Employers Holdings Net Income Down for 4Q and Full Year

Employers Holdings reported net income of $87.8 million for the fourth quarter of 2012, but most of that profit was related to a gain in reserves due to a loss-portfolio transfer that the carrier inherited when it transformed from Nevada's state-chartered carrier in 1999.Not accounting for the transfer of old state fund claims, Employers' net income was $1.79 million in the fourth quarter, down from $15.2 million in the final quarter of 2011. Employers' reported $6.96 million net income for the full year 2012, compared to $29.3 million for 2011.Employers reported that it continued ...