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Employers Insurance Co. posts annual loss

Friday, April 18, 2003 | 10:07 a.m.

Employers Insurance Co. of Nevada reported $55.2 million in premiums written for the quarter ending Dec. 31.

Those totals represent a 198 percent increase over the $18.5 million in premiums written for the fourth quarter of 2001. For the year, Employers Insurance said it wrote $185.5 million in premiums, up from $113.3 million in 2001.

Despite premium growth, Employers Insurance lost $13.4 million in 2002, compared to a net income of $32.4 million in 2001. The company blamed $31.4 million in loss adjustment expenses, $10.3 million in lower investment income, $20.6 million for write-offs of obsolete fixed assets and uncollectible premiums, and $4.3 million in other non-recurring costs for the losses.

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