Employers Holdings, Inc. (NYSE:EIG) Q2 2020 Earnings Conference Call - Final Transcript

Jul 24, 2020 • 11:30 am ET


Employers Holdings, Inc. (NYSE:EIG) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Employers Holdings Second Quarter 2020 Earnings Conference Call. [Operator Instructions] I'd now like to hand the conference over to your host today, Ms. Lori Brown, General Counsel. Please go ahead.

Lori A. Brown

Thank you, Liz. Good morning and welcome, everyone, to the second quarter 2020 earnings call for Employers. Today's call is being recorded and webcast from the Investors section of our website, where a replay will be available following the call. Presenting today on the call will be Doug Dirks, our Chief Executive Officer; Mike Paquette, our Chief Financial Officer; and Steve Festa, our Chief Operating Officer.

Statements made during this conference call that are not based on historical facts are considered forward-looking statements. These statements are made in reliance on the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations expressed in our forward-looking statements are reasonable. Risks and uncertainties could cause actual results to be materially different from our expectations, including the risks set forth in our filings with the Securities and Exchange Commission.

All remarks made during the call are current only at the time of the call and will not be updated to reflect subsequent developments. The Company also uses its website as a means of disclosing material non-public information and for complying with disclosure obligations under SEC's Regulation FD. Such disclosures will be included in the Investors section of the Company's website. Accordingly, investors should monitor that portion of the company's website in addition to following: the Company's the press releases, SEC filings, public conference calls and webcast.

In our earnings press release and in our remarks or responses to questions, we may use non-GAAP financial metrics. Reconciliations of these non-GAAP metrics to our GAAP results are included in our financial supplement as an attachment to our earnings press release. Our investor presentation and any other materials available in the Investors section of our website.

Now I will turn the call over to Doug.

Douglas D. Dirks

Thank you, Lori, and thank you all for joining us today. Our second quarter results were highly favorable, and our accident year results were broadly in line with our expectations. Although we expected to see our new business writings down sharply in the quarter because of lower submission volume, we were pleased to see a rebound in June when compared to April and May levels. We are hopeful that this is a sign that businesses in our targeted classes are beginning to reopen and are resuming their operations, albeit with lower payrolls than they had previously.

We also believe that the strategic investments we have made over the last several years in data analytics and technology, have, in fact, enabled a compellingly superior ease of doing business, further contributing to our growth. Our result at an individual state level reflect a significant differences in the depth and breadth of post-shutdown reopenings. We see this particularly in some of our hospitality classes where some