Employers Holdings Surges Most Since 2011 as Profit JumpsCraig Giammona
Employers Holdings Inc., the provider of workers’ compensation insurance in U.S. West Coast states, rose the most since 2009 after first-quarter net income climbed 44 percent.
Employers jumped 11 percent to close at $22.54 in New York. That narrowed the decline for the year to 29 percent at the Reno, Nevada-based insurer.
Chief Executive Officer Douglas Dirks has been raising rates and shifting the mix of business after his company was stung by higher-than-expected claims costs in California, contributing to an 84 percent decline in fourth-quarter profit. Net income in the three months ended March 31 climbed to $10.8 million from $7.49 million a year earlier, the company said in a statement late yesterday.
“We are non-renewing poor performers,” Dirks said today in a conference call. “We are targeting attractive classes of business both within and outside of California.”