RENO, Nev., Jan. 08, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (NYSE:EIG), a leading provider of workers’ compensation insurance, is pleased to announce that AM Best has upgraded the Financial Strength Rating (FSR) of each of its insurance companies to A (Excellent) from A- (Excellent) and their Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent). Concurrently, AM Best has upgraded the Long-Term ICR of Employers Holdings, Inc. to “bbb” (Good) from “bbb-” (Good). The outlook of each of these credit ratings has also been revised to stable from positive.

“This upgrade reflects our unwavering commitment to financial strength and operational excellence,” said Katherine Antonello, President and CEO of Employers Holdings, Inc. “Our focus on disciplined underwriting, prudent risk management, and strategic investments has positioned us strongly in the workers’ compensation insurance market. This reinforces our ability to provide reliable, trusted, high-quality coverage to small businesses across the nation.”

According to a news release from AM Best, the rating upgrades are driven by Employers’ balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile, and appropriate enterprise risk management. AM Best also noted Employers’ consistent underwriting profitability and improved underwriting margins, resulting from its multi-focus, multi-year strategy emphasizing adequate pricing, proper risk selection, expedient claims handling, and conservative investing.

As a leading provider of workers’ compensation insurance, Employers remains dedicated to serving small and mid-sized business policyholders in low to medium hazard industries. For more information about Employers and its subsidiaries, please visit www.employers.com.

AM Best is the world’s oldest and most authoritative insurance rating information source. For the latest ratings, visit www.ambest.com.

About EMPLOYERS

Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS^®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

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What was your recruiting journey like?

In the first year of my MBA, I applied to internship positions at investment management firms. Unlike consulting or investment banking, the process is not very structured. I found a bunch of firms by doing research on the internet, utilizing a list of employers created by the Career Development Office (CDO), and making cold calls to alumni or people inside the company. I applied to about 50 internships, and eventually landed one at Dimensional Fund Advisors.

I didn’t immediately get a return offer at the end of my summer internship. When I returned to SOM in the fall, I started to re-recruit for full-time jobs, but ultimately a position opened up at Dimensional Fund Advisors, and I accepted a full-time offer.

Which SOM classes prepared you for your current role?

Quantitative Investment, a core class for the Master’s in Asset Management program taught by Professor Toby Moskowitz, teaches you to research financial markets with a quantitative review. It’s directly related to what I’m doing right now, and has been very helpful. Another important core course was Asset Pricing Theory, taught by Professors Saman Majd and Jeffrey Rosenbluth; we learned how the market works and how you should view the market based on mathematical or financial theory. A third course is Employer, which is now called Workforce. What I learned in that class helped me understand how a company works, and prepared me to navigate professional culture in my internship and current role.

The 119th Congress has now been seated, and is poised to consider, to take up — or to scuttle — financial services legislation that may touch on everything from credit cards to earned wage access (EWA) to digital assets.

The incoming majorities belong to the Republicans, of course, and it’s no secret that president-elect Trump and other members of his party have expressed misgivings about the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB), and the roles and scope of those agencies are as yet undetermined.

The House Financial Services Committee now is being chaired by Rep. French Hill, R-Ark. The Senate Banking Committee is being chaired by Sen. Tim Scott, R-S.C. 

What May Be Up

As for what may still be considered “outstanding”:

Front and center will be what happens with the Credit Card Competition Act. It’s been a long road for the CCCA, which, among other things, would enable card payments to be routed over at least one network that competes with Mastercard and Visa. Since being introduced in 2023, the act has been stalled in Congress, and should it be taken up again, there’s no surety that it would make it through into law, but it may indeed come up for debate. Now vice president-elect JD Vance had signed on to the bill.  

At issue will be the ways in which the bill would change the dynamics of the card industry. Supporters say that the routing provisions would open up competition. But as Karen Webster noted in a recent column, “Notwithstanding a lack of understanding of how dual routing would work for credit card transactions, the flaw in Sen. Durbin’s bill is a lack of understanding of how the current credit card ecosystem works. And, more fundamentally, how platform ecosystems ignite and scale — and are monetized.”

Separately, the Earned Wage Access Consumer Protection Act would define EWA providers and sets strict operational boundaries, specifically regulating both employee-sponsored programs and direct-to-consumer offerings.

Digital Assets

There have been various attempts to have legislation that would set frameworks for digital asset markets to be structured. One bill, the Financial Innovation and Technology for the 21st Century Act passed in the House but did not make it through the Senate. The act would, among other things, set standards for digital assets and consumer protections, and segregation of funds.

Crypto and artificial intelligence (AI), of course, will also be on the agenda.

In an interview with PYMNTS, Mike Katz, a partner in Manatt, Phelps and Phillips Financial Services Group, said that “despite the razor-thin Republican majorities, there is a growing bipartisan consensus in Congress around the need for thoughtful, innovation-focused crypto and AI legislation,” adding, “It will be interesting to see if any digital asset bills are part of the tax-and-border-focused reconciliation package already being discussed in Congress. I’d expect a strong stablecoin bill to move quickly given existing bipartisan support.”

And he added: “Keep an eye out early in 2025 for a repurposed or chopped up version of the pro-crypto bill FIT21 [which passed the House with a large bipartisan majority in May]. Regardless of form or timing, new legislation will finally provide clarity on the questions of whether crypto assets are ‘securities’ or ‘commodities’ … and on which regulatory authority is charged with oversight.”