Employers 8K Regulation FD Disclosure | EIG 24 Nov 10

Exhibit 99.1

Employers Holdings, Inc.

Investor Presentation

November, 2010

Safe Harbor Disclosure

This slide presentation is for informational purposes only. It should be read in conjunction with our Form 10-K for the year 2009, our Form
10-Qs and our Form 8-Ks filed with the Securities and Exchange Commission (SEC), all of which are available on the “Investor Relations”
section of our website at www.employers.com.

Non-GAAP Financial Measures

In presenting Employers Holdings, Inc.’s (EMPLOYERS) results, management has included and discussed certain non-GAAP financial
measures, as defined in Regulation G. Management believes these non-GAAP measures better explain EMPLOYERS results allowing for
a more complete understanding of underlying trends in our business. These measures should not be viewed as a substitute for those
determined in accordance with GAAP. The reconciliation of these measures to their most comparable GAAP financial measures is included
in this presentation or in our Form 10-K for the year 2009, our Form 10-Qs and our Form 8-Ks filed with the Securities and Exchange
Commission (SEC) and available in the “Investor Relations” section of our website at www.employers.com.

Forward-looking Statements

This presentation may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding anticipated future results and can be identified by the fact that they do not relate
strictly to historical or current facts. They often include words like "believe”, "expect”, "anticipate”, "estimate" and "intend" or future or
conditional verbs such as "will”, "would”, "should”, "could" or "may”. All subsequent written and oral forward-looking statements attributable
to us or individuals acting on our behalf are expressly qualified in their entirety by these cautionary statements.

Any forward-looking statements made in this presentation reflect EMPLOYERS current views with respect to future events, business
transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these
statements.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.

Copyright © 2010 EMPLOYERS. All rights reserved. EMPLOYERS® and America’s small business insurance specialist.® are registered
trademarks of Employers Insurance Company of Nevada. Employers Holdings, Inc. is a holding company with subsidiaries that are
specialty providers of workers’ compensation insurance and services focused on select, small businesses engaged in low to medium
hazard industries. The company, through its subsidiaries, operates in 30 states. Insurance subsidiaries include Employers Insurance
Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance
Company, all rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com.

Overview

Business

· Specialty provider of workers’ compensation
insurance

· Coverage generally required by statute

Ø Medical, temporary/permanent indemnity, death

Geographic

· Diversified: 30 states with concentrations in
CA, FL, WI, IL and NV

Ø Unique markets by state and area

Customers

· Small “Main Street” businesses

· Low-to-medium hazard exposure industries

Ø Top classes include restaurants, physicians, dentists,
clerical, retail stores

· Distribution through agents and strategic
partners

$38 billion per year
industry
(2010, A.M. Best)

Highly focused
business model

Operate in 76% of
total market

(2010, A.M. Best)

Selectively Expanding Footprint

2000

2002

2006

2007

2008

1913 - 1999
State WC
fund in NV

2000
Privatization

2007
Demutualization
and IPO - entry
into FL, IL and
OR

2002
Acquisition,
book of
business in
CA, UT, ID,
MT, CO

2005 Formation of
mutual hold co

2008 Acquisition of
AmCOMP
Incorporated,
entry into IA

2006 Entry into
TX, AZ

In Force Premiums Written (%)
09/30/10

Highlights

(at September 30, 2010)

• 12 Mo. NPW: $307 million

• Adjusted BV per share: $22.69

• Q 3 CR before LPT: 117.5%

Current operating environment is characterized by high levels of unemployment, reduced
work hours, price competition and historically low yields.

• This year, combined four regional operating units into two,
consolidated offices and reduced staffing by 160

• Total savings from combined actions over last two years
are expected to be $34 million in 2011 ($25 million in
underwriting and other operating expense and $9 million in
loss adjustment expense)

Current trends - actions

• Positive net rate in California which represents half our
book of business for seventeen months (through August)

• Adding agents and policies; deploying rapid quote system -
with focus in newer states

• Two year targets: add over 900 agencies and 20,000
policies

$ million

# policies

Market Penetration

Purchased
Fremont
Book of
Business

Purchased
AmCOMP
Incorporated

Policy Count ‘02-’09

CAGR = 9.3%

NPW ‘02-’09 CAGR = 10.2%

* Trailing Twelve Months

Disciplined Risk Selection

Hazard Group A

Hazard Group B

Hazard Group C

Hazard Group D

Hazard Group E

Hazard Group F

Hazard Group G

Lower
Risk

Higher
Risk

EMPLOYERS = 83% of Total
In Force Premium, Hazard
Groups A - D

% In Force Premiums, 12/31/09

EMPLOYERS
Top 10 Classes

NCCI
Hazard
Group

%
In Force
Premium

Focused guidelines and selection within industry-defined classes

Delivering Superior Loss Ratios

Consistently lower Loss and LAE Ratios than the industry

A.M. Best, “Aggregates and Averages”

Strategic Partnerships

Unique Distribution Network

Industry Focused

• 1,600 in place

• Strong relationships
with agents

• Two key partners

Ø ADP

Ø Anthem Blue Cross

Restaurants and
physicians are our top
two classes of customers

• California Restaurant Association
provider of choice

• California Medical Association
sponsorship

• NFIB (National Federation of
Independent Business)

Independent Agents and Brokers

Increasing Points of Access

Partnerships

… a distribution
advantage by
expanding market
reach and providing
local knowledge

… in high persistency

… about 20% of

in-force premiums

at 9/30/10

Strong Retention Rates

Strategic partnerships result in consistently higher retention rates

Superior Claims Management

Key Highlights

INCOME STATEMENT ($ million except per share)	Q3 2010	Q 2 2010	Q 1 2010	Q 3 2009
Net premiums earned	80.7	78.2	79.3	98.2
Net investment income	20.7	20.6	21.3	22.3
GAAP net income	10.1	16.5	16.1	30.6
Net income before the LPT	5.3	12.1	11.7	25.9
Earnings per share before the LPT	.13	0.29	0.27	0.57
BALANCE SHEET ($ million)	9/30/10	6/30/10	3/31/10	12/31/09
Total investments	2,084.2	2,012.3	2,027.4	2,029.6
Cash and cash equivalents	144.0	193.1	190.3	191.6
Total assets	3,583.2	3,614.2	3,651.5	3,676.7
Reserves for loss and LAE	2,325.8	2,359.4	2,393.9	2,425.7
Shareholders’ equity	528.8	521.3	509.2	498.4
Equity including LPT deferred gain	903.8	901.1	893.4	887.0
UNDERWRITING	Q3 2010	Q 2 2010	Q 1 2010	Q 3 2009
Loss ratio before LPT	71.3	63.2%	56.3%	59.1%
Combined ratio before LPT	117.5	107.4%	111.3%	93.7%
Change in net rate (premium in-force/insured payroll)	-4% (since 12/31/09) -6% (since 9/30/09)	-2% (since 12/31/09) -6% (since 6/30/09)	-1% (since 12/31/09) -5% (since 6/30/09)
Change in insured payroll	-11% (since 12/31/09) -15% (since 9/30/09)	-9% (since 12/31/09) -16% (since 6/30/09)	-7% (since 12/31/09) -17% (since 6/30/09)
FINANCIAL	9/30/10	6/30/10	3/31/10	12/31/09
Book value per share	$22.69	$21.63	$20.91	$20.67
Return on average adjusted equity (12 mos.)	3.9%	6.4%	6.9%	7.5%

Loss Portfolio Transfer (LPT)

Claims 6/30/1995 and prior - Approximately
3,500 claims open as of 9/30/10 with 4.5%
closing each year

Remaining liabilities at 9/30/10: $857.5 million

Return on Average Adjusted Equity, Increasing
Book Value per Share

NOTE: 50,000,002 pro forma shares prior to February 5, 2007 (IPO date)

Return on Average Equity includes deferred gain related to the LPT - equity in the ROE calculation is averaged for the period

(Pro
forma)

* Trailing Twelve Months

History of Reserve Strength

Reserve Review

Reserve Development

Net reserves for workers’ comp industry estimated to be deficient by $9 Billion at 12/31/09 (1)

(1) NCCI, “State of the Line” - May 6, 2010 - an increase of 50% from $6 billion in 2008

Net Calendar Year Reserve Releases for
Prior Accident Years ($ million)

$16.6
million
YTD

Strong Capital Position

($ million)

.7 to 1
NPW/Statutory
Surplus Ratio

$355 million
extraordinary
dividends to
parent in 2008

Statutory surplus provides a solid basis for underwriting

$150 million
extraordinary
dividends to
parent in 2010

Prudent Capital Management

Investing in the Future

Returning Capital to Shareholders

Holding Company Flexibility at 9/30/10

• Debt to total capital ratio - 12.7%

• $400 million in cash and securities

• Generating capital to invest in operations/securities

• Deploying capital - opportunistic acquisitions

– Acquired AmCOMP (October, 2008) - equity value $189 million with expected savings of $20 - $22 million in 2010

• Controlling costs

– Underwriting and other operating expense declined 23.6% over prior year’s third quarter

– TOTAL expected savings from cost controls: $34 million beginning in 2011 (75% operating expense; 25% LAE)

• Dividends - $0.24 per share or $11 million per year - subject to Board approval

• Share Repurchases - $50 million complete with additional $100 million authorized through June, 2012

Common share repurchases and
dividends as a percent of net income
before the LPT

• 96% fixed maturities with an
average weighted rating of AA

• Average book yield of 4.3%

• Tax equivalent book yield of 5.4%

• Effective duration of 4.9

• Managed by Conning Asset
Management

High Quality Investment Portfolio

Portfolio at 9/30/10

$2.1 billion fair market value

High Quality Reinsurance

Program Structure, Effective 7/1/10

Reinsurance Management

Reinsurers by Market

Summary of Financial Strength

Strong

Underwriting

Leverage

Conservative
Reserving

High Quality
Investment
Portfolio

Catastrophe
Reinsurance
Program

.7 to 1 NPW to
Surplus at 9/30/10

$2.1 billion -
approximately 96%
invested in fixed
maturities with
average weighted
rating of AA

Track record of
reserve strength:
since IPO, $199.5
million favorable
prior AY reserve
development as of
9/30/10

Coverage up to
$200 M loss

Key Strategies

FOCUS

GROWTH

CAPITAL

• Target attractive

small business

market

• Maintain

disciplined risk

selection,

underwriting,

pricing and

claims operations

• Focus on

underwriting

profitability

• Selectively

expand into

additional

markets

• Increase

penetration in

current markets

• Leverage

infrastructure,

technology and

systems

• Develop existing

and new

distribution

partners

• Invest in core

operations

• Invest in strategic

acquisitions

• Return capital to

shareholders

Key Strengths

• Strong underwriting franchise with established presence in attractive markets

– 97 year operating history - attractive, underserved target market segment with
growth opportunities

• Unique, long-standing strategic distribution relationships

• Conservative risk profile and prudent capital management

• Strong financial position and strong balance sheet

– rated A- by A.M. Best

• Experienced management team with deep knowledge of workers’ compensation

– average 27 years experience with the ability to manage through challenging
operating conditions

Douglas D. Dirks
President & Chief Executive Officer
Employers Holdings, Inc.

William E. (Ric) Yocke
Chief Financial Officer
Employers Holdings, Inc.

Analyst Contact:

Vicki Erickson
Vice President, Investor
Relations
Employers Holdings, Inc.
(775) 327-2794
verickson@employers.com

10375 Professional Circle
Reno, NV 89521
(775) 327-2700

Appendix

Stock Ownership Limitations

As a reminder to investors, Employers Holdings, Inc. (EMPLOYERS) owns four insurance companies, domiciled in three
different states. These wholly-owned insurers are regulated by insurance commissioners and are subject to the statutes
and regulations of the various states where they are domiciled and authorized to transact insurance. As a result,
EMPLOYERS has the following stock ownership limitations, which must be satisfied prior to certain stock transactions.

● For a period of five years following the effective date of the Plan of Conversion of EMPLOYERS, which was February 5,
   2007, no person may directly or indirectly acquire or offer to acquire in any manner beneficial ownership of 5% or more of
   any class of EMPLOYERS voting securities without the prior approval by the Nevada Commissioner of Insurance of an
   application for acquisition under Section 693A.500 of the Nevada Revised Statutes.

● Under Nevada insurance law, the Nevada Commissioner of Insurance may not approve an application for such
   acquisition unless the Commissioner finds that (1) the acquisition will not frustrate the plan of conversion as approved by
   our members and the Commissioner, (2) the board of directors of Employers Insurance Company of Nevada has
   approved the acquisition or extraordinary circumstances not contemplated in the plan of conversion have arisen which
   would warrant approval of the acquisition, and (3) the acquisition is consistent with the purpose of relevant Nevada
   insurance statutes to permit conversions on terms and conditions that are fair and equitable to the members eligible to
   receive consideration.

● Furthermore, any person or entity who individually or together with an affiliate (as defined by applicable law) seeks to
   directly or indirectly acquire in any manner, at any time, beneficial ownership of 5% or more of any class of EMPLOYERS
   voting securities, will be subject to certain requirements, including the prior approval of the proposed acquisition by
   certain state insurance regulators, depending upon the circumstances involved. Any such acquisition without prior
   satisfaction of applicable regulatory requirements may be deemed void under state law.

Operating Organization

Employers Holdings, Inc.

Employers

Insurance Company

of Nevada

Employers

Compensation

Insurance Company

Employers

Preferred

Insurance Company

Employers

Occupational

Health, Inc.

Employers

Assurance

Company

Employers Group, Inc.

Income Statement ($ million)	2005	2006	2007	2008	2009
Gross Written Premium	$ 451.4	$ 386.8	$ 351.8	$ 318.4	$ 379.9
Net Written Premium	432.5	372.2	339.7	308.3	368.3
Net Earned Premium	438.3	393.0	346.9	328.9	404.2
Net Investment Income	54.4	68.2	78.6	78.1	90.5
Net Income	137.6	171.6	120.3	101.8	83.0
Net Income Before LPT	93.8	152.2	102.2	83.4	65.0
Balance Sheet ($ million)	2005	2006	2007	2008	2009
Total Investments	$ 1,595.8	$ 1,715.7	$ 1,726.3	$ 2,042.9	$ 2,029.6
Cash and Cash Equivalents	61.1	80.0	149.7	202.9	191.6
Total Assets	3,188.8	3,266.8	3,264.3	3,825.1	3,676.7
Reserves for Loss and LAE	2,350.0	2,307.8	2,269.7	2,506.5	2,425.7
Shareholders’ Equity	144.6	303.8	379.5	444.7	498.4
Equity Including LPT Deferred Gain	607.0	746.8	804.5	851.3	887.0

Selected Operating Results

Calendar Year Combined Ratio

84.9%

72.6%

85.6%

(LPT is 10%)

(LPT is 4.9%)

91.5%

(LPT is 5.2%)

(LPT is 5.6%)

(LPT is 4.5%)

102.5%

111.3%

(LPT is 5.5%)

107.4%

(LPT is 5.6%)

117.5%

(LPT is 5.9%)

Regional Pricing Trends: 01/01/10 thru 12/31/10

Corporate Headquarters

States Licensed, actively writing

States Licensed, not actively writing

% Employers Insurance Co of NV (EICN)

% Employers Comp Ins Company (ECIC)

% Employers Assurance Co (EAC)

% Employers Preferred Insurance Co (EPIC)

+3.0%

-7.4%

-4.2%

-9.7%

-2.6%

-18.8%

-0.1%

-24.5%

+7.0% -4.5%

-6.7%

-37.4%

+2.3%

-28.7%

+22.0%

-6.1%

-27.0%

-
29.8
%

+3.7%

-14.3%

+14.2%

-28.1%

-19.1%

-28.3%

+4.4%

-37.8%

-13.7%

-1.1%

-1.3%

-34.7%

+2.2%

-42.1%

-9.6%

-0.2%

-4.2%

-7.6%

-7.5%

+6.2%

-28.1%

-5.8%

+8.7%

-24.1%

-0.1%

-6.4%

+1.9%

+5.8%

-32.6%

-9.8%

-21.2%

-10.0%

+3.0%

-6.8%

-4.2%

-6.8%

-4.2%

+0.7%

WESTERN

EASTERN

-5.3%

-10.3%

-
10.3
%

+3.4%

Employers (EIG) 8-KRegulation FD Disclosure