# EDGAR Filing Document

**Accession Number:** 0001379041
**File Stem:** 0001379041-26-000023
**Filing Date:** 2026-5
**Character Count:** 238601
**Document Hash:** 86055fc5516a36eaa3a2dc8e537a8105
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001379041-26-000023.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001379041-26-000023

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Employers Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001379041
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 043850065
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33245
- **FILM NUMBER:** 26932796

**BUSINESS ADDRESS:**
- **STREET 1:** 5340 KIETZKE LANE
- **STREET 2:** SUITE 202
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89511
- **BUSINESS PHONE:** 775-327-2667

**MAIL ADDRESS:**
- **STREET 1:** 5340 KIETZKE LANE
- **STREET 2:** SUITE 202
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89511

?xml version='1.0' encoding='ASCII'? eig-20260331

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-Q** 

☑ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE**

**ACT OF 1934**

**For the Quarterly Period Ended March 31, 2026** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE**

**ACT OF 1934**

**For the transition period from ____ to ____**

**Commission File Number: 001-33245** 

**EMPLOYERS HOLDINGS, INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | | **04-3850065** |
| (State or other jurisdiction<br>of incorporation or organization) | | (I.R.S. Employer<br>Identification No.) |
| **5340 Kietzke Lane, Suite 202** | **5340 Kietzke Lane, Suite 202** | **5340 Kietzke Lane, Suite 202** |
| **Reno,** | **Nevada** | **89511** |
| (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) |

---

**(888) 682-6671**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | EIG | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | | | | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of April 28, 2026, there were 18,242,921 shares of the registrant's common stock outstanding.

------

**<u>[**TABLE OF CONTENTS**](#icc3d3c322b784af99c8e8b9fdd9d748c_10)</u>**

---

| | | |
|:---|:---|:---|
| | | **Page<br>No.** |
| <u>[PART](#icc3d3c322b784af99c8e8b9fdd9d748c_16)[I](#icc3d3c322b784af99c8e8b9fdd9d748c_16)[– FINANCIAL INFORMATION](#icc3d3c322b784af99c8e8b9fdd9d748c_16)</u> | <u>[PART](#icc3d3c322b784af99c8e8b9fdd9d748c_16)[I](#icc3d3c322b784af99c8e8b9fdd9d748c_16)[– FINANCIAL INFORMATION](#icc3d3c322b784af99c8e8b9fdd9d748c_16)</u> | <u>[PART](#icc3d3c322b784af99c8e8b9fdd9d748c_16)[I](#icc3d3c322b784af99c8e8b9fdd9d748c_16)[– FINANCIAL INFORMATION](#icc3d3c322b784af99c8e8b9fdd9d748c_16)</u> |
| <u>[Item 1](#icc3d3c322b784af99c8e8b9fdd9d748c_16)</u> | <u>[Consolidated Financial Statements](#icc3d3c322b784af99c8e8b9fdd9d748c_16)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#icc3d3c322b784af99c8e8b9fdd9d748c_19)</u> | <u>[2](#icc3d3c322b784af99c8e8b9fdd9d748c_19)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income (Loss) for the](#icc3d3c322b784af99c8e8b9fdd9d748c_25)[Three](#icc3d3c322b784af99c8e8b9fdd9d748c_25)[Months Ended](#icc3d3c322b784af99c8e8b9fdd9d748c_25)[March 31, 2026](#icc3d3c322b784af99c8e8b9fdd9d748c_25)[and 202](#icc3d3c322b784af99c8e8b9fdd9d748c_25)[5](#icc3d3c322b784af99c8e8b9fdd9d748c_25)[(Unaudited)](#icc3d3c322b784af99c8e8b9fdd9d748c_25)</u> | <u>[4](#icc3d3c322b784af99c8e8b9fdd9d748c_25)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Stockholders' Equity for the](#icc3d3c322b784af99c8e8b9fdd9d748c_31)[Three](#icc3d3c322b784af99c8e8b9fdd9d748c_31)[Months Ended](#icc3d3c322b784af99c8e8b9fdd9d748c_31)[March 31, 2026](#icc3d3c322b784af99c8e8b9fdd9d748c_31)[and 202](#icc3d3c322b784af99c8e8b9fdd9d748c_31)[5](#icc3d3c322b784af99c8e8b9fdd9d748c_31)[(Unaudited)](#icc3d3c322b784af99c8e8b9fdd9d748c_31)</u> | <u>[5](#icc3d3c322b784af99c8e8b9fdd9d748c_31)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#icc3d3c322b784af99c8e8b9fdd9d748c_37)[Three](#icc3d3c322b784af99c8e8b9fdd9d748c_37)[Months Ended](#icc3d3c322b784af99c8e8b9fdd9d748c_37)[March 31, 2026](#icc3d3c322b784af99c8e8b9fdd9d748c_37)[and 202](#icc3d3c322b784af99c8e8b9fdd9d748c_37)[5](#icc3d3c322b784af99c8e8b9fdd9d748c_37)[(Unaudited)](#icc3d3c322b784af99c8e8b9fdd9d748c_37)</u> | <u>[6](#icc3d3c322b784af99c8e8b9fdd9d748c_37)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements (Unaudited)](#icc3d3c322b784af99c8e8b9fdd9d748c_40)</u> | <u>[8](#icc3d3c322b784af99c8e8b9fdd9d748c_40)</u> |
| <u>[Item 2](#icc3d3c322b784af99c8e8b9fdd9d748c_88)</u> | <u>[Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations](#icc3d3c322b784af99c8e8b9fdd9d748c_88)</u> | <u>[25](#icc3d3c322b784af99c8e8b9fdd9d748c_88)</u> |
| <u>[Item 3](#icc3d3c322b784af99c8e8b9fdd9d748c_106)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#icc3d3c322b784af99c8e8b9fdd9d748c_106)</u> | <u>[37](#icc3d3c322b784af99c8e8b9fdd9d748c_106)</u> |
| <u>[Item 4](#icc3d3c322b784af99c8e8b9fdd9d748c_109)</u> | <u>[Controls and Procedures](#icc3d3c322b784af99c8e8b9fdd9d748c_109)</u> | <u>[39](#icc3d3c322b784af99c8e8b9fdd9d748c_109)</u> |
|  | <u>[PART II – OTHER INFORMATION](#icc3d3c322b784af99c8e8b9fdd9d748c_112)</u> |  |
| <u>[Item 1](#icc3d3c322b784af99c8e8b9fdd9d748c_115)</u> | <u>[Legal Proceedings](#icc3d3c322b784af99c8e8b9fdd9d748c_115)</u> | <u>[40](#icc3d3c322b784af99c8e8b9fdd9d748c_115)</u> |
| <u>[Item 1A](#icc3d3c322b784af99c8e8b9fdd9d748c_118)</u> | <u>[Risk Factors](#icc3d3c322b784af99c8e8b9fdd9d748c_118)</u> | <u>[40](#icc3d3c322b784af99c8e8b9fdd9d748c_118)</u> |
| <u>[Item 2](#icc3d3c322b784af99c8e8b9fdd9d748c_121)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#icc3d3c322b784af99c8e8b9fdd9d748c_121)</u> | <u>[40](#icc3d3c322b784af99c8e8b9fdd9d748c_121)</u> |
| <u>[Item 3](#icc3d3c322b784af99c8e8b9fdd9d748c_124)</u> | <u>[Defaults Upon Senior Securities](#icc3d3c322b784af99c8e8b9fdd9d748c_124)</u> | <u>[40](#icc3d3c322b784af99c8e8b9fdd9d748c_124)</u> |
| <u>[Item 4](#icc3d3c322b784af99c8e8b9fdd9d748c_127)</u> | <u>[Mine Safety Disclosures](#icc3d3c322b784af99c8e8b9fdd9d748c_127)</u> | <u>[40](#icc3d3c322b784af99c8e8b9fdd9d748c_127)</u> |
| <u>[Item 5](#icc3d3c322b784af99c8e8b9fdd9d748c_130)</u> | <u>[Other Information](#icc3d3c322b784af99c8e8b9fdd9d748c_130)</u> | <u>[40](#icc3d3c322b784af99c8e8b9fdd9d748c_130)</u> |
| <u>[Item 6](#icc3d3c322b784af99c8e8b9fdd9d748c_133)</u> | <u>[Exhibits](#icc3d3c322b784af99c8e8b9fdd9d748c_133)</u> | <u>[41](#icc3d3c322b784af99c8e8b9fdd9d748c_133)</u> |
| <u>[Signatures](#icc3d3c322b784af99c8e8b9fdd9d748c_136)</u> | <u>[Signatures](#icc3d3c322b784af99c8e8b9fdd9d748c_136)</u> | <u>[42](#icc3d3c322b784af99c8e8b9fdd9d748c_136)</u> |

---

**PART I** – **FINANCIAL INFORMATION**

**Item 1. Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| (in millions, except share data) | (in millions, except share data) | (in millions, except share data) |
|  | **As of** | **As of** |
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | (unaudited) |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities at fair value (amortized cost $2,045.8 at March 31, 2026 and $2,031.8 at December 31, 2025, less CECL allowance of $0.7 at March 31, 2026 and $0.4 at December 31, 2025) | $2033.7 | $2040.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities at fair value (cost $98.6 at March 31, 2026 and $96.5 at December 31, 2025) | 183.3 | 184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities at cost | 7.5 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets (cost $78.5 at March 31, 2026 and $79.4 at December 31, 2025) | 95.8 | 96.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments at fair value (amortized cost $14.6 at March 31, 2026 and $10.1 at December 31, 2025) | 14.6 | 10.1 |
| Total investments | 2334.9 | 2338.8 |
| Cash and cash equivalents | 153.1 | 159.8 |
| Restricted cash and cash equivalents | 0.2 | 0.2 |
| Accrued investment income | 15.0 | 15.5 |
| Premiums receivable (less CECL allowance of $24.0 at March 31, 2026 and $22.6 at December 31, 2025) | 337.4 | 335.4 |
| Reinsurance recoverable for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid losses | 5.4 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid losses (less CECL allowance of $0.8 at March 31, 2026 and $0.8 at December 31, 2025) | 382.3 | 385.7 |
| Deferred policy acquisition costs | 57.1 | 57.1 |
| Federal income taxes recoverable | 15.0 | 16.1 |
| Deferred income tax asset, net | 18.8 | 14.3 |
| Property and equipment, net | 6.5 | 6.5 |
| Operating lease right-of-use assets | 3.6 | 3.7 |
| Intangible assets, net | 13.6 | 13.6 |
| Goodwill | 36.2 | 36.2 |
| Cloud computing arrangements | 13.6 | 12.9 |
| Other assets | 43.8 | 34.9 |
| Total assets | $3436.5 | $3436.6 |
| **Liabilities and stockholders' equity** |  |  |
| Unpaid losses and loss adjustment expenses | $1802.5 | $1805.8 |
| Unearned premiums | 392.7 | 391.9 |
| Commissions and premium taxes payable | 55.2 | 59.9 |
| Accounts payable and accrued expenses | 19.3 | 23.4 |
| Deferred reinsurance gain—LPT Agreement | 86.8 | 88.0 |
| Short-term debt |  | 16.0 |
| Operating lease liability | 3.8 | 3.9 |
| Non-cancellable obligations | 6.4 | 7.7 |
| Long-term debt | 125.0 | 19.0 |
| Other liabilities | 78.3 | 65.3 |
| Total liabilities | $2570.0 | $2480.9 |
| Commitments and contingencies (Notes 3 and 6) |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| (in millions, except share data) | (in millions, except share data) | (in millions, except share data) |
|  | **As of** | **As of** |
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| **Stockholders' equity:** | (unaudited) |  |
| Common stock, $0.01 par value; 150,000,000 shares authorized; 58,343,299 and 58,276,637 shares issued and 18,596,468 and 20,342,135 shares outstanding at March 31, 2026 and December 31, 2025, respectively | $0.6 | $0.6 |
| Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued |  |  |
| Additional paid-in capital | 428.5 | 427.8 |
| Retained earnings | 1457.8 | 1453.8 |
| Accumulated other comprehensive (loss) income, net of tax | (9.0) | 7.3 |
| Treasury stock, at cost (39,746,831 shares at March 31, 2026 and 37,934,502 shares at December 31, 2025) | (1011.4) | (933.8) |
| Total stockholders' equity | 866.5 | 955.7 |
| Total liabilities and stockholders' equity | $3436.5 | $3436.6 |

---

*See accompanying unaudited notes to the consolidated financial statements.*

------

---

| | | |
|:---|:---|:---|
| **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** |
| **Consolidated Statements of Comprehensive Income (Loss)** | **Consolidated Statements of Comprehensive Income (Loss)** | **Consolidated Statements of Comprehensive Income (Loss)** |
| (in millions, except per share data) | (in millions, except per share data) | (in millions, except per share data) |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Revenues** | (unaudited) | (unaudited) |
| Net premiums earned | $180.9 | $183.0 |
| Net investment income | 28.3 | 32.1 |
| Net realized and unrealized losses on investments | (1.7) | (12.8) |
| Other income | 0.1 | 0.3 |
| Total revenues | 207.6 | 202.6 |
| **Expenses** |  |  |
| Losses and loss adjustment expenses | 129.1 | 120.7 |
| Commission expense | 23.7 | 23.0 |
| Underwriting expenses | 40.9 | 42.9 |
| Interest and financing expenses | 1.1 | 0.1 |
| Total expenses | 194.8 | 186.7 |
| **Net income before income taxes** | 12.8 | 15.9 |
| Income tax expense | 2.6 | 3.1 |
| **Net income** | $10.2 | $12.8 |
| **Comprehensive (loss) income** |  |  |
| Unrealized AFS investment (losses) gains arising during the period, net of tax benefit (expense) of $4.5 and $(5.7) for the three months ended March 31, 2026 and 2025, respectively | $(16.7) | $21.1 |
| Reclassification adjustment for realized AFS investment losses in net income, net of tax benefit of $(0.1) and $(0.2) for the three months ended March 31, 2026 and 2025, respectively | 0.4 | 0.7 |
| Other comprehensive (loss) income, net of tax | (16.3) | 21.8 |
| **Total comprehensive (loss) income** | $(6.1) | $34.6 |
| **Earnings per common share (Note 13):** |  |  |
| Basic | $0.53 | $0.52 |
| Diluted | $0.52 | $0.52 |
| Cash dividends declared per common share and eligible equity plan awards | $0.32 | $0.30 |

---

*See accompanying unaudited notes to the consolidated financial statements.*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** |
| **Consolidated Statements of Stockholders' Equity** | **Consolidated Statements of Stockholders' Equity** | **Consolidated Statements of Stockholders' Equity** | **Consolidated Statements of Stockholders' Equity** | **Consolidated Statements of Stockholders' Equity** | **Consolidated Statements of Stockholders' Equity** | **Consolidated Statements of Stockholders' Equity** | **Consolidated Statements of Stockholders' Equity** |
| **For the Three Months Ended March 31, 2026 and 2025** | **For the Three Months Ended March 31, 2026 and 2025** | **For the Three Months Ended March 31, 2026 and 2025** | **For the Three Months Ended March 31, 2026 and 2025** | **For the Three Months Ended March 31, 2026 and 2025** | **For the Three Months Ended March 31, 2026 and 2025** | **For the Three Months Ended March 31, 2026 and 2025** | **For the Three Months Ended March 31, 2026 and 2025** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Common Stock** | **Common Stock** | **Additional Paid-In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss), Net** | **Treasury Stock at Cost** | **Total Stockholders' Equity** |
| | **Shares Issued** | **Amount** | **Additional Paid-In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss), Net** | **Treasury Stock at Cost** | **Total Stockholders' Equity** |
|  | (in millions, except share data) | (in millions, except share data) | (in millions, except share data) | (in millions, except share data) | (in millions, except share data) | (in millions, except share data) | (in millions, except share data) |
| Balance, January 1, 2026 | 58276637 | $0.6 | $427.8 | $1453.8 | $7.3 | $(933.8) | $955.7 |
| Stock-based obligations |  |  | 1.7 |  |  |  | 1.7 |
| Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings | 66662 |  | (1.0) |  |  |  | (1.0) |
| Acquisitions of common stock |  |  |  |  |  | (77.6) | (77.6) |
| Dividends declared |  |  |  | (6.2) |  |  | (6.2) |
| Net income for the period |  |  |  | 10.2 |  |  | 10.2 |
| Change in net unrealized losses on AFS investments, net of taxes of $4.4 |  |  |  |  | (16.3) |  | (16.3) |
| Balance, March 31, 2026 | 58343299 | $0.6 | $428.5 | $1457.8 | $(9.0) | $(1011.4) | $866.5 |
| Balance, January 1, 2025 | 58184861 | $0.6 | $424.2 | $1472.9 | $(82.5) | $(746.5) | $1068.7 |
| Stock-based obligations |  |  | 1.2 |  |  |  | 1.2 |
| Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings | 59997 |  | (1.3) |  |  |  | (1.3) |
| Acquisition of common stock |  |  |  |  |  | (20.3) | (20.3) |
| Dividends declared |  |  |  | (7.2) |  |  | (7.2) |
| Net income for the period |  |  |  | 12.8 |  |  | 12.8 |
| Change in net unrealized losses on AFS investments, net of taxes of $(5.9) |  |  |  |  | 21.8 |  | 21.8 |
| Balance, March 31, 2025 | 58244858 | $0.6 | $424.1 | $1478.5 | $(60.7) | $(766.8) | $1075.7 |
| *See accompanying unaudited notes to the consolidated financial statements.* | *See accompanying unaudited notes to the consolidated financial statements.* | *See accompanying unaudited notes to the consolidated financial statements.* | *See accompanying unaudited notes to the consolidated financial statements.* | *See accompanying unaudited notes to the consolidated financial statements.* | *See accompanying unaudited notes to the consolidated financial statements.* | *See accompanying unaudited notes to the consolidated financial statements.* | *See accompanying unaudited notes to the consolidated financial statements.* |

---

------

---

| | | |
|:---|:---|:---|
| **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** | **Employers Holdings, Inc. and Subsidiaries** |
| **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** | **Consolidated Statements of Cash Flows** |
| (in millions) | (in millions) | (in millions) |
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Operating activities** | (unaudited) | (unaudited) |
| Net income | $10.2 | $12.8 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 0.9 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1.6 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of cloud computing assets | 2.1 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discounts and premiums on investments, net | (0.6) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for expected credit losses | 1.4 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | (0.1) | (2.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized losses on investments | 1.7 | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable | (3.4) | (16.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable on paid and unpaid losses | 3.9 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud computing arrangements | (2.8) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 0.1 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current federal income taxes | 1.1 | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid losses and loss adjustment expenses | (3.3) | (15.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 0.8 | 25.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | (0.1) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred reinsurance gain—LPT Agreement | (1.2) | (1.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (0.1) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cancellable obligations | (1.3) | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (8.7) | (15.0) |
| Net cash provided by operating activities | 2.2 | 14.6 |
| **Investing activities** |  |  |
| Purchases of fixed maturity securities | (158.8) | (56.3) |
| Purchases of equity securities | (10.0) | (21.3) |
| Purchases of short-term investments | (11.0) |  |
| Purchases of other invested assets | (1.8) | (1.3) |
| Distributions from other invested assets | 2.6 | 7.2 |
| Proceeds from sale of fixed maturity securities | 47.3 | 47.1 |
| Proceeds from sale of equity securities | 9.3 | 20.4 |
| Proceeds from maturities and redemptions of fixed maturity securities | 98.0 | 46.3 |
| Proceeds from sales and maturities of short-term investments | 6.5 | 0.1 |
| Net change in unsettled investment purchases and sales | 6.5 | 4.4 |
| Capital expenditures and other | (0.9) | (0.5) |
| Net cash (used in) provided by investing activities | (12.3) | 46.1 |
| **Financing activities** |  |  |
| Acquisition of common stock and excise tax payments | (79.3) | (19.8) |
| Cash transactions related to stock-based compensation | (1.0) | (1.3) |
| Dividends paid to stockholders | (6.3) | (7.5) |
| Proceeds from FHLB advances | 70.0 |  |
| Proceeds from line of credit advances | 20.0 |  |
| Net cash provided by (used in) financing activities | 3.4 | (28.6) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (6.7) | 32.1 |
| Cash, cash equivalents and restricted cash at the beginning of the period | 160.0 | 68.5 |
| Cash, cash equivalents and restricted cash at the end of the period | $153.3 | $100.6 |

---

------

The following table presents our cash, cash equivalents and restricted cash by category within the Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | **As of**<br>**March 31,<br>2026** | **As of**<br>**December 31,<br>2025** |
| | (unaudited) | |
| | (in millions) | (in millions) |
| Cash and cash equivalents | $153.1 | $159.8 |
| Restricted cash and cash equivalents supporting reinsurance obligations | 0.2 | 0.2 |
| Total cash, cash equivalents and restricted cash | $153.3 | $160.0 |

---

*See accompanying unaudited notes to the consolidated financial statements.*

------

**Employers Holdings, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**1. Basis of Presentation and Summary of Operations**

Employers Holdings, Inc. (EHI) is a Nevada holding company. Through its wholly owned insurance subsidiaries, Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC), and Cerity Insurance Company (CIC), EHI is engaged in the commercial property and casualty insurance industry, specializing in workers' compensation products and related services. Unless otherwise indicated, all references to the "Company" refer to EHI, together with its subsidiaries.

In 1999, the Nevada State Industrial Insurance System (the Fund) entered into a retroactive 100% quota share reinsurance agreement (the LPT Agreement) through a loss portfolio transfer transaction with third party reinsurers. The LPT Agreement, which ceded to the reinsurers substantially all of the Fund's outstanding losses as of June 30, 1999 for claims with original dates of injury prior to July 1, 1995, provides coverage for losses up to $2.0 billion, excluding losses for burial and transportation expenses. The LPT Agreement will remain in effect until, whichever of the following occurs first: (i) all claims under the covered policies have closed; (ii) the LPT Agreement is commuted or terminated, upon the mutual agreement of the parties; or (iii) the reinsurers' aggregate maximum limit of liability is exhausted. The LPT Agreement does not provide for any additional termination terms. On January 1, 2000, EICN assumed all of the assets, liabilities and operations of the Fund, including the Fund's rights and obligations associated with the LPT Agreement (See Note 9).

The Company accounts for the LPT Agreement as retroactive reinsurance. Upon entry into the LPT Agreement, an initial deferred reinsurance gain (the Deferred Gain) was recorded as a liability on the Company's Consolidated Balance Sheets.

The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934 (Exchange Act), as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of the Company's consolidated financial position and results of operations for the periods presented have been included. The results of operations for an interim period are not necessarily indicative of the results for an entire year. These financial statements have been prepared consistent with the accounting policies described in the Company's Form 10-K for the year ended December 31, 2025 (Annual Report).

The Company operates as a single operating segment, *Insurance Operations*, through its wholly owned subsidiaries. Detailed financial information about the Company's single operating segment is presented in Note 14.

**Use of Estimates**

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (LAE), evaluation of reinsurance recoverables, recognition of premium revenue, recoverability of deferred income taxes, and valuation of investments.

------

**2. New Accounting Standards**

***Recently Issued Accounting Standards***

In December 2025, the Financial Accounting Standards Board (FASB) issued *ASU 2025-11 Interim Reporting (Topic 270)*. The amendments in this update clarify the interim disclosure requirements under GAAP and the applicability of Topic 270, Interim Reporting. The amendments in this update provide a comprehensive list of interim disclosures currently required by GAAP and are intended to clarify existing requirements rather than expand or reduce them. The amendments also introduce a disclosure principle requiring entities to disclose events occurring since the end of the most recent annual reporting period that have a material impact on the entity, even if such disclosures are not specifically identified in Topic 270. In addition, the Update clarifies the scope of Topic 270, the types of interim reporting, and the form and content of interim financial statements prepared in accordance with GAAP. This update is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company will adopt this standard when it becomes effective.

In September 2025, the Financial Accounting Standards Board (FASB) issued *ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)*. The amendments in this update eliminate all references to project stages and require capitalization of software costs when: (i) management authorizes and commits to funding the software project, and (ii) it is probable the software project will be completed and used as intended, known as the "probable-to-completion recognition threshold." Entities must consider whether there is significant uncertainty associated with the development activities of the software in determining if the threshold is met. To determine whether significant development uncertainty exists, the amendment considers the following: (i) whether uncertainties related to novel or unproven software functions or features, if identified, have been resolved through coding and testing, and (ii) whether the software's required functions and performance criteria have been defined or are still being revised. In addition, the amendments in the update specify that property, plant and equipment disclosure requirements are required for capitalized internal-use software costs, regardless of financial statement presentation and also incorporate the recognition requirements for website-specific development costs. This update is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective or modified transition approach. The Company will adopt this standard when it becomes effective.

In November 2024, the FASB issued *ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)*. The amendments in this update require further disaggregation of certain relevant costs and expenses into specified categories in disclosures within the footnotes to the financial statements at each interim and annual reporting period. Relevant expense captions required to be disclosed include the following, as applicable: (i) purchases of inventory; (ii) employee compensation; (iii) depreciation; (iv) intangible asset amortization; and (v) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other depletion expenses). In addition, the amendments require a qualitative description of the amounts of other items remaining in relevant expense captions that are not separately disaggregated. In addition, a separate disclosure of the total amount of selling expenses should be presented and, in annual reporting periods, an entity's definition of selling expenses should be disclosed. This update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods with annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will adopt this standard when it becomes effective.

***Recently Adopted Accounting Standards***

None

**3. Valuation of Financial Instruments**

***Financial Instruments Carried at Fair Value***

The carrying value and the estimated fair value of the Company's financial instruments at fair value were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** | **Estimated Fair Value** | **Carrying Value** | **Estimated Fair Value** |
| | (in millions) | (in millions) | (in millions) | (in millions) |
| **Financial assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $2231.6 | $2231.6 | $2234.8 | $2234.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 153.1 | 153.1 | 159.8 | 159.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 0.2 | 0.2 | 0.2 | 0.2 |
| **Financial liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit agreement (Note 10) | $20.0 | $20.0 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHLB advances (Note 10) | 105.0 | 104.5 | 35.0 | 35.0 |

---

------

Assets and liabilities recorded at fair value on the Company's Consolidated Balance Sheets are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. Level inputs are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Inputs are unadjusted quoted market prices for identical assets or liabilities in active markets at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than Level 1 prices that are observable for similar assets or liabilities through corroboration with market data at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Inputs that are unobservable that reflect management's best estimate of what willing market participants would use in pricing the assets or liabilities at the measurement date.

The Company uses third party pricing services to assist with its investment accounting function. The ultimate pricing source varies depending on the investment security and pricing service used, but investment securities valued on the basis of observable inputs (Levels 1 and 2) are generally assigned values on the basis of actual transactions. Securities valued on the basis of pricing models with significant unobservable inputs or non-binding broker quotes are classified as Level 3. The Company performs quarterly analyses on the prices it receives from third parties to determine whether the prices are reasonable estimates of fair value, including confirming the fair values of these securities through observable market prices using an alternative pricing source, as it is ultimately management's responsibility to ensure that the fair values reflected in the Company's consolidated financial statements are appropriate. If differences are noted in these analyses, the Company may obtain additional information from other pricing services to validate the quoted price.

The Company bases all of its estimates of fair value for assets on bid prices, when available, as they represent what a third-party market participant would be willing to pay in an arm's length transaction.

For securities not actively traded, third party pricing services may use quoted market prices of similar instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, broker quotes, benchmark yields, credit spreads, default rates, and prepayment speed assumptions. There were no material adjustments to the valuation methodology utilized by third party pricing services as of March 31, 2026 and December 31, 2025.

These methods of valuation only produce an estimate of fair value if there is objectively verifiable information to produce a valuation. If objectively verifiable information is not available, the Company would be required to produce an estimate of fair value using some of the same methodologies, making assumptions for market-based inputs that are unavailable.

As of March 31, 2026, the Company's insurance subsidiaries had aggregate Federal Home Loan Bank of San Francisco (FHLB) advances outstanding totaling $105.0 million, bearing fixed interest rates ranging from 3.74% to 3.87% and maturing between February 2029 and May 2029. The estimated fair value of FHLB advances is determined using a discounted cash flow methodology incorporating current FHLB advance rates for instruments of comparable remaining terms as of the measurement date. FHLB advances are classified as Level 2 within the fair value hierarchy as these advances are not actively traded.

As of March 31, 2026, the Company held $70.9 million of fixed maturity securities at fair value that were designated Level 3. These private placement securities were designated as Level 3 securities due to the limited amount of observable market information available.

------

The following table presents the Company's investments at fair value and the corresponding fair value measurements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Level 1** | **Level 2** | **Level 3** |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| **Fixed maturity securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $— | $81.0 | $— | $— | $80.1 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and municipalities |  | 145.7 |  |  | 159.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate securities |  | 642.9 | 53.8 |  | 600.8 | 54.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities |  | 768.4 | 2.9 |  | 799.9 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities |  | 29.3 |  |  | 28.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities |  | 141.8 | 12.2 |  | 150.3 | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations |  | 2.5 |  |  | 12.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government securities |  |  | 2.0 |  |  | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities |  | 151.2 |  |  | 136.0 |  |
| **Total fixed maturity securities** | $— | $1962.8 | $70.9 | $— | $1968.4 | $72.3 |
| **Equity securities at fair value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $156.8 | $— | $— | $157.9 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 26.5 |  |  | 26.1 |  |  |
| **Total equity securities at fair value** | $183.3 | $— | $— | $184.0 | $— | $— |
| **Short-term investments** | $11.0 | $3.6 | $— | $— | $10.1 | $— |
| **Total investments at fair value** | $194.3 | $1966.4 | $70.9 | $184.0 | $1978.5 | $72.3 |

---

The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3 inputs.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Balance at the beginning of the period | $72.3 | $65.6 |
| Sales | (0.5) | (0.6) |
| Unrealized (losses) gains included in comprehensive income or loss | (0.9) | 0.8 |
| Balance at end of period | $70.9 | $65.8 |

---

***Financial Instruments Carried at Cost***

Each of the Company's insurance subsidiaries are members of the FHLB. Members are required to purchase a designated amount of FHLB capital stock to maintain their membership in addition to maintaining collateral deposits that back any funds advanced and standby letters of credit issued (See Note 10). The Company's investment in FHLB stock is recorded at cost, which approximates fair value, as purchases and sales of these securities are at par value with the issuer. FHLB stock is considered a restricted security and is periodically evaluated by the Company for impairment based on the estimated ultimate recovery of par value.

As of March 31, 2026, the Company had $20.0 million outstanding under its Credit Agreement (the Credit Agreement) with Wells Fargo Bank, National Association. Borrowings under the Credit Agreement bear interest at a variable rate based on Adjusted Term Secured Overnight Financing Rate (SOFR), which resets periodically to reflect current market conditions. As a result of the variable rate nature of this instrument, the carrying value approximates its estimated fair value as of March 31, 2026. The revolving credit facility is classified as Level 2 within the fair value hierarchy (See Note 10).

------

***Financial Instruments Carried at Net Asset Value***

The Company has investments in private equity limited partnership interests that are included in Other invested assets on the Company's Consolidated Balance Sheets. These investments do not have readily determinable fair values and are carried at net asset value (NAV) and therefore are excluded from the fair value hierarchy. The Company initially estimates the value of these investments using the transaction price. In subsequent periods, the Company measures these investments using NAV per share provided quarterly by the general partner, based on financial statements that are audited annually. These investments are generally not redeemable by the investees and cannot be sold without approval of the general partner. These investments have a fund term of 3 to 12 years, subject to two or three one-year extensions at the general partner's discretion. The Company periodically receives and recognizes as Net investment income on the Company's Consolidated Statements of Comprehensive Income (Loss) distributions of proceeds from dividends and interest from fund investments, as well as from any dispositions of fund investments during the course of the fund term. As of March 31, 2026, the Company had unfunded commitments to these private equity limited partnerships totaling $9.9 million.

Additionally, certain cash equivalents, principally money market securities, are measured using NAV, which approximates fair value.

The following table presents cash and investments carried at NAV on the Company's Consolidated Balance Sheets.

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | (in millions) | (in millions) |
| Cash equivalents carried at NAV | $94.7 | $110.9 |
| Other invested assets carried at NAV | 95.8 | 96.5 |

---

**4. Investments**

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the Company's available-for-sale (AFS) investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amortized<br>Cost** | **Allowance for Current Expected Credit Losses** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| **At March 31, 2026** |  |  |  |  |  |
| **Fixed maturity securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $81.3 | $— | $0.6 | $(0.9) | $81.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and municipalities | 144.0 |  | 3.1 | (1.4) | 145.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 706.1 |  | 7.5 | (16.9) | 696.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 774.3 |  | 3.0 | (6.0) | 771.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 29.2 |  | 0.2 | (0.1) | 29.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 153.1 |  | 1.3 | (0.4) | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 2.5 |  |  |  | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government securities | 2.0 |  |  |  | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities<sup>(1)</sup> | 153.3 | (0.7) | 0.2 | (1.6) | 151.2 |
| **Total fixed maturity securities** | $2045.8 | $(0.7) | $15.9 | $(27.3) | $2033.7 |
| **Short-term investments** | 14.6 |  |  |  | 14.6 |
| **Total AFS investments** | $2060.4 | $(0.7) | $15.9 | $(27.3) | $2048.3 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amortized<br>Cost** | **Allowance for Current Expected Credit Losses** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| **At December 31, 2025** |  |  |  |  |  |
| **Fixed maturity securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $80.0 | $— | $1.0 | $(0.9) | $80.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States and municipalities | 156.5 |  | 4.2 | (0.8) | 159.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 654.8 |  | 12.7 | (12.2) | 655.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 800.5 |  | 4.8 | (2.4) | 802.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 28.6 |  | 0.3 |  | 28.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 160.9 |  | 2.3 | (0.1) | 163.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized loan obligations | 12.5 |  |  |  | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government securities | 2.0 |  |  |  | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities<sup>(1)</sup> | 136.0 | (0.4) | 0.7 | (0.3) | 136.0 |
| **Total fixed maturity securities** | $2031.8 | $(0.4) | $26.0 | $(16.7) | $2040.7 |
| **Short-term investments** | 10.1 |  |  |  | 10.1 |
| **Total AFS investments** | $2041.9 | $(0.4) | $26.0 | $(16.7) | $2050.8 |

---

(1)Other securities within fixed maturity securities consist of bank loans, which are classified as AFS and reported at fair value.

The cost and estimated fair value of the Company's equity securities recorded at fair value at March 31, 2026 and December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Cost** | **Estimated Fair Value** |
| | (in millions) | (in millions) |
| **At March 31, 2026** |  |  |
| **Equity securities at fair value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $82.6 | $156.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 16.0 | 26.5 |
| **Total equity securities at fair value** | $98.6 | $183.3 |

---

---

| | | |
|:---|:---|:---|
| **At December 31, 2025** | | |
| **Equity securities at fair value** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $81.7 | $157.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 14.8 | 26.1 |
| **Total equity securities at fair value** | $96.5 | $184.0 |

---

The Company had Other invested assets totaling $95.8 million and $96.5 million (with an associated cost of $78.5 million and $79.4 million) at March 31, 2026 and December 31, 2025, respectively, consisting of private equity limited partnerships, which are carried at NAV based on information provided by the general partner. These investments are non-redeemable until conversion and are periodically evaluated by the Company for impairment based on the ultimate recovery of the investment. Changes in the value of these investments are recorded through Net realized and unrealized losses on the Company's Consolidated Statements of Comprehensive Income (Loss).

The amortized cost and estimated fair value of the Company's fixed maturity securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
| | **Amortized Cost** | **Estimated Fair Value** |
| | (in millions) | (in millions) |
| Due in one year or less | $20.9 | $20.9 |
| Due after one year through five years | 381.7 | 375.7 |
| Due after five years through ten years | 604.5 | 602.8 |
| Due after ten years | 79.6 | 77.2 |
| Mortgage and asset-backed securities | 959.1 | 957.1 |
| Total | $2045.8 | $2033.7 |

---

------

The following is a summary of AFS investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or greater in each case as of March 31, 2026 and December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Estimated Fair Value** | **Gross<br>Unrealized<br>Losses** | **Number of Issues** | **Estimated Fair Value** | **Gross<br>Unrealized<br>Losses** | **Number of Issues** |
| | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| **Less than 12 months:** |  |  |  |  |  |  |
| Fixed maturity securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $35.4 | $(0.3) | 7 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;States and municipalities | 30.5 | (0.7) | 10 | 21.7 | (0.2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 216.2 | (3.7) | 77 | 96.9 | (0.7) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 386.0 | (3.9) | 109 | 252.7 | (0.9) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 11.4 | (0.1) | 9 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 64.3 | (0.4) | 36 | 32.4 | (0.1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | 92.4 | (1.3) | 629 | 19.7 | (0.2) | 355 |
| Total fixed maturity securities | 836.2 | (10.4) | 877 | 423.4 | (2.1) | 461 |
| **Total less than 12 months** | $836.2 | $(10.4) | 877 | $423.4 | $(2.1) | 461 |
| **12 months or greater:** |  |  |  |  |  |  |
| Fixed maturity securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasuries | $9.8 | $(0.6) | 2 | $13.4 | $(0.9) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;States and municipalities | 11.1 | (0.7) | 6 | 14.0 | (0.6) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities | 170.9 | (13.2) | 87 | 175.3 | (11.5) | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 57.3 | (2.1) | 29 | 68.2 | (1.5) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | 11.3 | (0.3) | 223 | 7.3 | (0.1) | 143 |
| Total fixed maturity securities | 260.4 | (16.9) | 347 | 278.2 | (14.6) | 282 |
| **Total 12 months or greater** | $260.4 | $(16.9) | 347 | $278.2 | $(14.6) | 282 |

---

As of March 31, 2026 and December 31, 2025, the Company had an allowance for current expected credit losses (CECL) on AFS investments of $0.7 million and $0.4 million, respectively (See Note 5). Those fixed maturity securities whose total fair value was less than amortized cost at each of March 31, 2026 and December 31, 2025, were those in which the Company had no intent, need or requirement to sell at an amount less than their amortized cost.

Realized gains and losses on investments include the gain or loss on a security at the time of sale compared to its original or adjusted cost (equity securities and other invested assets) or amortized cost (fixed maturity securities). Realized losses on fixed maturity securities are also recognized when securities are written down as a result of an other-than-temporary impairment or for unfavorable changes in CECL. Reversals of previously recognized realized losses on fixed maturity securities can also result when securities are written up for favorable changes in CECL.

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Net realized gains on investments and the change in unrealized gains (losses) on the Company's investments recorded at fair value are determined on a specific-identification basis and were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Realized Gains** | **Gross Realized Losses** | **Net** <br>**(Increase)**<br>**Decrease** <br>**in CECL Allowance** | **Change in Net Unrealized Gains (Losses)** | **Changes in Fair Value Reflected in Earnings** | **Changes in Fair Value Reflected in AOCI** <sup>(1)</sup>**, before tax** |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| **Three Months Ended March 31, 2026** |  |  |  |  |  |  |
| Fixed maturity securities | $0.5 | $(0.7) | $(0.3) | $(20.7) | $(0.5) | $(20.7) |
| Equity securities | 1.7 | (0.2) |  | (2.8) | (1.3) |  |
| Other invested assets |  |  |  | 0.1 | 0.1 |  |
| Total investments | $2.2 | $(0.9) | $(0.3) | $(23.4) | $(1.7) | $(20.7) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended March 31, 2025** | | | | | | |
| Fixed maturity securities | $0.1 | $(0.7) | $(0.3) | $27.7 | $(0.9) | $27.7 |
| Equity securities | 0.7 | (0.9) |  | (6.4) | (6.6) |  |
| Other invested assets |  |  |  | (5.3) | (5.3) |  |
| Total investments | $0.8 | $(1.6) | $(0.3) | $16.0 | $(12.8) | $27.7 |

---

(1)AOCI indicates *Accumulated other comprehensive income or loss.*

Proceeds from sales of fixed maturity securities were $47.3 million for the three months ended March 31, 2026 compared to $47.1 million for the three months ended March 31, 2025.

Net investment income was as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Fixed maturity securities | $25.4 | $24.5 |
| Equity securities | 1.3 | 1.7 |
| Other invested assets | 0.8 | 6.2 |
| Short-term investments | 0.2 |  |
| Cash equivalents and restricted cash | 1.5 | 0.7 |
| Gross investment income | 29.2 | 33.1 |
| Investment expenses | (0.9) | (1.0) |
| Net investment income | $28.3 | $32.1 |

---

The Company is required by various state laws and regulations to support, through securities on deposit or otherwise, its outstanding loss reserves in certain states in which it does business. These laws and regulations govern not only the amount but also the types of securities that are eligible for deposit. As of March 31, 2026 and December 31, 2025, securities having a fair value of $587.0 million and $587.4 million, respectively, were on deposit. Additionally, standby letters of credit from the FHLB were in place in lieu of $170.0 million of securities on deposit as of both March 31, 2026 and December 31, 2025 (See Note 10).

Certain reinsurance contracts require funds owned by the Company to be held in trust for the benefit of the ceding reinsurer to secure the outstanding liabilities assumed by the Company. The fair value of fixed maturity securities and restricted cash and cash equivalents held in trust for the benefit of ceding reinsurers at March 31, 2026 and December 31, 2025 was $3.0 million and $3.1 million, respectively.

**5. Current Expected Credit Losses** 

***Premiums Receivable***

Premiums receivable balances are all due within one year. The Company currently determines the allowance for premiums receivable based on an internal aging schedule using collectability and historical payment patterns, as well as current and

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expected future market conditions to determine the appropriateness of the allowance. Historical payment patterns and future market conditions provide the basis for the estimation along with similar risk characteristics and the Company's business strategy, which have not changed significantly over time. Changes in the allowance for CECL on premiums receivable are recorded through underwriting expenses.

The table below shows the changes in CECL on premiums receivable.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Beginning balance of the allowance for CECL on premiums receivable | $22.6 | $19.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period provision for CECL | 5.2 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs charged against the allowance | (1.1) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries collected | (2.7) | (2.3) |
| Ending balance of the allowance for CECL on premiums receivable | $24.0 | $19.9 |

---

***Reinsurance Recoverables***

In assessing an allowance for reinsurance assets, which includes reinsurance recoverables, the Company considers historical information, the financial strength ratings of reinsurers, and collateralization amounts, to determine the appropriateness of the allowance. In assessing future default, the Company evaluates the CECL allowance under the ratings-based method using AM Best's Average Cumulative Net Impairment Rates. Reinsurer ratings are also assessed through this process. Changes in the allowance for CECL on reinsurance recoverables are recorded through underwriting expenses.

The table below shows the changes in CECL on reinsurance recoverables.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Beginning balance of the allowance for CECL on reinsurance recoverables | $0.8 | $0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current period provision for CECL |  | (0.1) |
| Ending balance of the allowance for CECL on reinsurance recoverables | $0.8 | $0.8 |

---

***Investments***

The Company assesses all AFS investments in an unrealized loss position for CECL. The Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria is met, the security's amortized cost basis is written down to its fair value. For AFS investments that do not meet either criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors. Any impairment that has not been recorded through an allowance for credit losses is recognized in Accumulated other comprehensive income or loss on the Company's Consolidated Balance Sheets. Changes in the allowance for CECL on investments are recorded as a Realized gain or loss on investments on the Company's Consolidated Statements of Comprehensive Income (Loss).

As of March 31, 2026, the Company established an aggregate allowance for CECL on investments in the amount of $0.7 million. For the Company's investments in fixed maturity debt securities, the allowance for CECL was determined by: (i) observing the credit characteristics of those debt securities that may have demonstrated a credit loss as of that date and by comparing the present value of cash flows expected to be collected to its amortized cost basis; and (ii) observing the credit characteristics of those debt securities that are expected to demonstrate a credit loss in the future by comparing the present value of cash flows expected to be collected to its amortized cost basis. The expected present value of cash flows are calculated using scenario based credit loss models derived from the discounted cash flows under the Comprehensive Capital Analysis Review framework, which is adopted by the Federal Reserve.

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As of March 31, 2026, the Company did not intend to sell any of its AFS investments in which its amortized cost exceeded its fair value.

Accrued interest receivable on AFS investments totaled $15.0 million at March 31, 2026 and is excluded from the estimate of credit losses as these amounts have been consistently received on a timely basis.

The table below shows the changes in the allowance for CECL on AFS investments.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Beginning balance of CECL on AFS investments | $0.4 | $1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in CECL provision | 0.5 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reductions in allowance from disposals | (0.2) |  |
| Ending balance of CECL on AFS investments | $0.7 | $1.4 |

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**6. Property and Equipment**

Property and equipment consists of the following:

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| | | |
|:---|:---|:---|
| | **As of March 31,**<br>**2026** | **As of December 31,**<br>**2025** |
| | (in millions) | (in millions) |
| Furniture and equipment | $0.8 | $0.8 |
| Leasehold improvements | 0.4 | 0.4 |
| Computers and software | 41.5 | 41.5 |
| Property and equipment, gross | 42.7 | 42.7 |
| Accumulated depreciation | (36.2) | (36.2) |
| Property and equipment, net | $6.5 | $6.5 |

---

Depreciation expenses related to property and equipment were $0.9 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively. Capitalized costs associated with internally developed software were $0.8 million during the three months ended March 31, 2026 and $2.6 million during the year ended December 31, 2025.

**Cloud Computing Arrangements**

Capitalized costs associated with cloud computing arrangements totaled $13.6 million and $12.9 million, which were comprised of non-cancellable arrangements, service contract fees and implementation costs associated with hosting arrangements as of March 31, 2026 and December 31, 2025, respectively. Total amortization for these arrangements was $1.1 million and $2.6 million for the three months ended March 31, 2026 and 2025, respectively.

**Leases**

The Company determines if an arrangement is a lease at the inception of the transaction. Operating leases for offices are presented as both an Operating lease right-of-use (ROU) asset and an Operating lease liability on the Company's Consolidated Balance Sheets. Finance leases for automobiles are presented as both Property and equipment and Other liabilities on the Company's Consolidated Balance Sheets. As of March 31, 2025, the Company no longer had finance leases for automobiles. ROU assets represent the right to use an underlying asset for the lease term and the lease liability represents the obligation to make lease payments arising from the lease transaction. Operating lease assets and liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company uses collateralized incremental borrowing rates to determine the present value of lease payments. ROU assets also include lease payments less any lease incentives within a lease agreement. The Company's lease terms may include options to extend or terminate a lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As of March 31, 2026, the Company's operating leases have remaining terms of one year to six years, with options to extend up to five years with no termination provision.

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Components of lease expense were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Operating lease expense | $0.2 | $0.3 |
| Finance lease expense |  |  |
| **Total lease expense** | $0.2 | $0.3 |

---

As of March 31, 2026, the weighted average remaining lease terms for operating leases were 5.7 years, and the associated weighted average discount rate was 4.5%.

Maturities of lease liabilities were as follows:

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| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Operating Leases** | **Finance Leases** |
| | (in millions) | (in millions) |
| 2026 | $0.6 | $— |
| 2027 | 0.8 |  |
| 2028 | 0.8 |  |
| 2029 | 0.6 |  |
| 2030 | 0.6 |  |
| Thereafter | 0.9 |  |
| Total lease payments | 4.3 |  |
| Less: imputed interest | (0.5) |  |
| **Total** | $3.8 | $— |

---

Supplemental balance sheet information related to leases was as follows:

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| | | |
|:---|:---|:---|
| | **As of March 31,**<br>**2026** | **As of December 31,**<br>**2025** |
| | (in millions) | (in millions) |
| **Operating leases:** |  |  |
| Operating lease right-of-use asset | $3.6 | $3.7 |
| Operating lease liability | 3.8 | 3.9 |
| **Finance leases:** |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, gross |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation |  |  |
| Property and equipment, net |  |  |
| Other liabilities | $— | $— |

---

Supplemental cash flow information related to leases was as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| **Cash paid for amounts included in the measurement of lease liabilities:** |  |  |
| Operating cash flows used for operating leases | $0.2 | $0.3 |
| Financing cash flows used for finance leases |  |  |

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**7. Income Taxes**

The Company's income tax expense was $2.6 million and $3.1 million for the three months ended March 31, 2026 and 2025, respectively. The Company's effective tax rate was 20.3% and 19.5% for the three months ended March 31, 2026 and 2025, respectively. The effective rates during each of the periods presented deviate favorably from the statutory rate of 21.0% due to, in part, income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, Deferred Gain amortization and related adjustments, and tax credits utilized.

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The Company is subject to a 1% excise tax on net stock repurchases. The Company's cumulative excise tax obligation was $3.5 million and $2.8 million as of March 31, 2026 and December 31, 2025, respectively, which is included in Treasury stock on its Consolidated Balance Sheets.

**8. Liability for Unpaid Losses and Loss Adjustment Expenses** 

The following table represents a reconciliation of changes in the liability for unpaid losses and LAE.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Unpaid losses and LAE at beginning of period | $1805.8 | $1808.2 |
| Less reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE | 386.5 | 412.4 |
| Net unpaid losses and LAE at beginning of period | 1419.3 | 1395.8 |
| Losses and LAE, net of reinsurance, incurred during the period related to: |  |  |
| Current year | 130.5 | 121.0 |
| Prior years | (0.1) | 1.3 |
| Total net losses and LAE incurred during the period | 130.4 | 122.3 |
| Paid losses and LAE, net of reinsurance, related to: |  |  |
| Current year | 6.4 | 8.0 |
| Prior years | 123.9 | 124.6 |
| Total net paid losses and LAE during the period | 130.3 | 132.6 |
| Ending unpaid losses and LAE, net of reinsurance | 1419.4 | 1385.5 |
| Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE | 383.1 | 407.1 |
| Unpaid losses and LAE at end of period | $1802.5 | $1792.6 |

---

Total net losses and LAE included in the above table exclude amortization of the Deferred Gain and LPT Reserve adjustments, when applicable, which totaled $1.2 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively (see Note 9).

The change in incurred losses and LAE attributable to prior years for the three months ended March 31, 2026 included $0.1 million of net favorable loss reserve development on the Company's assigned risk business. The change in incurred losses and LAE attributable to prior years for the three months ended March 31, 2025 included $1.3 million of net unfavorable loss reserve development, including $0.6 million of unfavorable loss reserve development on the Company's assigned risk business. These determinations were made in light of: (i) a full actuarial study not being performed during the periods and (ii) the amount of indicated net prior year loss reserve development was consistent with our expectations.

**9. LPT Agreement**

The LPT Agreement, which ceded to the reinsurers substantially all of the Fund's outstanding losses as of June 30, 1999, for claims with original dates of injury prior to July 1, 1995, provides coverage for losses up to $2.0 billion, excluding losses for burial and transportation expenses. The Deferred Gain associated with the LPT Agreement continues to be amortized using the recovery method over the life of the LPT Agreement. The amortization of the Deferred Gain and any adjustments to the Deferred Gain are recorded in losses and LAE incurred in the Company's Consolidated Statements of Comprehensive Income (Loss).

The Company amortized $1.2 million and $1.6 million of the Deferred Gain for the three months ended March 31, 2026 and 2025, respectively. The remaining Deferred Gain was $86.8 million and $88.0 million as of March 31, 2026 and December 31, 2025, respectively. The estimated remaining liabilities subject to the LPT Agreement were $255.9 million and $259.6 million as of March 31, 2026 and December 31, 2025, respectively. Losses and LAE paid with respect to the LPT Agreement totaled $916.8 million and $913.1 million from inception through March 31, 2026 and December 31, 2025, respectively.

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**10. Financing Arrangements**

**Credit Agreement**

On May 28, 2024, EHI entered into the Credit Agreement with Wells Fargo Bank, National Association, as both administrative agent and issuing lender. The Credit Agreement provides for a $25.0 million unsecured, three-year revolving credit facility and is guaranteed by certain of EHI's wholly owned subsidiaries, Employers Group, Inc. (EGI) and Cerity Group, Inc. (CGI). Borrowings under the Credit Agreement may be used for working capital and general corporate purposes of EHI and its subsidiaries. Pursuant to the terms of the Credit Agreement, EHI has an option to request an increase of the credit available under the facility up to a maximum facility amount of $35.0 million, subject to the consent of the lender(s) and the satisfaction of certain conditions.

The interest rates applicable to loans under the Credit Agreement are generally based on either, at EHI's option: (i) a base rate, defined as the higher of the Prime Rate, the Federal Funds Rate plus 0.50% and the Adjusted Term SOFR for a one-month tenor plus 1.00%, or (ii) an Adjusted Term SOFR, defined as the applicable Adjusted Term SOFR, plus 1.50%. In addition, EHI is subject to a fee on the lender's unused commitment, ranging from 0.30% to 0.55%. The applicable margin and the amount of such commitment fee vary based upon the financial strength rating of EHI's insurance subsidiaries as most recently announced by AM Best or EHI's debt to total capitalization ratio if such financial strength rating is not available. Interest paid and/or fees incurred pursuant to the Credit Agreement, as applicable, was $0.1 million for each of the three months ended March 31, 2026 and 2025.

The Credit Agreement contains covenants that require EHI and its consolidated subsidiaries to maintain: (i) a minimum consolidated net worth, defined as EHI's total stockholders' equity excluding any accumulated other comprehensive income or loss, of no less than $800.0 million; and (ii) a debt to total capitalization ratio of no more than 35%, in each case as determined in accordance with the Credit Agreement. As of March 31, 2026, EHI has remained in compliance with all of the covenants associated with the Credit Agreement since its inception.

EHI incurred $0.2 million in debt issuance costs in connection with the Credit Agreement, which are being amortized over the three-year life in Interest and financing expenses on the Company's Consolidated Statements of Comprehensive Income (Loss). The annual commitment fee on the unused portion of the facility is 0.30%, for a maximum of $75,000.

On February 17, 2026, EHI borrowed $20.0 million under the Credit Agreement as part of the Company's recapitalization plan. The advance bears interest at a rate of 5.50% based on the three-month Adjusted Term SOFR, with a reset date of May 18, 2026. As of March 31, 2026, $20.0 million was outstanding under the Credit Agreement. The outstanding balance is classified as long-term debt as the Credit Agreement does not expire until May 28, 2027. Advances can be repaid at any time without prepayment penalties or additional fees.

**FHLB**

Each of the Company's insurance subsidiaries are members of the FHLB. Membership allows the insurance subsidiaries access to collateralized advances, which may be used to support and enhance liquidity management. The amount of advances that may be taken is dependent on statutory admitted assets on a per company basis. The following table summarizes the terms and maturities of the advances outstanding at March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of Advance** | **Borrower** | **Amount** | **Interest Rate** | **Maturity Date** |
| (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| November 17, 2025 | EICN | $19.0 | 3.84% | May 31, 2029 |
| February 5, 2026<sup>(1)</sup> | EICN | 16.0 | 3.79 | May 31, 2029 |
| January 2, 2026 | ECIC | 17.0 | 3.77 | May 31, 2029 |
| January 8, 2026 | EAC | 22.0 | 3.78 | May 31, 2029 |
| January 16, 2026 | EPIC | 28.0 | 3.87 | May 31, 2029 |
| February 5, 2026 | CIC | 3.0 | 3.74 | February 5, 2029 |
|  | Total | $105.0 |  |  |

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(1) On February 5, 2026, the terms of this advance were revised from an interest rate of 3.70% and a maturity date of December 21, 2026, to an interest rate of 3.79% and a maturity date of May 31, 2029.

These advances were assumed by EHI through intercompany loan agreements and executed as part of the Company's recapitalization plan. Interest incurred and paid on these borrowings during the three months ended March 31, 2026 was $0.9 million.

FHLB membership also allows the Company's insurance subsidiaries access to standby letters of credit (Letter of Credit Agreements). Letter of Credit Agreements issued must be fully secured with eligible collateral at all times and are subject to

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annual maintenance charges and a fee of 15 basis points on issued amounts. As of both March 31, 2026 and December 31, 2025, letters of credit totaling $170.0 million were issued in lieu of securities on deposit with the State of California under the Letter of Credit Agreements. The Letter of Credit Agreements currently in effect expire on March 31, 2027, and will remain evergreen with automatic one-year extensions unless the FHLB notifies the beneficiary at least 60 days prior to the then applicable expiration date of its election not to renew.

As of March 31, 2026 and December 31, 2025, investment securities having a fair value of $446.0 million and $468.6 million, respectively, were on deposit with the FHLB by the Company's insurance subsidiaries. Of these amounts, approximately $296.8 million and $221.5 million support the Letter of Credit Agreements and advances at each period, while the remaining invested assets are on deposit with FHLB as custodian.

 **11. Accumulated Other Comprehensive (Loss) Income** 

Accumulated other comprehensive (loss) income is comprised of unrealized gains and losses on investments classified as AFS, net of deferred taxes. The following table summarizes the components of accumulated other comprehensive (loss) income:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | (in millions) | (in millions) |
| Net unrealized (losses) gains on AFS investments, before taxes | $(11.4) | $9.3 |
| Deferred tax benefit (expense) on net unrealized losses | 2.4 | (2.0) |
| Total accumulated other comprehensive (loss) income | $(9.0) | $7.3 |

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**12. Stock-Based Compensation**

The Company awarded restricted stock units (RSUs) and performance share units (PSUs) to certain employees of the Company as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Number Awarded** | **Weighted Average Fair Value on Date of Grant** | **Aggregate Fair Value on Date of Grant** |
| | | | (in millions) |
| **March 2026** |  |  |  |
| &nbsp;&nbsp;RSUs<sup>(1)</sup> | 77300 | $39.71 | $3.1 |
| &nbsp;&nbsp;PSUs<sup>(2)</sup> | 100020 | 39.71 | 4.0 |

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(1)These RSUs were awarded to certain employees of the Company and vest 25% on March 15, 2027 and each of the subsequent three anniversaries of that date.

(2)These PSUs were awarded to certain employees of the Company and have a performance period of three years. The PSU awards are subject to certain performance goals with payouts that range from 0% to 200% of the target awards. The value shown in the table represents the aggregate number of PSUs awarded at the target level.

Employees who are awarded RSUs and PSUs are entitled to receive dividend equivalents for eligible awards, payable in cash, when and if, the underlying award vests and becomes payable. If the underlying award does not vest or is forfeited, dividend equivalents with respect to the underlying award fail to become payable and are forfeited.

RSUs and PSUs are subject to accelerated vesting in certain circumstances, including but not limited to: death, disability, retirement, or in connection with a change of control of the Company.

As of March 31, 2026, the Company had 217,914 RSUs and 254,620 PSUs (based on the target achievement for the PSUs awarded) outstanding.

**13. Earnings Per Common Share**

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilutive impact of all common stock equivalents on earnings per share. Diluted earnings per share includes common shares assumed issued under the "treasury stock method," which reflects the potential dilution that would occur if outstanding RSUs and PSUs vested.

No outstanding RSUs and PSUs are considered in the Company's diluted earnings per share computations in any period that involves a net loss because their inclusion would be anti-dilutive.

Employees who are awarded RSUs and PSUs are entitled to receive dividend equivalents for eligible awards, payable in cash, when and if the underlying award vests and becomes payable. Therefore, these awards are not considered participating securities for the purposes of determining earnings per share.

------

The following table presents the net income and the weighted average number of shares outstanding used in the earnings per common share calculations.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions, except share data) | (in millions, except share data) |
| Net income | $10.2 | $12.8 |
| Weighted average number of shares outstanding—basic | 19359261 | 24398610 |
| Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSUs | 94084 | 123503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RSUs | 52482 | 84459 |
| Potential dilutive shares | 146566 | 207962 |
| Weighted average number of shares outstanding—diluted | 19505827 | 24606572 |

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**14. Segment Reporting**

The Company operates as a single reportable segment, *Insurance Operations*, providing workers' compensation insurance through its wholly owned subsidiaries. The segment represents the Company's traditional business offered through its agents, including business originated from its strategic partnerships and alliances, and its direct-to-customer business. Revenues for the Insurance Operations segment are generated primarily from earned workers' compensation premiums, investment income, and realized and unrealized gains (losses) on investments. The Company does not have intra-entity sales or transfers.

The Company considers an operating segment to be any component of its business whose operating results are regularly reviewed by the CODM (the Company's President and Chief Executive Officer) to make key decisions about resources to be allocated and to assess its performance. Performance is determined based on multiple measures, including net income, the Company's combined ratio, and the Company's adjusted stockholders' equity. Net income, which is reported on the Company's Consolidated Statements of Comprehensive Income (Loss), is a comprehensive measure used to determine the Company's overall profitability. The combined ratio, which is a widely-used measure used in the property and casualty insurance industry, is used to determine whether the Company is generating an underwriting profit or loss. Adjusted stockholders' equity, a non-GAAP measure of financial strength and overall performance, used as a performance measure for certain PSUs and is defined as: *Total stockholders' equity plus Deferred reinsurance gain - LPT Agreement less Accumulated other comprehensive income (loss), net of tax*.

The measurement of segment assets is reported on the Company's Consolidated Balance Sheet as Total assets. The accounting policies of the Insurance Operations segment are the same as those described in the Annual Report.

Under ASU 2023-07, the Company is required to disclose segment reporting requirements even as a single reportable segment, which includes additional disclosures regarding profit and loss information, as well as a further breakdown of significant expenses. The following table summarizes the Company's written premiums and components of net income, and significant segment expenses.

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---

| | | |
|:---|:---|:---|
| | **Insurance Operations** | **Total** |
| | (in millions) | (in millions) |
| **Three Months Ended March 31, 2026** |  |  |
| Gross premiums written | $180.8 | $180.8 |
| Net premiums written | 179.4 | 179.4 |
| Net premiums earned | 180.9 | 180.9 |
| Net investment income | 28.3 | 28.3 |
| Net realized and unrealized losses on investments | (1.7) | (1.7) |
| Other income | 0.1 | 0.1 |
| Total revenues | 207.6 | 207.6 |
| Losses and loss adjustment expenses | 129.1 | 129.1 |
| Commission expense | 23.7 | 23.7 |
| Compensation-related expenses<sup>(1)</sup> | 25.0 | 25.0 |
| Information technology expenses<sup>(1)</sup> | 2.7 | 2.7 |
| Professional fees<sup>(1)</sup> | 5.0 | 5.0 |
| Depreciation and amortization expenses<sup>(1)</sup> | 3.0 | 3.0 |
| Other underwriting expenses<sup>(1)(2)</sup> | 2.5 | 2.5 |
| AO and other expense allocations<sup>(3)</sup> | (8.5) | (8.5) |
| Premium taxes and assessments | 7.2 | 7.2 |
| Policyholder dividends | 1.0 | 1.0 |
| CECL related to premiums receivable | 3.0 | 3.0 |
| Interest and financing expenses | 1.1 | 1.1 |
| Total expenses | 194.8 | 194.8 |
| Net income before income taxes | 12.8 | 12.8 |
| Income tax | 2.6 | 2.6 |
| Net income <sup>(4)</sup> | $10.2 | $10.2 |
| Combined ratio | 107.1% | 107.1% |
| Adjusted stockholders' equity: |  |  |
| Stockholders' equity | $866.5 | $866.5 |
| Deferred reinsurance gain—LPT Agreement | 86.8 | 86.8 |
| Accumulated other comprehensive loss, net of tax | 9.0 | 9.0 |
| Adjusted stockholders' equity<sup>(5)</sup> | $962.3 | $962.3 |

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| | | |
|:---|:---|:---|
| | **Insurance Operations** | **Total** |
| | (in millions) | (in millions) |
| **Three Months Ended March 31, 2025** |  |  |
| Gross premiums written | $212.1 | $212.1 |
| Net premiums written | 210.3 | 210.3 |
| Net premiums earned | 183.0 | 183.0 |
| Net investment income | 32.1 | 32.1 |
| Net realized and unrealized losses on investments | (12.8) | (12.8) |
| Other income | 0.3 | 0.3 |
| Total revenues | 202.6 | 202.6 |
| Losses and loss adjustment expenses | 120.7 | 120.7 |
| Commission expense | 23.0 | 23.0 |
| Compensation-related expenses<sup>(1)</sup> | 27.6 | 27.6 |
| Information technology expenses<sup>(1)</sup> | 2.9 | 2.9 |
| Professional fees<sup>(1)</sup> | 4.7 | 4.7 |
| Depreciation and amortization expenses<sup>(1)</sup> | 3.4 | 3.4 |
| Other underwriting expenses<sup>(1)(2)</sup> | 2.3 | 2.3 |
| AO and other expense allocations<sup>(3)</sup> | (10.5) | (10.5) |
| Premium taxes and assessments | 7.5 | 7.5 |
| Policyholder dividends | 2.7 | 2.7 |
| CECL related to premiums receivable | 2.3 | 2.3 |
| Interest and financing expenses | 0.1 | 0.1 |
| Total expenses | 186.7 | 186.7 |
| Net income before income taxes | 15.9 | 15.9 |
| Income tax expense | 3.1 | 3.1 |
| Net income<sup>(4)</sup> | $12.8 | $12.8 |
| Combined ratio | 102.0% | 102.0% |
| Adjusted stockholders' equity: |  |  |
| Stockholders' equity | $1075.7 | $1075.7 |
| Deferred reinsurance gain—LPT Agreement | 92.4 | 92.4 |
| Accumulated other comprehensive loss, net of tax | 60.7 | 60.7 |
| Adjusted stockholders' equity<sup>(5)</sup> | $1228.8 | $1228.8 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Certain underwriting expenses are shown prior to adjusting and other (AO) and other expense allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Other underwriting segment expenses include marketing and advertising, travel, corporate insurance, payment processing fees and other miscellaneous expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)AO allocations consist of those underwriting expenses that relate to claims handling activities, which are allocated to loss adjustment expenses. Other allocations consist primarily of those underwriting expenses that relate to investing activities, which are allocated to net investment income, and nurse billing expenses that constitute defense and cost containment costs, which are allocated to loss adjustment expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)There are no reconciling adjustments to consolidated net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Adjusted stockholders' equity is a non-GAAP measure.

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**Entity-Wide Disclosures**

The Company operates solely within the U.S. and does not have revenue from transactions with a single policyholder accounting for 10% or more of its revenues. Gross premiums written for the trailing twelve months (TTM) represent the past twelve consecutive months of the Company's new and renewal premiums including policy endorsements and final audit premiums. The Company's management focuses on TTM gross premiums written to evaluate financial performance and ensure a comprehensive assessment of growth and stability. Additionally, the Company focuses on policies in-force as they represent policies available for renewal in the future. The following table shows our gross premiums written for TTM, number of policies in-force for each of our largest states and all other states combined, plus or minus our additional premiums, which includes final audit premium accruals, non-compliant surcharges, and assigned risk premiums for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|<br>**State** | **Gross Premiums**<br>**Written**<br>**(TTM)** | **Policies<br>In-force** | **Gross Premiums**<br>**Written**<br>**(TTM)** | **Policies<br>In-force** |
|  | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| California | $326.3 | 44599 | $356.0 | 45779 |
| Florida | 61.0 | 11198 | 64.1 | 11221 |
| New York | 38.4 | 7908 | 39.1 | 7898 |
| Other (43 states and D.C.) | 283.6 | 66616 | 321.6 | 68223 |
| **Total excluding adjustments** | $**709.3** | **130321** | $**780.8** | **133121** |
| Final audit premium accruals | (0.9) |  | (18.1) |  |
| Surcharges and assigned risk premiums | 16.4 |  | 14.9 |  |
| **Total** | $**724.8** | **130321** | $**777.6** | **133121** |

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**15. Subsequent Event**

On April 29, 2026 the Company's Board of Directors (the Board) authorized the 2026 Program (the 2026 Program) for repurchases up to $125.0 million of our common stock from May 4, 2026 through December 31, 2027, unless otherwise extended, terminated, or modified by the Board. The 2026 Program replaces a similar program that was scheduled to expire on December 31, 2026, but whose remaining repurchase authorization had been exhausted.

**Item 2. Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations**

You should read the following discussion and analysis in conjunction with our consolidated financial statements and the related notes thereto included in Item 1 of Part I. Unless otherwise indicated, all references to "we," "us," "our," "the Company," or similar terms refer to EHI, together with its subsidiaries. In this Quarterly Report on Form 10-Q, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company's future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," or "continue," or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company's future performance. Factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company's public filings with the SEC, including the risks detailed in the Company's Annual Reports on Form 10-K and in the Company's subsequent Quarterly Reports on Form 10-Q. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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**General**

We are a Nevada holding company with insurance subsidiaries that are specialty providers of workers' compensation insurance and related services. Workers' compensation insurance is provided under a statutory system wherein most employers are required to provide coverage for their employees' medical, disability, vocational rehabilitation, and/or death benefit costs for work-related injuries or illnesses.

We provide workers' compensation insurance throughout most of the United States, with a concentration in California, where 46% of our trailing twelve month gross written premiums, excluding adjustments, are generated. In February 2026, we launched a new excess workers' compensation product that will be offered to self-insured enterprises in several jurisdictions across the United States. Our revenues primarily consist of net premiums earned, net investment income, and net realized and unrealized gains and losses on investments.

The insurance industry is highly competitive based on price and quality of services. We compete with other specialty workers' compensation carriers, state agencies, multi-line insurance companies, professional employer organizations, self-insurance funds, and state insurance pools.

For guaranteed cost workers' compensation, we believe we can price our policies at levels that are competitive and profitable over the long term given our expertise in underwriting and claims handling and our decades of data and experience. We target small to mid-sized businesses, as we believe this market is traditionally characterized by higher profitability and longer retention. Our distribution strategy consists of establishing and maintaining strong, long-term relationships with traditional and specialty insurance agencies, developing alternative distribution channels, and offering direct-to-consumer workers' compensation through our website.

For excess workers' compensation, our approach is to deliver a flexible, data-driven solution that goes beyond traditional excess coverage by incorporating value-added services. We believe these services including improved organizational performance and reduced long-term loss costs will serve as a key competitive advantage in the self-insured market, differentiating us from carriers that offer coverage alone.

We believe we have a cost-effective and scalable information technology infrastructure that complements our geographic reach and business model. We continue to invest in technology to automate business processes and further develop our data analytics and artificial intelligence capabilities, which we believe will enable us to reduce our operating costs over the long-term and support our future needs. We believe our technology is a strategic advantage that saves our distribution partners and policyholders considerable time and maintains our competitiveness in our target markets.

We continue to execute ongoing business initiatives focused on achieving process excellence and efficiency, as well as delivering self-service options to policyholders, agents, and injured workers. We are also actively pursuing strategies to diversify our risk exposure across geographies and economic sectors, expand our risk appetite, and broaden our product offerings.

**Overview**

***Summary Financial Results***

Our net income was $10.2 million for the three months ended March 31, 2026, compared to $12.8 million for the corresponding period of 2025. The key factors that affected our financial performance during the three months ended March 31, 2026, compared to the same period of 2025, included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross premiums written decreased 14.8%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net premiums earned decreased 1.1%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income decreased 11.8%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net realized and unrealized losses on investments of $1.7 million compared to $12.8 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Losses and LAE increased 7.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commission expense increased 3.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting expenses decreased 4.7%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting loss of $12.8 million compared to $3.6 million.

**Three Months Ended March 31, 2026**

Our 2026 underwriting results reflect lower net premiums earned and higher losses and LAE expenses, combined with a slight increase in commission expense, partially offset by a reduction in underwriting expenses. Our investment results were impacted by lower returns from our investments in private equity limited partnerships and net realized and unrealized losses on investments.

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**Three Months Ended March 31, 2025**

Our 2025 underwriting results reflect lower net premiums earned and higher losses and LAE expenses offset by reductions in commission and underwriting expenses. Our investment results benefited from strong net investment income partially offset by net realized and unrealized losses.

Our consolidated financial results of operations for the three months ended March 31, 2026 and 2025 are as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Gross premiums written | $180.8 | $212.1 |
| Net premiums written | $179.4 | $210.3 |
| Net premiums earned | $180.9 | $183.0 |
| Net investment income | 28.3 | 32.1 |
| Net realized and unrealized losses on investments | (1.7) | (12.8) |
| Other income | 0.1 | 0.3 |
| Total revenues | 207.6 | 202.6 |
| *Underwriting expenses:* |  |  |
| Losses and LAE | 129.1 | 120.7 |
| Commission expense | 23.7 | 23.0 |
| Underwriting expenses | 40.9 | 42.9 |
| *Non-underwriting expenses:* |  |  |
| Interest and financing expenses | 1.1 | 0.1 |
| Total expenses | 194.8 | 186.7 |
| Net income before income taxes | 12.8 | 15.9 |
| Income tax expense | 2.6 | 3.1 |
| Net income | $10.2 | $12.8 |

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**I.Review of Underwriting Results**

Underwriting income or loss is determined by deducting losses and LAE, commission expense, and underwriting expenses from net premiums earned. Our underwriting results for the three months ended March 31, 2026 and 2025 are as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Gross premiums written | $180.8 | $212.1 |
| Net premiums written | $179.4 | $210.3 |
| Net premiums earned | $180.9 | $183.0 |
| Losses and LAE | 129.1 | 120.7 |
| Commission expense | 23.7 | 23.0 |
| Underwriting expenses | 40.9 | 42.9 |
| Total underwriting expenses | 193.7 | 186.6 |
| Underwriting loss | $(12.8) | $(3.6) |
| Total impact of the LPT | (1.2) | (1.6) |
| Underwriting loss excluding LPT<sup>(1)</sup> | $(14.0) | $(5.2) |
| Loss and LAE ratio | 71.4% | 66.0% |
| Commission expense ratio | 13.1 | 12.6 |
| Underwriting expense ratio | 22.6 | 23.4 |
| Combined ratio | 107.1% | 102.0% |
| Total impact of the LPT | 0.6% | 0.8% |
| Combined ratio excluding LPT<sup>(1)</sup> | 107.7% | 102.8% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The LPT Agreement is a non-recurring transaction that no longer provides us with any ongoing cash benefits. We provide our underwriting income and combined ratios excluding the effects of the LPT because we believe that these measures are useful in providing investors, analysts and other interested parties a meaningful understanding of our ongoing underwriting performance and provides them with a consistent basis for comparison with other companies in our industry. In addition, we believe that these non-GAAP measures, as presented, are helpful to our management in identifying trends in our performance because the LPT has limited significance to our current and ongoing operations.

***Gross Premiums Written***

Gross premiums written were $180.8 million for the three months ended March 31, 2026, compared to $212.1 million for the corresponding period of 2025. For the three months ended March 31, 2026, the decrease in gross premiums written was largely driven by declines in both new and renewal business premiums driven predominately by our pricing and underwriting actions taken in 2025 to return to historical underwriting margins. Total in-force policies at March 31, 2026 were 130,321 compared to 133,121 in-force policies at March 31, 2025.

***Net Premiums Written***

Net premiums written are gross premiums written less reinsurance premiums ceded. For each of the periods presented, the reinsurance premiums ceded related to our annual reinsurance program as further described herein.

Net premiums written were $179.4 million for the three months ended March 31, 2026, compared to $210.3 million for the corresponding period of 2025. Reinsurance premiums ceded were $1.4 million for the three months ended March 31, 2026, compared to $1.8 million for the corresponding period of 2025.

***Net Premiums Earned***

Net premiums earned are primarily a function of the amount and timing of net premiums previously written.

Net premiums earned were $180.9 million for the three months ended March 31, 2026, compared to $183.0 million for the corresponding period of 2025.

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***Losses and LAE, Commission Expenses, and Underwriting Expenses***

The following table presents our calendar year combined ratios.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| Loss and LAE ratio excluding LPT | 72.0% | 66.8% |
| Loss and LAE ratio - LPT | (0.6) | (0.8) |
| Commission expense ratio | 13.1 | 12.6 |
| Underwriting expense ratio | 22.6 | 23.4 |
| Combined ratio | 107.1% | 102.0% |
| Combined ratio excluding LPT | 107.7% | 102.8% |

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*Losses and LAE* 

Losses and LAE represents our largest expense item and includes claim payments made, amortization of the Deferred Gain, estimates for future claim payments and changes in those estimates for current and prior accident years, and costs associated with investigating, defending, and adjusting claims. The accuracy of our financial reporting depends in large part on determining our losses and LAE reserves, which are inherently uncertain as they are estimates of the ultimate cost of individual claims based on actuarial estimation techniques. We believe that our loss estimates are adequate; however, ultimate losses will not be known with any certainty for many years.

We analyze our loss and LAE ratios on both a calendar year and accident year basis.

The calendar year loss and LAE ratio is calculated by dividing the losses and LAE recorded during the calendar year, regardless of when the underlying insured event occurred, by the net premiums earned during that calendar year. The calendar year loss and LAE ratio reflects changes made during the calendar year in reserves for losses and LAE established for insured events occurring in the current and prior years. The calendar year loss and LAE ratio for a particular year will not change in future periods.

The accident year loss and LAE ratio is calculated by dividing cumulative losses and LAE that occurred during a particular year by the net premiums earned for that year. The accident year loss and LAE ratio for a particular year can decrease or increase when recalculated in subsequent periods as the reserves established for insured events occurring during that year fluctuate. Our current accident year loss and LAE ratios continue to reflect the impact of key business initiatives, including: an emphasis on accelerated settlements of open claims; further diversifying risk exposure across geographic markets, when appropriate; and leveraging data-driven strategies to target, underwrite, and price profitable classes of business across all of our markets.

Our calendar year loss and LAE ratio is analyzed to measure profitability in a particular year and to evaluate the adequacy of premium rates charged in a particular year to cover expected losses and LAE from all periods, including development (whether favorable or adverse) of reserves established in prior periods. In contrast, our accident year loss and LAE ratios are analyzed to evaluate underwriting performance and the adequacy of the premium rates charged in a particular year in relation to ultimate losses and LAE from insured events occurring during that year. The loss and LAE ratios provided in this report are on a calendar year basis, except where they are expressly identified as accident year loss and LAE ratios.

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The table below reflects current and prior accident year loss and LAE reserve adjustments, the impact of the LPT, and the resulting impact to our loss ratio.

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (dollars in millions) | (dollars in millions) |
| Current accident year losses and LAE - excluding LPT | $130.4 | $121.0 |
| Prior accident year (favorable) adverse loss reserve development, net | (0.1) | 1.3 |
| Impact of LPT | (1.2) | (1.6) |
| Calendar year losses and LAE | $129.1 | $120.7 |
| Current accident year loss and LAE ratio - excluding LPT | 72.1% | 66.1% |
| Calendar year loss and LAE ratio - excluding LPT | 72.0% | 66.8% |
| Calendar year loss and LAE ratio | 71.4% | 66.0% |

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The increase in our calendar year losses and LAE during the three months ended March 31, 2026, as compared to the same period of 2025, was primarily due to a higher current accident year loss and LAE estimate due to increased cumulative trauma (CT) claim frequency in California. Prior accident year favorable loss reserve development totaled $0.1 million on our assigned risk business during the three months ended March 31, 2026. Prior accident year unfavorable loss reserve development totaled $1.3 million during the three months ended March 31, 2025, which included $0.6 million of net unfavorable loss reserve development on our assigned risk business.

The table below reflects the impact of the LPT on Losses and LAE, which are recorded as a reduction to Losses and LAE incurred on our Consolidated Statements of Comprehensive Income (Loss).

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| Amortization of the Deferred Gain - losses | $1.2 | $1.6 |
| Total impact of the LPT | $1.2 | $1.6 |

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*Commission Expense* 

Commission expense includes direct commissions to our agents and brokers, including our partnerships and alliances, for the premiums that they produce for us, as well as agency incentive payments, other marketing costs, and fees.

Our commission expense ratio was 13.1% for the three months ended March 31, 2026, compared to 12.6% for the corresponding period of 2025, and our commission expense was $23.7 million for the three months ended March 31, 2026, compared to $23.0 million for the corresponding period of 2025. The increase in our commission expense ratio and our commission expense for the three months ended March 31, 2026 was primarily driven by a release of commissions payable associated with non-performing policies sent to collections totaling $1.4 million that was recognized in the first quarter of 2025.

*Underwriting Expenses*

Underwriting expenses represent those costs required to run the business, including costs incurred to underwrite and maintain the insurance policies we issue, excluding commissions. Variable underwriting expenses, such as premium taxes, policyholder dividends, and other expenses that vary directly with the production of new or renewal business, are recognized as the associated written premiums are earned. Fixed underwriting expenses, such as the operating expenses of EHI and its subsidiaries, do not vary directly with the production of new or renewal business and are recognized as incurred.

Our underwriting expense ratio was 22.6% for the three months ended March 31, 2026, compared to 23.4% for the corresponding period of 2025, and our underwriting expenses were $40.9 million for the three months ended March 31, 2026, compared to $42.9 million for the corresponding period of 2025. The decrease in our underwriting expense ratio for the three months ended March 31, 2026 was driven by our disciplined focus on expense reduction and our underwriting decisions to reduce policyholder dividends.

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The decrease in underwriting expenses for the three months ended March 31, 2026 was primarily the result of lower compensation-related expenses of $2.6 million and policyholder dividends of $1.7 million. These decreases were partially offset by lower internal AO and other expense allocations of $2.0 million, each compared to the same period of 2025.

**II. Review of Non-Underwriting Results**

***Net Investment Income and Net Realized and Unrealized Gains and Losses on Investments***

We invest in fixed maturity securities, equity securities, other invested assets, short-term investments, and cash equivalents. Net investment income includes interest and dividends earned on our invested assets and amortization of premiums and discounts on our fixed maturity securities, less bank service charges and custodial and portfolio management fees.

Net investment income decreased 11.8% during the three months ended March 31, 2026, compared to the same period of 2025. The decrease for the three months ended March 31, 2026 was primarily attributable to reduced distributions from our investments in private equity limited partnerships, which were elevated in the prior period, partially offset by higher yields on fixed maturity securities resulting from our investment rebalancing activity in 2025.

Realized and unrealized gains and losses on our investments are reported separately from our net investment income. Realized gains and losses on investments include the gain or loss on a security at the time of sale compared to its original or adjusted cost (equity securities) or amortized cost (fixed maturity securities). Realized losses are also recognized for adverse changes in our CECL allowance or when securities are written down because of an other-than-temporary impairment. Changes in the fair value of equity securities and other invested assets are also included in Net realized and unrealized losses on investments on our Consolidated Statements of Comprehensive Income (Loss).

Net realized and unrealized losses on investments were $1.7 million for the three months ended March 31, 2026, compared to $12.8 million for the corresponding period of 2025. The net realized and unrealized losses on investments for the three months ended March 31, 2026 and 2025 included $1.2 million and $11.9 million of net realized and unrealized losses on equity securities and other investments, respectively, and $0.5 million and $0.9 million of net realized losses on fixed maturity securities, respectively.

The net investment losses on our equity securities during the three months ended March 31, 2026 were largely consistent with the performance of the U.S. equity markets. The net investment gains on our other investments during the three months ended March 31, 2026 resulted from an increase in the underlying value of the private equity limited partnership interests we own. The net realized investment losses on our fixed maturity securities during the three months ended March 31, 2026 included a $0.3 million increase in our allowance for CECL.

The net investment losses on our equity securities during the three months ended March 31, 2025 were largely consistent with the performance of the U.S. equity markets. The net investment losses on our other investments during the three months ended March 31, 2025 included the returns from our investments in private equity limited partnerships. The net realized investment losses on our fixed maturity securities during the three months ended March 31, 2025 included a $0.3 million increase in our allowance for CECL.

Additional information regarding our Investments is set forth under "—Liquidity and Capital Resources—Investments."

***Other Income***

Other income consists of net gains and losses on fixed assets, non-investment interest, and other miscellaneous income and expense items.

***Interest and Financing Expenses***

Interest and financing expenses include fees and interest associated with borrowings under the credit facility and advances and other credit arrangements with the Federal Home Loan Bank of San Francisco (FHLB).

Interest and financing expenses were $1.1 million for the three months ended March 31, 2026, compared to $0.1 million for the corresponding period of 2025. The increase for the three months ended March 31, 2026, resulted primarily from interest expense associated with our various advances with the FHLB.

***Income Tax Expense***

Income tax expense was $2.6 million for the three months ended March 31, 2026, compared to $3.1 million for the corresponding period of 2025. The effective tax rate was 20.3% for the three months ended March 31, 2026, compared to 19.5% for the corresponding period of 2025. The effective rates during each of the periods presented deviate favorably from the statutory rate of 21.0% due to, in part, income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, Deferred Gain amortization and related adjustments, and tax credits utilized.

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**Liquidity and Capital Resources**

We believe that our total capital position remains strong and that the liquidity available to EHI and its subsidiaries remains adequate and will be sufficient for our financing needs in the next 12 months and in the longer-term period thereafter. As a result, we do not currently foresee a need to: (i) suspend dividends at either EHI or its insurance subsidiaries; (ii) forego repurchases of EHI's common stock; (iii) seek additional required capital; or (iv) seek any material non-investment asset sales, though we may decide to pursue those or other options if our financial circumstances change or if we deem it strategically advantageous to do so.

***EHI Liquidity***

EHI is a holding company and its ability to fund its operations is contingent upon its existing capital, the ability of its subsidiaries to pay it dividends, and the availability of loan capacity through its intercompany loan agreements with its insurance subsidiaries and credit facility. Any payments of dividends by our insurance subsidiaries are restricted by state insurance laws and regulations, including laws establishing minimum solvency and liquidity thresholds. EHI requires cash to pay dividends to its stockholders, repurchase its common stock, provide additional surplus to its insurance subsidiaries, and fund its operating expenses.

EHI's insurance subsidiaries' ability to pay dividends and distributions is based on their reported capital, surplus, and dividends paid within the prior twelve months.

During the first quarter of 2026, EICN made a $10.8 million dividend payment to EGI, which in turn distributed that amount to EHI. As a result of that dividend payment, EICN cannot pay dividends for the remainder of 2026 without prior regulatory approval.

During the first quarter of 2026, ECIC made a $20.4 million dividend payment to EGI, which in turn distributed that amount to EHI. As a result of that dividend payment, ECIC cannot pay dividends for the remainder of 2026 without prior regulatory approval.

Total cash and investments at the holding company were $42.3 million at March 31, 2026, consisting of $37.9 million of cash and cash equivalents, $3.9 million of fixed maturity securities, and $0.5 million of equity securities.

In November 2025, EHI entered into two three-year intercompany loan agreements with its insurance subsidiaries: one with EICN (the "EICN Agreement") and one jointly with EAC, ECIC, EPIC, and CIC (the "Omnibus Agreement"). Together, the agreements provide approximately $200.0 million of lending capacity, with individual advances bearing interest at the prevailing rate published by the FHLB for advances of comparable duration. As of March 31, 2026, $140.0 million is outstanding under these intercompany loan agreements.

On May 28, 2024, EHI entered into a Credit Agreement (the Credit Agreement) which provides for a $25.0 million, unsecured, three-year revolving credit facility and is guaranteed by EGI and CGI. Borrowings under the Credit Agreement may be used for working capital and general corporate purposes of EHI and its subsidiaries. Pursuant to the terms of the Credit Agreement, EHI has an option to request an increase of the credit available under the facility up to a maximum facility amount of $35.0 million, subject to the consent of the lender(s) and the satisfaction of certain conditions.

The interest rates applicable to loans under the Credit Agreement are generally based on, at EHI's option: (i) a base rate, defined as the higher of the Prime Rate, the Federal Funds Rate plus 0.50% and the Adjusted Term SOFR for a one-month tenor plus 1.00%, or (ii) an Adjusted Term SOFR, defined as the applicable Adjusted Term SOFR plus 1.50%. Borrowings under the Credit Agreement may be used for working capital and general corporate purposes of EHI and its subsidiaries. Interest paid and/or fees incurred pursuant to the Credit Agreement, as applicable, was $0.1 million for each of the three months ended March 31, 2026 and 2025.

The Credit Agreement contains covenants that require EHI and its consolidated subsidiaries to maintain: (i) a minimum consolidated net worth, defined as EHI's total stockholders' equity excluding any accumulated other comprehensive income or loss, of no less than $800.0 million; and (ii) a debt to total capitalization ratio of no more than 35%, in each case as determined in accordance with the Credit Agreement. As of March 31, 2026, EHI has remained in compliance with all of the covenants associated with the Credit Agreement since its inception.

On February 17, 2026, EHI borrowed $20.0 million under the Credit Agreement as part of the Company's recapitalization plan. The advance bears interest at a rate of 5.50% based on the three-month Adjusted Term SOFR, with a reset date of May 18, 2026. As of March 31, 2026, $20.0 million was outstanding under the Credit Agreement. The outstanding balance is classified as long-term debt as the Credit Agreement does not expire until May 28, 2027. Advances can be repaid at any time without prepayment penalties or additional fees.

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***Operating Subsidiaries' Liquidity***

The primary sources of cash for our operating subsidiaries, which include our insurance and other operating subsidiaries, are premium collections, investment income, sales and maturities of investments, and reinsurance recoveries. The primary uses of cash for our operating subsidiaries are payments of losses and LAE, commission expense, underwriting expenses, ceded reinsurance, investment purchases and dividends paid to their parent.

Total cash and investments held by our operating subsidiaries was $2,445.9 million at March 31, 2026, consisting of $115.4 million of cash and cash equivalents, and restricted cash, $2,029.8 million of fixed maturity securities, $190.3 million of equity securities, $95.8 million of other invested assets, and $14.6 million of short-term investments. Sources of immediate and unencumbered liquidity at our operating subsidiaries as of March 31, 2026 consisted of $115.2 million of cash and cash equivalents, $182.8 million of publicly traded equity securities whose proceeds are available within two business days, and $762.9 million of highly liquid fixed maturity securities whose proceeds are also available within two business days. We believe that our subsidiaries' liquidity needs over the next 12 months and for the longer-term period thereafter will be met with cash from operations, investment income, and maturing investments.

Each of our insurance subsidiaries are members of the FHLB. Membership allows our subsidiaries access to collateralized advances, which may be used to support and enhance liquidity management. The amount of advances that may be taken is dependent on our statutory admitted assets on a per company basis. The following table summarizes the terms and maturities of the advances outstanding at March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date of Advance** | **Borrower** | **Amount** | **Interest Rate** | **Maturity Date** |
| (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| November 17, 2025 | EICN | $19.0 | 3.84% | May 31, 2029 |
| February 5, 2026<sup>(1)</sup> | EICN | 16.0 | 3.79 | May 31, 2029 |
| January 2, 2026 | ECIC | 17.0 | 3.77 | May 31, 2029 |
| January 8, 2026 | EAC | 22.0 | 3.78 | May 31, 2029 |
| January 16, 2026 | EPIC | 28.0 | 3.87 | May 31, 2029 |
| February 5, 2026 | CIC | 3.0 | 3.74 | February 5, 2029 |
|  | Total | $105.0 |  |  |

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(1) On February 5, 2026, the terms of this advance were revised from an interest rate of 3.70% and a maturity date of December 21, 2026, to an interest rate of 3.79% and a maturity date of May 31, 2029.

These advances were assumed by EHI through the intercompany loan agreements as described above and executed as part of the Company's recapitalization plan. Interest incurred and paid on these borrowings during the three months ended March 31, 2026 was $0.9 million.

FHLB membership also allows our insurance subsidiaries access to standby Letter of Credit Agreements. Letter of Credit Agreements we currently have in effect will expire March 31, 2027 and must be fully secured with eligible collateral at all times (See Note 10).

Various state laws and regulations require us to hold investment securities or letters of credit on deposit with certain states in which we do business. Securities having a fair value of $587.0 million and $587.4 million were on deposit at March 31, 2026 and December 31, 2025, respectively. These laws and regulations govern both the amount and types of investment securities that are eligible for deposit. Additionally, standby letters of credit from the FHLB have been issued in lieu of $170.0 million of securities on deposit at both March 31, 2026 and December 31, 2025.

We purchase reinsurance annually to protect us against the costs of severe claims and certain catastrophic events. On July 1, 2025, we entered into a new reinsurance program that is effective through June 30, 2026. The reinsurance program consists of one treaty covering excess of loss and catastrophic loss events in four layers of coverage, which includes a 10% co-participation share within each layer of coverage retained by us. Our reinsurance coverage is $190.0 million ($171.0 million net of our co-participation) in excess of our $10.0 million retention on a per occurrence basis, including a maximum any one life limit of $20.0 million, subject to certain exclusions. We believe that our reinsurance program currently meets our needs.

Certain reinsurance contracts require funds owned by us to be held in trust for the benefit of the ceding reinsurer to secure the outstanding liabilities we have assumed. The fair value of fixed maturity securities held in trust for the benefit of our ceding reinsurers was $3.0 million and $3.1 million at March 31, 2026 and December 31, 2025, respectively.

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***Sources of Liquidity***

We monitor the cash flows of each of our subsidiaries individually, as well as collectively as a consolidated group. We use trend and variance analyses to project future cash needs, making adjustments to our cash forecasts as appropriate.

The table below shows our net cash flows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| | (in millions) | (in millions) |
| **Cash, cash equivalents, and restricted cash provided by (used in):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $2.2 | $14.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | (12.3) | 46.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | 3.4 | (28.6) |
| (Decrease) increase in cash, cash equivalents, and restricted cash  | $(6.7) | $32.1 |

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For additional information regarding our cash flows, see Item 1, Consolidated Statements of Cash Flows.

***Operating Activities***

Net cash provided by operating activities for the three months ended March 31, 2026 included net premiums received of $178.3 million and investment income received of $28.2 million. The cash provided by these operating activities was partially offset by net claims payments of $129.7 million, underwriting expenses paid of $46.7 million, commissions paid of $26.8 million and interest paid of $1.1 million.

Net cash provided by operating activities for the three months ended March 31, 2025 included net premiums received of $192.7 million, investment income received of $32.8 million, and federal tax refund received of $2.8 million. The cash provided by these operating activities was partially offset by net claims payments of $132.9 million, underwriting expenses paid of $54.1 million, and commissions paid of $26.6 million.

***Investing Activities***

Net cash used in investing activities for the three months ended March 31, 2026 related primarily to investments of premiums received and the reinvestment of funds from investment sales, maturities, redemptions and interest income. The cash outflows used in these activities were partially offset by investment sales, maturities, and redemptions whose proceeds were used to fund claims payments, underwriting expenses, stockholder dividend payments, and common stock repurchases.

Net cash provided by investing activities for the three months ended March 31, 2025 related primarily to returns from our investments, investment sales, maturities, and redemptions whose proceeds were used to fund claims payments, underwriting expenses, stockholder dividend payments, and common stock repurchases. Those investing cash inflows were partially offset by investments of premiums received and the reinvestment of funds from investment sales, maturities, redemptions and interest income.

***Financing Activities***

Net cash provided by financing activities for the three months ended March 31, 2026 related primarily to FHLB advances and borrowings on the Credit Agreement offset by stockholder dividend payments and common stock repurchases.

Net cash used in financing activities for the three months ended March 31, 2025 related primarily to stockholder dividend payments and common stock repurchases.

*Dividends*

We paid $6.3 million and $7.5 million in dividends to our stockholders and eligible equity plan award holders for the three months ended March 31, 2026 and 2025, respectively. The declaration and payment of future dividends to our stockholders, including any special dividends, will be at the discretion of our Board of Directors (Board) and will depend upon many factors including our financial position, capital requirements of our operating subsidiaries, legal and regulatory requirements, and any other factors that our Board deems relevant. On April 29, 2026, the Board declared a quarterly dividend per share of $0.34, which represents a 6.25% increase over the $0.32 dividend paid in March 2026, which is payable May 27, 2026 to stockholders of record on May 13, 2026.

*Stock Repurchases*

We repurchased 1,812,329 shares of our common stock for $76.9 million during the three months ended March 31, 2026. Future repurchases of our common stock will be at the discretion of our Board and will depend upon many factors, including

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our financial position, capital requirements of our operating subsidiaries, general business and socioeconomic conditions, legal, tax, regulatory, and/or contractual restrictions, and any other factors that our Board deems relevant.

***Capital Resources***

As of March 31, 2026, the capital resources available to us consisted of $866.5 million of stockholders' equity and the $86.8 million Deferred Gain.

***Contractual Obligations and Commitments***

Other than operating expenses, our current and long-term cash requirements include the following contractual obligations and commitments as of March 31, 2026:

*Debt*

We obtained advances from the FHLB totaling $105.0 million, bearing interest rates ranging from 3.74% to 3.87%, of which none are payable within 12 months. Additionally, we had $20.0 million outstanding under our Credit Agreement, of which none is payable within 12 months.

*Leases*

We have entered into lease arrangements for certain equipment and facilities. As of March 31, 2026, we had lease payment obligations totaling $4.3 million, of which $0.8 million is payable within 12 months.

*Other Purchase Obligations*

We have other purchase obligations that primarily consist of non-cancellable obligations to acquire capital assets, commitments for information technology and related services, software acquisition and license commitments, and other legally binding agreements to purchase services that are to be used in our operations. As of March 31, 2026, we had other purchase obligations totaling $6.4 million, of which $3.8 million is payable within 12 months.

*Unfunded Investment Commitments*

As of March 31, 2026, we had private equity limited partnerships with unfunded investment commitments totaling $9.9 million that can be called at any time.

*Unpaid Losses and LAE Expenses*

We have developed unpaid losses and LAE expense payment patterns that are computed based on historical information. Our calculation of loss and LAE expense payments by period is subject to the same uncertainties associated with determining the level of reserves and to the additional uncertainties arising from the difficulty of predicting when claims (including claims that have not yet been reported to us) will be paid. Actual payments of losses and LAE by period will vary, perhaps materially, to the extent that current estimates of losses and LAE expense vary from actual ultimate claims amounts due to variations between expected and actual payment patterns. As of March 31, 2026, we had unpaid losses and LAE reserves totaling $1,802.5 million, of which $310.1 million is estimated to be payable within 12 months.

The unpaid losses and LAE expense payment patterns are gross of reinsurance recoverables for unpaid losses. As of March 31, 2026, we had reinsurance recoverables on unpaid losses and LAE totaling $383.1 million, of which $27.0 million is currently expected to be received within 12 months.

***Investments***

Our investment portfolio is structured to support our need for: (i) optimizing our risk-adjusted total returns; (ii) providing adequate liquidity; (iii) facilitating financial strength and stability; and (iv) ensuring regulatory and legal compliance. These investments provide a steady source of income.

As of March 31, 2026, our investment portfolio consisted of 88% fixed maturity securities with a duration of 4.4, which is measured by their sensitivity to changes in interest rates. Our investment strategy balances consideration of duration, yield, and credit risk. Our investment guidelines require that the minimum weighted average quality of our fixed maturity securities portfolio be "A," using ratings assigned by Standard & Poor's (S&P) or an equivalent rating assigned by another nationally recognized statistical rating agency. Our fixed maturity portfolio had a weighted average quality of "A+" as of March 31, 2026.

Our investment portfolio also contains equity securities. We strive to limit the exposure to equity price risk associated with publicly traded equity securities by diversifying our holdings across several industry sectors. These equity securities had a fair value of $183.3 million at March 31, 2026, which represented 8% of our investment portfolio at that time. We also have a $7.5 million investment in FHLB stock which we record at cost. We receive periodic dividends from the FHLB for this investment, when declared, which can vary from period to period.

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Our investment portfolio also contains certain other investments, which made up 4% of our investment portfolio at March 31, 2026, and include private equity limited partnerships. Our investments in private equity limited partnerships totaled $95.8 million at March 31, 2026 and are generally not redeemable by the investees and cannot be sold without prior approval of the general partner. These investments have a fund term of 3 to 12 years, subject to two or three one-year extensions at the general partner's discretion. We periodically receive distributions of proceeds from dividends and interest from fund investments, as well as from any dispositions of fund investments, during the full course of the fund term. As of March 31, 2026, we had unfunded commitments to these private equity limited partnerships totaling $9.9 million.

We believe that our current asset allocation meets our strategy to preserve capital for claims and policy liabilities and to provide sufficient capital resources to support and grow our ongoing insurance operations.

The following table shows the estimated fair value, the percentage of the fair value to total invested assets, and the average ending book yield (which is calculated based on the amortized cost of the associated invested assets) as of March 31, 2026.

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Estimated Fair<br>Value** | **Percentage of**<br>**Total Investments**<br> **Measured at Fair Value** | **Book Yield** |
|  | (in millions, except percentages) | (in millions, except percentages) | (in millions, except percentages) |
| U.S. Treasuries | $81.0 | 3.6% | 3.9% |
| States and municipalities | 145.7 | 6.5 | 4.8 |
| Corporate securities | 696.7 | 31.2 | 4.7 |
| Residential mortgage-backed securities | 771.3 | 34.6 | 5.1 |
| Commercial mortgage-backed securities | 29.3 | 1.3 | 5.6 |
| Asset-backed securities | 154.0 | 6.9 | 5.5 |
| Collateralized loan obligations | 2.5 | 0.1 | 6.2 |
| Foreign government securities | 2.0 | 0.1 | 6.2 |
| Other securities | 151.2 | 6.8 | 6.3 |
| Equity securities | 183.3 | 8.2 | 2.3 |
| Short-term investments | 14.6 | 0.7 | 3.9 |
| Total investments at fair value | $2231.6 | 100.0% |  |
| Weighted average book yield |  |  | 4.9% |

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The following table shows the percentage of total estimated fair value of our fixed maturity securities as of March 31, 2026 by credit rating category, using the lower of the ratings assigned by Moody's Investors Service or S&P.

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| | |
|:---|:---|
| **Rating** | **Percentage of Total<br>Estimated Fair Value** |
| "AAA" | 8.7% |
| "AA" | 46.8 |
| "A" | 31.4 |
| "BBB" | 5.0 |
| Below Investment Grade | 8.1 |
| Total | 100.0% |

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Investments that we currently own could be subject to default by the issuer. We regularly assess individual securities as part of our ongoing portfolio management, including the identification of credit-related losses. Our assessment includes reviewing the extent of declines in the fair value of investments below amortized cost, historical and projected financial performance and near-term prospects of the issuer, the outlook for industry sectors, credit rating, and macro-economic changes. We also make a determination as to whether it is not more likely than not that we will be required to sell the security before its fair value recovers to above cost, or maturity.

In addition to recognizing realized gains and losses upon the disposition of an investment security, we also record provisions and recoveries for changes in CECL allowance on AFS investments as realized gains and losses. As of March 31, 2026, we maintained a CECL allowance of $0.7 million on AFS investments. During the three months ended March 31, 2026, we recognized a net $0.3 million increase to our allowance for CECL on AFS investments. The remaining fixed maturity securities whose total fair value was less than amortized cost at March 31, 2026, were those in which we had no intent, need, or requirement to sell at an amount less than their amortized cost.

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**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements.

**Critical Accounting Estimates**

The unaudited interim consolidated financial statements included in this quarterly report include amounts based on the use of estimates and judgments of management for those transactions that are not yet complete. We believe that the estimates and judgments that were most critical to the preparation of the consolidated financial statements involved the reserves for losses and LAE and reinsurance recoverables. These estimates and judgments require the use of assumptions about matters that are highly uncertain and therefore are subject to change as facts and circumstances develop. Our accounting policies are discussed under "Critical Accounting Estimates" in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Market risk is the risk of potential economic loss principally arising from adverse changes in the fair value of financial instruments. The major components of market risk affecting us are credit risk, interest rate risk, and equity price risk.

**Credit Risk** 

Our fixed maturity securities, equity securities, other invested assets, and cash and cash equivalents are exposed to credit risk, which we attempt to mitigate through issuer and industry diversification. Our investment guidelines include limitations on the minimum rating of fixed maturity securities and concentrations of a single issuer.

We also bear credit risk with respect to the reinsurers, which can be significant considering that some loss reserves remain outstanding for an extended period of time. We are required to pay losses even if a reinsurer refuses or fails to meet its obligations to us under the applicable reinsurance agreement(s). We continually monitor the financial condition and financial strength ratings of our reinsurers. Additionally, we bear credit risk with respect to premiums receivable, which is generally diversified due to the large number of entities comprising our policyholder base and their dispersion across many different industries and geographies.

In addition, we also bear credit risk with respect to our banking and lending relationships. We mitigate this risk by maintaining relationships with highly rated financial institutions and monitoring their financial condition on an ongoing basis.

Economic disruptions caused by ongoing financial market volatility, inflationary pressures, heightened geo-political conditions, and tariff uncertainty have impacted the credit risk associated with certain of our investment holdings. As of March 31, 2026, we maintained a $0.7 million allowance for CECL on our fixed maturity portfolio. See Note 5 to the consolidated financial statements.

**Interest Rate Risk**

***Investments***

Our fixed maturity securities are exposed to interest rate risk, which is the risk of a change in fair value resulting from changes in prevailing interest rates, which we manage through duration. Our fixed maturity investments (excluding cash and cash equivalents) had a duration of 4.4, which is measured by their sensitivity to changes in interest rates, at March 31, 2026. Our investment strategy balances consideration of duration, yield and credit risk. We continually monitor the changes in interest rates and their impact on our liquidity and ability to meet our obligations.

***Sensitivity Analysis***

The fair values or cash flows of our market sensitive investments are subject to potential losses in future earnings resulting from changes in interest rates and other market conditions. Our sensitivity analysis applies a hypothetical parallel shift in market rates and reflects what we believe are reasonably possible near-term changes in those rates (covering a period of time going forward up to one year from the date of the consolidated financial statements). Actual results may differ from the hypothetical change in market rates assumed in this disclosure. This sensitivity analysis does not reflect the results of any action that we may take to mitigate such hypothetical losses in fair value.

We use fair values to measure our potential loss in this model, which includes fixed maturity securities and short-term investments. For invested assets, we use modified duration modeling to calculate changes in fair values. Durations on invested assets are adjusted for call, put, and interest rate reset features. Invested asset portfolio durations are calculated on a market value weighted basis, excluding accrued investment income, using holdings as of March 31, 2026. The estimated changes in

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fair values on our fixed maturity securities and short-term investments, which had an aggregate value of $2,048.3 million as of March 31, 2026, based on specific changes in interest rates are as follows:

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| | | |
|:---|:---|:---|
| **Hypothetical Changes in Interest Rates** | **Estimated Pre-tax Increase (Decrease) in Fair Value** | **Estimated Pre-tax Increase (Decrease) in Fair Value** |
|  | (in millions, except percentages) | (in millions, except percentages) |
| 300 basis point rise | $(256.8) | (12.5)% |
| 200 basis point rise | (172.9) | (8.4) |
| 100 basis point rise | (85.8) | (4.2) |
| 50 basis point rise | (42.2) | (2.1) |
| 50 basis point decline | 41.6 | 2.0 |
| 100 basis point decline | 80.3 | 3.9 |
| 200 basis point decline | 151.1 | 7.4 |
| 300 basis point decline | 219.4 | 10.7 |

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The most significant assessment of the effects of hypothetical changes in interest rates on investment income would be based on GAAP guidance related to "*Receivables- Nonrefundable Fees and Other Costs,*" which requires amortization adjustments for mortgage-backed securities. The rates at which the mortgages underlying mortgage-backed securities are prepaid, and therefore the average life of mortgage-backed securities, can vary depending on changes in interest rates (for example, mortgages tend to prepay faster and the average life of mortgage-backed securities falls when interest rates decline). Adjustments for changes in amortization are based on revised average life assumptions and would have an impact on investment income if a significant portion of our commercial and residential mortgage-backed securities were purchased at significant discounts or premiums to par value. As of March 31, 2026, the par value of our commercial and residential mortgage-backed securities holdings was $807.1 million, and the amortized cost was 99.5% of par value. The commercial and residential mortgage-backed securities portion of the portfolio totaled 35.9% of total investments as of March 31, 2026. Agency-backed residential mortgage pass-throughs represented 86.4% of the residential mortgage-backed securities portion of the portfolio as of March 31, 2026.

**Equity Price Risk**

Equity price risk is the risk of a decline in market value of the equity securities we hold in our investment portfolio. Adverse changes in the market prices of the equity securities we hold in our investment portfolio could result in decreases in the fair value of our total assets on our Consolidated Balance Sheets and in net realized and unrealized gains and losses on our Consolidated Statements of Comprehensive Income (Loss). Economic and market disruptions caused by geo-political conditions, inflationary pressures, and tariff uncertainty, have resulted in volatility in the fair value of our equity securities. We mitigate our exposure to equity price risk through dollar-cost averaging and by diversifying our equity holdings across several industry sectors.

The table below shows the sensitivity of our equity securities at fair value to price changes as of March 31, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | **Cost** | **Fair Value** | **10% Fair Value Decrease** | **Pre-tax Impact on Decrease in Total Equity Securities** | **10% Fair Value Increase** | **Pre-tax Impact on Increase in Total Equity Securities** |
| Equity securities | $98.6 | $183.3 | $165.0 | $(18.3) | $201.6 | $18.3 |

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**Effects of Inflation**

In recent years, economic slowdowns, financial market volatility, monetary and fiscal policy measures, heightened geo-political tensions and fluctuations in interest rates have contributed to higher levels of inflation and may continue to lead to elevated levels of inflation in future periods.

Higher levels of inflation than we have anticipated could significantly impact our financial statements and results of operations. Our estimates for losses and LAE include assumptions about the timing of closure and future payment of claims and claims handling expenses, such as medical treatments and litigation costs. Inflation is also incorporated in our reserving process through projections supported by historical loss emergence, and particular consideration was given to medical and hospital inflation rates as these inflation rates have historically exceeded general inflation rates. To the extent that inflation causes these costs to increase above established reserves, we will be required to increase those reserves for losses and LAE, reducing our earnings in the period in which our assumptions are revised.

Higher levels of wage inflation can specifically impact the payrolls of our insureds, which is the basis for the premiums we charge, as well as the amount of future indemnity losses we may incur.

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Higher levels of inflation could also adversely impact certain of our operating expenses and, in the case of wage inflation, could adversely impact our payroll expenses.

Elevated market interest rates in recent years, intended to aid in the suppression of inflation, can negatively impact the market value of our existing fixed maturity investments, despite our ability and intent to hold these investments to maturity. Higher interest rates, however, have also contributed to an increase in our net investment income.

**Item 4. Controls and Procedures**

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II** – **OTHER INFORMATION**

**Item 1. Legal Proceedings**

From time-to-time, we are involved in pending and threatened litigation in the normal course of business in which claims for monetary damages are asserted. In the opinion of management, the ultimate liability, if any, arising from such pending or threatened litigation is not expected to have a material effect on our results of operations, liquidity, or financial position.

**Item 1A. Risk Factors**

We have disclosed in our Annual Report the most significant risk factors that can impact year-to-year comparisons and that may affect the future performance of our business. On a quarterly basis, we review these disclosures and update the risk factors, as appropriate. As of the date of this report, there have been no material changes to the risk factors contained in our Annual Report.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds** 

The following table provides information with respect to repurchases of our common stock during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average<br>Price Paid<br>Per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Program** | **Approximate<br>Dollar Value of Shares that<br>May Yet be Purchased Under the Program** |
|  |  |  |  | (in millions) |
| January 1 - January 31 | 898594 | $44.28 | 898594 | $53.1 |
| February 1 - February 28 | 220000 | 40.99 | 220000 | 44.0 |
| March 1 - March 31 | 693735 | 40.45 | 693735 | 16.0 |
|  | 1812329 | $42.42 | 1812329 |  |

---

On April 29, 2026 the Board authorized the 2026 Program (the 2026 Program) for repurchases up to $125.0 million of our common stock from May 4, 2026 through December 31, 2027, unless otherwise extended, terminated, or modified by the Board. The 2026 Program replaces a similar program that was scheduled to expire on December 31, 2026, but whose remaining repurchase authorization had been exhausted. The 2026 Program provides that shares may be purchased in the open market and/or in privately negotiated transactions from time to time, and that all purchases shall be made in compliance with all applicable provisions of the Nevada Revised Statutes and federal and state securities laws including, but not limited to, Rules 10b5-1 and 10b-18 of the Exchange Act.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

***Rule 10b5-1 Trading Plans***

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each such term is defined in Item 408(a) of Regulation S-K.

------

**Item 6. Exhibits**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Incorporated by Reference Herein** | **Incorporated by Reference Herein** | **Incorporated by Reference Herein** | **Incorporated by Reference Herein** |
| **Exhibit<br>No.** | **Description of Exhibit** | **Included<br>Herewith** | **Form** | **File No.** | **Exhibit** | **Filing Date** |
| \*10.1 | <u>[Employers Holdings, Inc. Equity and Incentive Plan Form of Performance Share Agreement](ex101_2026psuagreement.htm)</u> | X |  |  |  |  |
| \*10.2 | <u>[Employers Holdings, Inc. Equity and Incentive Plan Form of Restricted Stock Unit Agreement (for Executive Vice Presidents and Chief Executive Officer)](ex102_2026rsuagreement.htm)</u> | X |  |  |  |  |
| \*10.3 | <u>[Employers Holdings, Inc. Equity and Incentive Plan Form of Restricted Stock Unit Agreement (for other employees)](ex103_2026rsuagreement.htm)</u> | X |  |  |  |  |
| \*10.4 | <u>[Employers Holdings, Inc. Annual Cash Bonus Program](ex104_2026ehiannualcashbon.htm)</u> | X |  |  |  |  |
| 31.1 | <u>[Certification of Katherine H. Antonello Pursuant to Section 302](eig-ex311_2026331.htm)</u> | X |  |  |  |  |
| 31.2 | <u>[Certification of Michael A. Pedraja Pursuant to Section 302](eig-ex312_2026331.htm)</u> | X |  |  |  |  |
| 32.1 | <u>[Certification of Katherine H. Antonello Pursuant to Section 906](eig-ex321_2026331.htm)</u> | X |  |  |  |  |
| 32.2 | <u>[Certification of Michael A. Pedraja Pursuant to Section 906](eig-ex322_2026331.htm)</u> | X |  |  |  |  |
| 101.INS | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Comprehensive Income (Loss), (iii) Consolidated Statements of Stockholders' Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | X |  |  |  |  |
| 101.SCH | XBRL Taxonomy Extension Schema Document | X |  |  |  |  |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X |  |  |  |  |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X |  |  |  |  |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X |  |  |  |  |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X |  |  |  |  |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | X |  |  |  |  |

---

————

\*Represents management contracts and compensatory plans or arrangements.

------

**SIGNATURES**

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 thereunto duly authorized.

EMPLOYERS HOLDINGS, INC.

---

| | | |
|:---|:---|:---|
| Date: | May 1, 2026 | /s/ Michael A. Pedraja |
| | | Michael A. Pedraja |
| | | Executive Vice President and Chief Financial Officer |
| | | Employers Holdings, Inc. |
| | | (Principal Financial Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYERS HOLDINGS, INC.**

**EQUITY AND INCENTIVE PLAN**

**PERFORMANCE SHARE AGREEMENT**

**First-Last Name** (the "Grantee") is hereby granted, effective as of the 23rd day of February 2026 (the "Date of Grant"), an award (the "Performance Share Award") of the number of performance shares (the "Performance Shares") that are specified herein pursuant to the Equity and Incentive Plan (the "Plan") of Employers Holdings, Inc. (the "Company"), as amended from time to time. The Performance Share Award constitutes a Performance Award (as defined in the Plan), and is subject to the terms and conditions set forth below in this Performance Share Agreement (this "Agreement") and of the Plan, which is a part of this Agreement. To the extent that there is a conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern. Any term not defined herein shall have the meaning assigned to such term in the Plan.

1.**Performance Period**: January 1, 2026 (the "Performance Period Start Date") to December 31, 2028 (the "Performance Period End Date," and the period from the Performance Period Start Date to the Performance Period End Date, the "Performance Period").

2.**Number of Performance Shares**: The number of Performance Shares that the Grantee may earn hereunder will be determined in accordance with the provisions of Exhibit A, which is attached to and forms a part of this Agreement.

3.**Performance Goals**: The Performance Shares will become payable only upon the achievement of certain Performance Goals (as defined in Exhibit A) and the satisfaction of such other terms and conditions as are set forth herein and in the Plan.

4.**Performance Certification Date**: The date following the Performance Period End Date that the Compensation Committee of the Board of Directors of the Company (the "Committee") certifies that the Performance Goals have been achieved, but no later than 75 days following the Performance Period End Date.

5.**Vesting and Payment of Performance Shares**: To the extent Performance Shares are payable pursuant to this Agreement, then, except as otherwise provided in Sections 6 and 7 of this Agreement, payment of one share of common stock, par value $.01, of the Company ("Stock") for each Performance Share that becomes payable under this Agreement will be made only (a) following certification by the Committee that the Performance Goals have been achieved (as described in Section 4 of this Agreement), and (b) so long as the Grantee has remained continuously employed during the entire Performance Period, and payment shall be made no later than the earlier of (x) 30 days after the Performance Certification Date, and (y) March 15, 2029 (the "Regular Payment Date").

&nbsp;&nbsp;&nbsp;&nbsp;

------

6.**Termination**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. In the event the Grantee's employment terminates prior to the Performance Period End Date, payment of the Performance Shares shall be made to the extent provided in subsections (b) through (f) of this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Death or Disability</u>. If the Grantee's employment terminates prior to the Performance Period End Date by reason of the Grantee's total and permanent disability (as defined in any agreement between the Grantee and the Company or, if no such agreement is in effect, as determined by the Committee in its good faith discretion, in accordance with the definition used by the Company's then current Long Term Disability insurance carrier) or death, then all of the Performance Shares shall become payable based on, and to the extent of, the actual achievement of the Performance Goals, as determined by the Committee, and any earned Performance Shares shall be paid no later than the earlier of (x) 30 days following the Performance Certification Date, and (y) March 15, 2029, subject to any delay required by subsection (f) of this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Retirement</u>. If the Grantee's employment terminates prior to the Performance Period End Date by reason of the Grantee's Retirement (as defined below), then all of the Performance Shares shall become payable based on, and to the extent of, the actual achievement of the Performance Goals, as determined by the Committee, so long as the Grantee refrains from engaging in Harmful Conduct, and any earned Performance Shares shall be paid no later than the earlier of (x) 30 days following the Performance Certification Date, and (y) March 15, 2029, subject to any delay required by subsection (f) of this Section 6. For purposes of this Agreement, "Retirement" shall mean the Grantee's termination of employment after attaining age 55 and completing 10 years of continuous service with the Company (or any Subsidiary thereof), and provided that the Grantee has given written notice of the Grantee's intent to retire to the Company (or its designate), no fewer than six months prior to the date that the Grantee terminates employment, in a form satisfactory to the Company (or its designate), with such notice accepted and confirmed by the Company (or its designate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Involuntary Termination</u>. If the Grantee's employment is terminated prior to the Performance Period End Date other than for any of the reasons described in subsections (b), (c) or (e) of this Section 7, then a number of Performance Shares under this Award shall vest equal to the product of (i) the total number of Performance Shares granted pursuant to this Agreement and (ii) a fraction, the numerator of which is the number of full months elapsed from the Performance Period Start Date until the date of the Grantee's termination of employment, and the denominator of which is 36 (with any resulting fraction rounded down to the nearest whole Share), based on, and to the extent of, the actual achievement of the Performance Goals, as determined by the Committee, so long as the Grantee refrains from engaging in Harmful Conduct, and any such earned Performance Shares shall be paid no later than the earlier of (x) 30 days following the Performance Certification Date, and (y) March 15, 2029, subject to any delay required by subsection (f) of this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>For Cause; Voluntary Termination</u>. If the Grantee's employment terminates prior to the Performance Period End Date for Cause or the Grantee voluntarily terminates his/her employment for any reason other than for any of the reasons described in subsections (b) or (c), above, the Performance Shares, and any rights

&nbsp;&nbsp;&nbsp;&nbsp;

------

thereto, shall terminate immediately and the Grantee shall have no right thereafter to payment of any portion of the Performance Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Section 409A</u>. For purposes of clarity and consistent with Section 8(l) of the Plan, notwithstanding anything in this Agreement to the contrary, if the vesting of any portion of this Performance Share Award occurs in connection with the termination of Grantee's employment other than due to Grantee's death, and if both (x) Grantee is a U.S. taxpayer and "specified employee" within the meaning of Section 409A of the Code at the time of such termination, and (y) the payment of any such vested portion otherwise due on or within six (6) months following Grantee's employment termination will result in the imposition of additional tax under Section 409A if paid to Grantee during such period, then the payment of such vested portion will not be made until the date six (6) months and one (1) day following the date of Grantee's employment termination, except in the case of Grantee's earlier death following Grantee's employment termination, in which case, such vested portion will be paid as soon as practicable following Grantee's death. To the extent necessary to be exempt from or to comply with Section 409A of the Code, any references to the termination of Grantee's employment or similar phrases will mean Grantee's separation from service within the meaning of Section 409A of the Code. In no event will Grantee be permitted, directly or indirectly, to specify the taxable year of the payment of any Performance Shares payable under this Agreement. Each payment payable under this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). It is the intent of this Agreement that it and all payments and benefits hereunder be exempt from, or comply with, the requirements of Section 409A of the Code so that none of the Performance Shares under this Agreement or Shares issuable hereunder will be subject to the additional tax imposed under Section 409A of the Code, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or so comply.

7.**Change in Control Provisions**: The following provisions shall apply in the event of a Change in Control that constitutes a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A of the Code (a "Section 409A Change in Control"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Acceleration of Performance Shares</u>. Upon the occurrence of a Section 409A Change in Control, (i) if the Section 409A Change in Control occurs before the Performance Period End Date, the number of Performance Shares that would have been earned at target level of achievement shall be deemed to vest as of the date of such Section 409A Change in Control subject to Grantee's continued employment through such date, and shall become payable upon (or within 15 days following) the date of the Section 409A Change in Control, with any other performance conditions or vesting requirements imposed with respect to such shares deemed fully achieved and satisfied, and (ii) if the Section 409A Change in Control occurs on or after the Performance Period End Date, the number of Performance Shares earned as of that date based on, and to the extent of, the actual achievement of the Performance Goals, as determined by the Committee, and subject to Grantee's continued employment through the Performance Period End Date, shall be paid by the Regular Payment Date or if earlier, upon (or within 15 days following) the date of the Section 409A Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Discretionary Cashout</u>. Notwithstanding any other provision of the Plan or this Agreement, in the event of a Section 409A Change in Control, the Committee may, in its discretion, provide that upon the occurrence of the Section 409A

&nbsp;&nbsp;&nbsp;&nbsp;

------

Change in Control, in lieu of the treatment described in subsection (a) of this Section 7, the Performance Shares shall be cancelled in exchange for a payment made upon (or within 15 days following) the date of the Section 409A Change in Control in an amount equal to the value (as determined by the Committee) of the consideration paid per share of Stock in the Section 409A Change in Control multiplied by the number of Performance Shares that would have been payable pursuant to the preceding paragraph.

8.**Tax Withholding**: The Company shall have the power and the right to deduct or withhold, or require the Grantee or beneficiary to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement. Without limiting the foregoing, the Company shall be entitled to require, as a condition of delivery of the shares of Stock (or, if applicable, cash or other consideration) in settlement of the Performance Shares, that the Grantee agree to remit an amount in cash sufficient to satisfy all then current and/or estimated future federal, state and local withholding, and other taxes relating thereto. Payment of any dividend equivalents will be net of such federal, state, and local withholding taxes.

9.**Legend on Certificates**: The certificates representing the shares of Stock issued in respect of the Performance Shares that are delivered to the Grantee pursuant to this Agreement shall be subject to such stop transfer orders and other restrictions as the Committee may determine are required by the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of Stock are listed, any applicable federal or state laws or the Company's Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

10.**Transferability**: The Performance Shares may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Subsidiary thereof; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

11.**Repayment Upon Restatement; Clawbacks Generally**: In the event that the Company is required to restate any of its financial statements applicable to the Performance Period, the Company may require the Grantee to repay to the Company the aggregate Fair Market Value of any Performance Shares and any dividend equivalents that became payable upon the achievement of the Performance Goals, to the extent such Performance Goals would not have been achieved had such restatement not been required. In addition, the Performance Shares and any dividend equivalents shall be subject to such other repayment, clawback or similar provisions as may be required by the terms of the Plan or applicable law or applicable policy in effect from time to time.

12.**Securities Laws**: Upon the acquisition of any shares of Stock pursuant to the settlement of the Performance Shares, the Grantee will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

13.**No Right to Continued Employment**: Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to continue in the employ or service of the Company or any Subsidiary thereof or to be entitled to any remuneration or benefits not

&nbsp;&nbsp;&nbsp;&nbsp;

------

set forth in the Plan, this Agreement or other agreement or to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate such Grantee's employment. Nor does this Agreement constitute an employment contract.

14.**Notices**: Any notice under this Agreement shall be addressed to the Company in care of the Chief Legal Officer, addressed to the principal executive office of the Company and to the Grantee at the address last appearing in the records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

15.**Acknowledgement**: By entering into this Agreement the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan.

16.**No Stockholders Rights**: Subject to Section 17 below, the Grantee shall have no rights of a stockholder of the Company with respect to the Performance Shares, including, but not limited to, the rights to vote until the date of issuance of a stock certificate for such shares of Stock.

17.**Dividend Equivalents**: Upon achievement of the applicable Performance Goals, the Grantee shall be credited with a dividend equivalent with respect to the Performance Shares that are earned thereon (such Performance Shares, the "Earned Performance Shares") (such credit, the "Initial Credit"). The amount of the Initial Credit shall be equal to the dividends or distributions made on or before the Performance Certification Date. In addition, the Grantee shall be credited with a dividend equivalent for each dividend or distribution made following the Performance Certification Date with respect to the shares of Stock covered by the then-outstanding Earned Performance Shares, with the amount of each such dividend equivalent equal to the amount of the applicable dividend or distribution. The dividend equivalents shall be subject to the same terms and conditions, and shall be paid in cash (without interest) if and when the underlying Performance Share is paid. However, if the underlying Performance Share does not become payable or is forfeited, any dividend equivalents with respect to the underlying Performance Share will also fail to become payable and will be forfeited.

18.**Governing Law**: This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts of laws provisions thereof.

19.**Amendment**: This Agreement may not be amended, terminated, suspended or otherwise modified except in a written instrument duly executed by both parties.

20.**Electronic Signature and Delivery**: This Agreement may be accepted by return signature or by electronic signature or confirmation. By accepting this Agreement, the Grantee consents to any electronic form of signature or confirmation, and to the electronic delivery of prospectuses, annual reports and other information required to be delivered by Securities and Exchange Commission rules.

21.**Entire Agreement**: This Agreement (and the other writings incorporated by reference herein) constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior written or oral negotiations, commitments, representations and agreements with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;

------

22.**Signature in Counterparts**: This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

---

| | | | |
|:---|:---|:---|:---|
| **EMPLOYERS HOLDINGS, INC.** | **EMPLOYERS HOLDINGS, INC.** | **GRANTEE** | **GRANTEE** |
| <br>By: |  | <br>By: |  |
|  | Katherine Antonello<br>President and Chief Executive Officer |  | Name of Grantee |

---

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.2

**Exhibit 10.2**

EMPLOYERS HOLDINGS, INC.<br>EQUITY AND INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED STOCK UNIT AGREEMENT (this "Agreement"), is made effective as of February 23, 2026 (the "Date of Grant"), between Employers Holdings, Inc. (the "Company") and the individual named as the grantee on the signature page hereto (the "Grantee"), pursuant to the Company Equity and Incentive Plan, as amended from time to time (the "Plan"), which is a part of this Agreement. Capitalized terms not defined herein will have the meanings ascribed to such terms in the Plan. To the extent that there is a conflict between the terms of the Plan and this Agreement, the terms of the Plan will govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Grant of Restricted Stock Units</u>. The Company hereby grants to the Grantee, ________ Restricted Stock Units (the "RSUs"). The RSUs shall be subject to the terms and conditions set forth herein and, to the extent applicable, the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting of Restricted Stock Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to subsections 2(b), (c) and (d) below, the RSUs shall become vested as to 25% of the RSUs on March 15, 2027, and as to an additional 25% of the RSUs on each of the first three anniversaries of the first vesting date, provided that the Grantee has been continuously employed by the Company or any Subsidiary thereof through the relevant vesting dates and subject to accelerated vesting as set forth in Section 3 below and Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination of Employment by Reason of Death or Disability</u>. If the Grantee's employment terminates by reason of death or the Grantee's total and permanent disability (as defined in any agreement between the Grantee and the Company or, if no such agreement is in effect, as determined by the Committee (or its delegate) in its good faith discretion, in accordance with the definition used by the Company's then current Long Term Disability insurance carrier), then the RSUs shall become fully vested as of such date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination by Reason of Retirement</u>. If the Grantee's employment terminates by reason of the Grantee's Retirement (as defined below), then the RSUs shall become fully vested as of the date of such termination. For purposes of this Agreement, "Retirement" shall mean the Grantee's termination of employment after attaining age 55 and completing 10 years of continuous service with the Company (or any Subsidiary thereof), and provided (i) that the Grantee has given written notice of the Grantee's intent to retire to the Company (or its designate), no fewer than six months prior to the date that the Grantee terminates employment, in a form satisfactory to the Company (or its designate), with such notice accepted and confirmed by the Company (or its designate); and (ii) that such termination of employment constitutes a "separation of employment" within the meaning of Section 409A of the Code (a "Separation of Service").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Termination of Employment other than by Reason of Death, Retirement or Disability</u>. Subject to Section 3 below, if the Grantee's employment terminates for any reason other than by reason of death, Retirement or the Grantee's total and permanent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

disability, then all of the Grantee's unvested RSUs shall immediately be forfeited and canceled as of such date without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Change in Control Provisions</u>. In the event of a Change of Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>If RSUs Are Assumed</u>. If the RSUs are assumed or substituted for in connection with a Change in Control, then, upon the termination of the Grantee's employment without Cause (as defined in the Plan) or due to a Good Reason Termination (as defined in the Company's Key Executive Change in Control and Severance Plan) during the 24-month period following such Change in Control, (i) such RSUs shall become fully vested, (ii) any restrictions, payment conditions, and forfeiture conditions applicable to such RSUs shall lapse, and (iii) any performance conditions imposed with respect to such RSUs shall be deemed to be fully achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>If RSUs Are Not Assumed</u>. With respect to outstanding RSUs that are not assumed or substituted in connection with a Change in Control, upon the occurrence of the Change in Control (i) such RSUs shall become fully vested, (ii) any restrictions, payment conditions, and forfeiture conditions applicable to any such RSUs shall lapse, and (iii) any performance conditions imposed with respect to such RSUs shall be deemed to be fully achieved. Notwithstanding the foregoing, any settlement or distribution under this Agreement that constitutes an item of "deferred compensation" under Section 409A of the Code, and that becomes payable by reason of such Change in Control shall be made, to the extent necessary to avoid an "additional tax" under Section 409A of the Code, to the Grantee on the earliest of: such date on which settlement or distribution otherwise would have occurred had such RSUs vested in accordance with the fixed vesting schedule specified in Section 2(a) above (i.e., within 30 days of the applicable scheduled vesting date); a termination of the Grantee's employment that constitutes a Separation from Service, subject to any required delay set forth in Section 4 below; or the death of the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Definition of Assumed or Substituted For</u>. For purposes of this Section 3, RSUs shall be considered assumed or substituted for if, following the Change in Control, such RSUs remain subject to the same terms and conditions that were applicable to such units immediately prior to the Change in Control, except that such units confer the right to receive, for each such unit the consideration (whether stock, cash or other securities or property) received in the Change in Control by holders of shares of Stock for each share of Stock held on the effective date of the Change in Control (and if holders were offered a choice of consideration, the type of consideration chosen by the greatest number of holders of the outstanding shares). Such assumption or substitution shall comply with the applicable provisions of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Discretionary Cashout</u>. Notwithstanding any other provision of the Plan or this Agreement, in the event of a Change in Control that constitutes a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A of the Code, the Committee may, in its discretion, provide that upon the occurrence of such Change in Control, the RSUs shall be cancelled in exchange for a payment in an amount equal to the consideration paid per share of Stock in such Change in Control multiplied by the number of RSUs granted hereunder that had not been settled as of such date. Such payment shall be made within 30 days following such Change in Control; provided, however, that if such payment constitutes an item of "deferred compensation" under Section 409A of the Code, any settlement or distribution under this Agreement that constitutes an item of "deferred compensation" under Section 409A of the Code, and that becomes payable by reason of such Change in Control shall be made, to the extent necessary to avoid an "additional tax" under Section 409A of the Code, to the Grantee on the earliest of: such date on which settlement or distribution otherwise would have occurred had such RSUs vested in accordance with the fixed vesting schedule specified in Section 2(a) above

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(i.e., within 30 days of the scheduled vesting date); a termination of the Grantee's employment that constitutes a Separation from Service, subject to any required delay set forth in Section 4 below; or the death of the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Settlement of RSUs and Section 409A Provisions</u>. Unless otherwise provided in Section 3 above or in the Plan, including, without limitation, by reason of a Change in Control, the RSUs shall be settled in whole shares of Stock (*i.e.,* the Grantee shall receive one share of Stock for each RSU) within 30 days following the date such RSUs become vested, subject to any provision of this Agreement or the Plan that may delay such settlement by reason of Section 409A of the Code. Consistent with the foregoing, no settlement or distribution under this Agreement that constitutes an item of "deferred compensation" under Section 409A of the Code, and that becomes payable by reason of the termination of the Grantee's employment hereunder shall be made to the Grantee unless and until the termination of the Grantee's employment constitutes a Separation from Service, and no such settlement or distribution of deferred compensation shall be made to the Grantee prior to the earlier of (a) the expiration of the six month period measured from the date of the Grantee's Separation from Service, and (b) the date of the Grantee's death, if (i) the Grantee is deemed at the time of such Separation from Service to be a "specified employee" within the meaning of that term under Section 409A of the Code and (ii) such delayed commencement is otherwise required to avoid an "additional tax" under Section 409A of the Code. All settlements and payments that are delayed pursuant to clause (a) in the immediately preceding sentence shall be paid to the Grantee on the first business day immediately following expiration of such six month period (or if earlier as a result of clause (b) in the immediately preceding sentence, upon the Grantee's death). Each individual settlement or payment under this Agreement shall be a "separate payment" for purposes of Section 409A of the Code. Any payments under this Agreement that satisfy the requirements of the "short-term deferral" rule under Treasury Regulation Section 1.409A-1(b)(4), or that qualify as payments made as a result of an involuntary separation from service under Treasury Regulation Section 1.409A-1(b)(9)(iii) that is within the limit set forth thereunder (and, for clarity, otherwise have no other applicable feature of deferral), will not constitute "deferred compensation" under Section 409A of the Code for purposes of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>No Right to Continued Employment</u>. Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to continue in the employ or service of the Company or any Subsidiary thereof or to be entitled to any remuneration or benefits not set forth in the Plan, this Agreement or other agreement or to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate such Grantee's employment. Nor does this Agreement constitute an employment contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Legend on Certificates</u>. The certificates representing the whole shares of Stock issued in settlement of the RSUs that are delivered to the Grantee pursuant to Section 4 of this Agreement shall be subject to such stop transfer orders and other restrictions as the Committee may determine is required by the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of Stock are listed, any applicable federal or state laws or the Company's Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Transferability</u>. An RSU may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Subsidiary thereof; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Tax Withholding</u>. The Company shall have the power and the right to deduct or withhold from the grant of RSUs, or require the Grantee or beneficiary to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement. Without limiting the foregoing, the Company shall be entitled to require, as a condition of delivery of the shares of Stock in settlement of the RSUs, that the Grantee agree to remit an amount in cash sufficient to satisfy all then current and/or estimated future federal, state and local withholding, and other taxes relating thereto. Payment of any dividend equivalents will be net of such federal, state, and local withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Securities Laws</u>. Upon the acquisition of any shares of Stock pursuant to the settlement of the RSUs, the Grantee will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Notices</u>. Any notice under this Agreement shall be addressed to the Company in care of the Chief Legal Officer, addressed to the principal executive office of the Company and to the Grantee at the address last appearing in the records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Acknowledgement</u>. By entering into this Agreement the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>No Stockholder Rights</u>. Subject to Section 14 below, the Grantee shall have no rights of a stockholder of the Company with respect to the RSUs, including, but not limited to, the rights to vote until the date of issuance of a stock certificate for such shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Dividend Equivalents</u>. The Grantee shall be credited with a dividend equivalent for each dividend or distribution made prior to each vesting date with respect to the shares of Stock covered by then-outstanding RSUs. The amount of each dividend equivalent shall be equal to the amount of the applicable dividend or distribution. The dividend equivalents shall be subject to the same terms and conditions, and shall be paid in cash (without interest) if and when the underlying RSU is paid. However, if the underlying RSU does not vest or is forfeited, any dividend equivalents with respect to the underlying RSU will also fail to vest and will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Repayment Upon Restatement; Clawbacks Generally</u>. In the event the Company is required to restate any of its financial statements, the Company may (i) require the Grantee to repay to the Company the aggregate Fair Market Value of any RSUs that were settled or any dividend equivalents that were paid or (ii) cancel any outstanding RSUs or any dividend equivalents. In addition, the RSUs shall be subject to such other repayment, clawback or similar provisions as may be required by the terms of the Plan or applicable law or applicable policy in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Section 409A Compliance</u>. It is intended that this Agreement shall be exempt from, or otherwise comply with, the provisions of Section 409A of the Code so as not to subject the Grantee to the payment of additional taxes or interest under Section 409A of the

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Code. In furtherance of this intent, this Agreement shall be interpreted, operated, and administered in a manner consistent with these intentions, and to the extent that any regulations or other guidance issued under Section 409A of the Code would result in the Grantee being subject to payment of additional income taxes or interest under Section 409A of the Code, the Grantee and the Company agree to amend this Agreement to the extent feasible to avoid the application of such taxes or interest under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Amendment</u>. This Agreement may not be amended, terminated, suspended or otherwise modified except in a written instrument duly executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Electronic Signature and Delivery</u>.: This Agreement may be accepted by return signature or by electronic signature or confirmation. By accepting this Agreement, the Grantee consents to any electronic form of signature or confirmation, and to the electronic delivery of prospectuses, annual reports and other information required to be delivered by Securities and Exchange Commission rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Entire Agreement</u>. This Agreement (and the other writings incorporated by reference herein) constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior written or oral negotiations, commitments, representations and agreements with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

EMPLOYERS HOLDINGS, INC.<br>

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| | |
|:---|:---|
| <br>By: |  |
|  | Katherine H. Antonello<br>President and Chief Executive Officer |
| GRANTEE | GRANTEE |
|  | Grantee |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.3

**Exhibit 10.3**

EMPLOYERS HOLDINGS, INC.<br>EQUITY AND INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED STOCK UNIT AGREEMENT (this "Agreement"), is made effective as of February 23, 2026 (the "Date of Grant"), between Employers Holdings, Inc. (the "Company") and the individual named as the grantee on the signature page hereto (the "Grantee"), pursuant to the Company Equity and Incentive Plan, as amended from time to time (the "Plan"), which is a part of this Agreement. Capitalized terms not defined herein will have the meanings ascribed to such terms in the Plan. To the extent that there is a conflict between the terms of the Plan and this Agreement, the terms of the Plan will govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Grant of Restricted Stock Units</u>. The Company hereby grants to the Grantee, ________ Restricted Stock Units (the "RSUs"). The RSUs shall be subject to the terms and conditions set forth herein and, to the extent applicable, the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting of Restricted Stock Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to subsections 2(b), (c) and (d) below, the RSUs shall become vested as to 25% of the RSUs on March 15, 2027, and as to an additional 25% of the RSUs on each of the first three anniversaries of the first vesting date, provided that the Grantee has been continuously employed by the Company or any Subsidiary thereof through the relevant vesting dates and subject to accelerated vesting as set forth in Section 3 below and Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination of Employment by Reason of Death or Disability</u>. If the Grantee's employment terminates by reason of death or the Grantee's total and permanent disability (as defined in any agreement between the Grantee and the Company or, if no such agreement is in effect, as determined by the Committee (or its delegate) in its good faith discretion, in accordance with the definition used by the Company's then current Long Term Disability insurance carrier), then the RSUs shall become fully vested as of such date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination by Reason of Retirement</u>. If the Grantee's employment terminates by reason of the Grantee's Retirement (as defined below), then the RSUs shall become fully vested as of the date of such termination. For purposes of this Agreement, "Retirement" shall mean the Grantee's termination of employment after attaining age 55 and completing 10 years of continuous service with the Company (or any Subsidiary thereof), and provided (i) that the Grantee has given written notice of the Grantee's intent to retire to the Company (or its designate), no fewer than six months prior to the date that the Grantee terminates employment, in a form satisfactory to the Company (or its designate), with such notice accepted and confirmed by the Company (or its designate); and (ii) that such termination of employment constitutes a "separation of employment" within the meaning of Section 409A of the Code (a "Separation of Service").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Termination of Employment other than by Reason of Death, Retirement or Disability</u>. Subject to Section 3 below, if the Grantee's employment terminates for any reason other than by reason of death, Retirement or the Grantee's total and permanent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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disability, then all of the Grantee's unvested RSUs shall immediately be forfeited and canceled as of such date without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Change in Control Provisions</u>. In the event of a Change of Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>If RSUs Are Assumed</u>. If the RSUs are assumed or substituted for in connection with a Change in Control, then, upon the termination of the Grantee's employment without Cause (as defined in the Plan) during the 24-month period following such Change in Control, (i) such RSUs shall become fully vested, (ii) any restrictions, payment conditions, and forfeiture conditions applicable to such RSUs shall lapse, and (iii) any performance conditions imposed with respect to such RSUs shall be deemed to be fully achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>If RSUs Are Not Assumed</u>. With respect to outstanding RSUs that are not assumed or substituted in connection with a Change in Control, upon the occurrence of the Change in Control (i) such RSUs shall become fully vested, (ii) any restrictions, payment conditions, and forfeiture conditions applicable to any such RSUs shall lapse, and (iii) any performance conditions imposed with respect to such RSUs shall be deemed to be fully achieved. Notwithstanding the foregoing, any settlement or distribution under this Agreement that constitutes an item of "deferred compensation" under Section 409A of the Code, and that becomes payable by reason of such Change in Control shall be made, to the extent necessary to avoid an "additional tax" under Section 409A of the Code, to the Grantee on the earliest of: such date on which settlement or distribution otherwise would have occurred had such RSUs vested in accordance with the fixed vesting schedule specified in Section 2(a) above (i.e., within 30 days of the applicable scheduled vesting date); a termination of the Grantee's employment that constitutes a Separation from Service, subject to any required delay set forth in Section 4 below; or the death of the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Definition of Assumed or Substituted For</u>. For purposes of this Section 3, RSUs shall be considered assumed or substituted for if, following the Change in Control, such RSUs remain subject to the same terms and conditions that were applicable to such units immediately prior to the Change in Control, except that such units confer the right to receive, for each such unit the consideration (whether stock, cash or other securities or property) received in the Change in Control by holders of shares of Stock for each share of Stock held on the effective date of the Change in Control (and if holders were offered a choice of consideration, the type of consideration chosen by the greatest number of holders of the outstanding shares). Such assumption or substitution shall comply with the applicable provisions of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Discretionary Cashout</u>. Notwithstanding any other provision of the Plan or this Agreement, in the event of a Change in Control that constitutes a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A of the Code, the Committee may, in its discretion, provide that upon the occurrence of such Change in Control, the RSUs shall be cancelled in exchange for a payment in an amount equal to the consideration paid per share of Stock in such Change in Control multiplied by the number of RSUs granted hereunder that had not been settled as of such date. Such payment shall be made within 30 days following such Change in Control; provided, however, that if such payment constitutes an item of "deferred compensation" under Section 409A of the Code, any settlement or distribution under this Agreement that constitutes an item of "deferred compensation" under Section 409A of the Code, and that becomes payable by reason of such Change in Control shall be made, to the extent necessary to avoid an "additional tax" under Section 409A of the Code, to the Grantee on the earliest of: such date on which settlement or distribution otherwise would have occurred had such RSUs vested in accordance with the fixed vesting schedule specified in Section 2(a) above (i.e., within 30 days of the scheduled vesting date); a termination of the Grantee's employment

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that constitutes a Separation from Service, subject to any required delay set forth in Section 4 below; or the death of the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Settlement of RSUs and Section 409A Provisions</u>. Unless otherwise provided in Section 3 above or in the Plan, including, without limitation, by reason of a Change in Control, the RSUs shall be settled in whole shares of Stock (*i.e.,* the Grantee shall receive one share of Stock for each RSU) within 30 days following the date such RSUs become vested, subject to any provision of this Agreement or the Plan that may delay such settlement by reason of Section 409A of the Code. Consistent with the foregoing, no settlement or distribution under this Agreement that constitutes an item of "deferred compensation" under Section 409A of the Code, and that becomes payable by reason of the termination of the Grantee's employment hereunder shall be made to the Grantee unless and until the termination of the Grantee's employment constitutes a Separation from Service, and no such settlement or distribution of deferred compensation shall be made to the Grantee prior to the earlier of (a) the expiration of the six month period measured from the date of the Grantee's Separation from Service, and (b) the date of the Grantee's death, if (i) the Grantee is deemed at the time of such Separation from Service to be a "specified employee" within the meaning of that term under Section 409A of the Code and (ii) such delayed commencement is otherwise required to avoid an "additional tax" under Section 409A of the Code. All settlements and payments that are delayed pursuant to clause (a) in the immediately preceding sentence shall be paid to the Grantee on the first business day immediately following expiration of such six month period (or if earlier as a result of clause (b) in the immediately preceding sentence, upon the Grantee's death). Each individual settlement or payment under this Agreement shall be a "separate payment" for purposes of Section 409A of the Code. Any payments under this Agreement that satisfy the requirements of the "short-term deferral" rule under Treasury Regulation Section 1.409A-1(b)(4), or that qualify as payments made as a result of an involuntary separation from service under Treasury Regulation Section 1.409A-1(b)(9)(iii) that is within the limit set forth thereunder (and, for clarity, otherwise have no other applicable feature of deferral), will not constitute "deferred compensation" under Section 409A of the Code for purposes of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>No Right to Continued Employment</u>. Neither the Plan nor this Agreement shall be construed as giving the Grantee the right to continue in the employ or service of the Company or any Subsidiary thereof or to be entitled to any remuneration or benefits not set forth in the Plan, this Agreement or other agreement or to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate such Grantee's employment. Nor does this Agreement constitute an employment contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Legend on Certificates</u>. The certificates representing the whole shares of Stock issued in settlement of the RSUs that are delivered to the Grantee pursuant to Section 4 of this Agreement shall be subject to such stop transfer orders and other restrictions as the Committee may determine is required by the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of Stock are listed, any applicable federal or state laws or the Company's Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Transferability</u>. An RSU may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Subsidiary thereof; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Tax Withholding</u>. The Company shall have the power and the right to deduct or withhold from the grant of RSUs, or require the Grantee or beneficiary to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement. Without limiting the foregoing, the Company shall be entitled to require, as a condition of delivery of the shares of Stock in settlement of the RSUs, that the Grantee agree to remit an amount in cash sufficient to satisfy all then current and/or estimated future federal, state and local withholding, and other taxes relating thereto. Payment of any dividend equivalents will be net of such federal, state, and local withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Securities Laws</u>. Upon the acquisition of any shares of Stock pursuant to the settlement of the RSUs, the Grantee will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Notices</u>. Any notice under this Agreement shall be addressed to the Company in care of the Chief Legal Officer, addressed to the principal executive office of the Company and to the Grantee at the address last appearing in the records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Acknowledgement</u>. By entering into this Agreement the Grantee agrees and acknowledges that the Grantee has received and read a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>No Stockholder Rights</u>. Subject to Section 14 below, the Grantee shall have no rights of a stockholder of the Company with respect to the RSUs, including, but not limited to, the rights to vote until the date of issuance of a stock certificate for such shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Dividend Equivalents</u>. The Grantee shall be credited with a dividend equivalent for each dividend or distribution made prior to each vesting date with respect to the shares of Stock covered by then-outstanding RSUs. The amount of each dividend equivalent shall be equal to the amount of the applicable dividend or distribution. The dividend equivalents shall be subject to the same terms and conditions, and shall be paid in cash (without interest) if and when the underlying RSU is paid. However, if the underlying RSU does not vest or is forfeited, any dividend equivalents with respect to the underlying RSU will also fail to vest and will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Repayment Upon Restatement; Clawbacks Generally</u>. In the event the Company is required to restate any of its financial statements, the Company may (i) require the Grantee to repay to the Company the aggregate Fair Market Value of any RSUs that were settled or any dividend equivalents that were paid or (ii) cancel any outstanding RSUs or any dividend equivalents. In addition, the RSUs shall be subject to such other repayment, clawback or similar provisions as may be required by the terms of the Plan or applicable law or applicable policy in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Section 409A Compliance</u>. It is intended that this Agreement shall be exempt from, or otherwise comply with, the provisions of Section 409A of the Code so as not to subject the Grantee to the payment of additional taxes or interest under Section 409A of the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

Code. In furtherance of this intent, this Agreement shall be interpreted, operated, and administered in a manner consistent with these intentions, and to the extent that any regulations or other guidance issued under Section 409A of the Code would result in the Grantee being subject to payment of additional income taxes or interest under Section 409A of the Code, the Grantee and the Company agree to amend this Agreement to the extent feasible to avoid the application of such taxes or interest under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Amendment</u>. This Agreement may not be amended, terminated, suspended or otherwise modified except in a written instrument duly executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Electronic Signature and Delivery</u>.: This Agreement may be accepted by return signature or by electronic signature or confirmation. By accepting this Agreement, the Grantee consents to any electronic form of signature or confirmation, and to the electronic delivery of prospectuses, annual reports and other information required to be delivered by Securities and Exchange Commission rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Entire Agreement</u>. This Agreement (and the other writings incorporated by reference herein) constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior written or oral negotiations, commitments, representations and agreements with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Signature in Counterparts</u>. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto.

EMPLOYERS HOLDINGS, INC.<br>

---

| | |
|:---|:---|
| <br>By: |  |
|  | Katherine H. Antonello<br>President and Chief Executive Officer |
| GRANTEE | GRANTEE |
|  | Grantee |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.4

**Exhibit 10.4**

**EMPLOYERS HOLDINGS, INC.**

**ANNUAL CASH BONUS PROGRAM**

*Introduction* 

The annual cash bonus program (the "Program") provides cash rewards for your role in helping to achieve the goals of the Company. Specifically, the Program is designed to:

-Reward the achievement of specific financial and other performance goals;

-Align the interests of Executive Participants with those of our stockholders; and

-Motivate our Executive Participants to increase stockholder value without encouraging excessive risk-taking.

This Program shall operate under, be governed by, and be construed in accordance with the terms of the Employers Holdings, Inc. Amended and Restated Equity and Incentive Plan, effective as of April 1, 2020 (the "Equity Plan"). Capitalized terms not defined herein shall have the meaning assigned to such terms in the Equity Plan.

*Participation*

Employees at the level of Vice President and above who have been approved for participation in the Program by the Committee and received a Participation Letter for the Performance Period (each, an "Executive Participant").

*Target Incentive and Maximum Payout* 

For each Performance Period (as defined in Appendix A), a Target Bonus will be established for each Executive Participant. The maximum payout under this Program shall not exceed 200% of the Executive Participant's Target Bonus.

*Calculation of Payouts*

Each Executive Participant will be eligible to earn a performance bonus under this Program based on the extent to which the performance criteria for the Program (the "Performance Criteria," and each a "Performance Criterion"), which are individually defined and described in further detail in the attached Appendix A, are achieved for the Performance Period. The amount payable to each Executive Participant shall be calculated in accordance with Appendix A.

------

*Termination Provisions* 

(a)<u>General</u>. Except as otherwise set forth in subsections (b) and (c) below, an Executive Participant must remain employed with the Company through the end of the Performance Period to be eligible for an annual bonus under this Program.

(b)<u>Death or Disability</u>. In the event that an Executive Participant's employment terminates prior to the conclusion of the applicable Performance Period, by reason of his or her death or total and permanent disability (as defined in any agreement between such Executive Participant and the Company or, if no such agreement is in effect, as determined by the Company's Chief Administrative Officer in accordance with the definition used by the Company's then current Long Term Disability insurance carrier), the annual bonus award for the Performance Period will become payable at the same time as it would otherwise have been paid, calculated as if such Executive Participant had continued in employment until the conclusion of such Performance Period, and based on the Executive Participant's annual base salary for such Performance Period, and subject to the level of achievement of the Performance Criteria, as determined by the Committee, in its sole discretion, after consultation with the CEO; provided, that any Performance Criterion that is measured based on an Executive Participant's individual performance shall be deemed satisfied at a 100% achievement level and the amount otherwise payable to the Executive Participant based on the achievement of the remaining Performance Criteria shall not be increased or decreased based on such Executive Participant's individual performance.

(c)<u>Involuntary Termination Without Cause or Retirement</u>. In the event that (i) an Executive Participant's employment terminates prior to the conclusion of the applicable Performance Period, by reason of (x) termination by the Company without Cause or (y) termination by the Executive Participant due to Retirement and (ii) subject to the Executive Participant refraining from engaging in Harmful Conduct through the conclusion of such Performance Period, such Executive Participant will be entitled to a prorated annual bonus, payable at the same time as the bonus would otherwise have been paid, in an amount equal to the product of (1) the value of the annual bonus that would have been paid to the Executive Participant had he or she continued in employment until the conclusion of such Performance Period, calculated based on the Executive Participant's annual base salary for such Performance Period, and subject to the achievement of the Performance Criteria, as determined by the Committee, in its sole discretion after consultation with the CEO; and (2) a fraction, the numerator of which is the number of full months elapsed from the first day of the Performance Period, until the date of termination, and the denominator of which is 12.

(d)<u>Other Terminations</u>. If an Executive Participant's employment is terminated prior to the expiration of the applicable Performance Period for any reason other than as set forth in subsections (b) and (c) above, then his or her annual bonus for such Performance Period will terminate and be forfeited immediately, and he or she will not have any rights to payment of any portion of such bonus.

------

*Change in Control*

In the event of a Change in Control and subject to the Executive Participant's continued employment through the consummation of such Change in Control, the Executive Participant shall be eligible to receive a pro-rated annual bonus for the Performance Period in which the Change in Control occurs, with the payout based on 100% achievement level; provided, that if the Committee determines, in its sole discretion, that performance is projected to exceed the threshold performance level with respect to each Performance Criterion during the Performance Period, based on an estimate of performance through the consummation of the Change in Control, then the annual bonus payout will be based on 200% achievement level. The annual bonus paid pursuant to this section shall be pro-rated for the period in the Performance Period prior to the Change in Control, with the pro-ration determined by multiplying the annual bonus payout determined under this section by a fraction, the numerator of which is the number of full months elapsed from the first day of the Performance Period, until the consummation of the Change in Control, and the denominator of which is 12.

*Additional Conditions and Limitations*

Notwithstanding any other provision of this Program:

(a)The Board or the Committee, as the case may be, may exercise discretion to adjust the amount of compensation payable to an Executive Participant pursuant to this Program, between 0% and 200% of the Executive Participant's Target Bonus, as it determines appropriate in its sole discretion. For the avoidance of doubt, the Board or the Committee may take into consideration any and all factors that it deems appropriate, including, without limitation, factors such as: overall Company performance, the achievement of individual performance, key strategic objectives, leadership, supervision, compliance, workforce development, proration for time in role, operational success or external factors;

(b)Any payments under the Program, minus all applicable tax withholding and other authorized deductions, will be paid following certification of the performance results for the applicable Performance Period by the Committee, in its sole discretion (but in any event no later than March 15th following the conclusion of the Performance Period), provided that, except as otherwise set forth herein, the Executive Participant must be employed through the end of the Performance Period in order to be eligible to receive a payment hereunder;

(c)The Committee may amend or terminate the Program as it shall deem advisable and at any time;

(d)The Program shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating assets of the Company or its subsidiaries or

------

affiliates for payment of any benefit hereunder. No Executive Participant shall have any interest in any particular assets of the Company or its subsidiaries or affiliates by reason of the right to receive a benefit under the Program and any such Executive Participant shall have only the rights of an unsecured creditor of the Company with respect to any rights under the Program; and

(e)Executive Participants shall be subject to the Board's written policies as well as laws and regulations applicable to Company executives, including, without limitation, the Employers Holdings, Inc. Compensation Recovery Policy, the clawback provisions set forth in the Equity Plan, and any other clawback policy adopted by the Company, each as may be amended from time to time (each, a "Clawback Policy"), and any other Board policy, law or regulation relating to recoupment or "clawback" of compensation that may exist from time to time during such Executive Participant's employment by the Company and thereafter. The provisions of this paragraph are in addition to and not in lieu of any other remedies available to the Company in the event the Executive Participant violates the Company's Code of Conduct, and/or other applicable Company policies and procedures.

*Definitions*

For purposes of the Program, the following terms shall have the respective meanings set forth below:

(a)"CEO" shall mean the Company's Chief Executive Officer.

(b)"Harmful Conduct" shall mean (i) a breach in any material respect of an agreement to not reveal confidential information regarding the business operations of the Company or any affiliate or an agreement to refrain from solicitation of the customers, suppliers or employees of the Company or any affiliate, or (ii) a violation of any of the restrictive covenants contained in the Executive Participant's employment, severance or other agreement with the Company, or any of its affiliates.

(c)"Performance Period" shall have the meaning set forth on the attached Appendix A.

(d)"Retirement" shall mean an Executive Participant's termination of employment (other than for Cause) after attaining age 55 and completing 10 years of continuous service with the Company (or any Subsidiary thereof), and provided that he or she has given written notice of his or her intent to retire to the Company (or its designate), no fewer than six months prior to the date that the Executive Participant terminates employment, in a form satisfactory to the Company (or its designate), with such notice accepted and confirmed by the Company (or its designate).

------

(e)"Target Bonus" shall mean the Executive Participant's annual base salary in effect at the end of March of the Performance Period multiplied by a bonus percentage set forth in the Executive Participant's Participation Letter for the same Performance Period.

## Exhibit 31.1

41**Exhibit 31.1**

**CERTIFICATIONS**

I, Katherine H. Antonello, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Employers Holdings, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 1, 2026 | /s/ Katherine H. Antonello |
| | | Katherine H. Antonello |
| | | President and Chief Executive Officer |
| | | Employers Holdings, Inc. |
| | | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Michael A. Pedraja, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Employers Holdings, Inc.;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | May 1, 2026 | /s/ Michael A. Pedraja |
| | | Michael A. Pedraja |
| | | Executive Vice President and Chief Financial Officer |
| | | Employers Holdings, Inc. |
| | | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350**

**as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Form 10-Q of Employers Holdings, Inc. (the Company) for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the Report), the undersigned hereby, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 1, 2026 | /s/ Katherine H. Antonello |
| | | Katherine H. Antonello |
| | | President and Chief Executive Officer |
| | | Employers Holdings, Inc. |
| | | (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350**

**as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Form 10-Q of Employers Holdings, Inc. (the Company) for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the Report), the undersigned hereby, certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | May 1, 2026 | /s/ Michael A. Pedraja |
| | | Michael A. Pedraja |
| | | Executive Vice President and Chief Financial Officer |
| | | Employers Holdings, Inc. |
| | | (Principal Financial Officer) |

---

<br>