively managing our expenses . Our balance sheet and capital position are very strong and are highly supportive of these key initiatives . "