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 Employers Direct Insurance Company Announces Workers' Comp Rate Decreases Totaling 22.6% Since Last Year AGOURA HILLS, CA – December 7, 2004 – Employers Direct Insurance Company today announced it has lowered its rates an additional 2.2% effective January 1, bringing its total rate reduction to 22.6% since last year, which meets Insurance Commissioner Garamendi's recommendation. "We have taken the rate reduction recommendations issued by Insurance Commissioner Garamendi very seriously and are proactively finding ways to lower workers' comp costs for California employers," explained James E. Little, Chairman/President and CEO of Employers Direct, “Every time that Commissioner Garamendi has recommended a rate decrease, we have adopted it." "After all the time and effort it took the Governor and Legislature to pass a comprehensive workers' compensation reform package, we are stepping up to do our part by translating that legislation into immediate and real savings for California businesses," stated Ronald A. Groden, Vice Chairman and Co-Founder/CFO of Employers Direct, “As a direct writer, we can quickly respond to market needs. We do not have the expense burden that plagues many of our competitors, such as, the payment of contingent commissions to brokers, a questionable practice that has come under scrutiny by the Attorney Generals of New York and California. We just do not play that game." About EMPLOYERS DIRECT INSURANCE COMPANY Employers Direct Insurance Company is California's only investor-owned direct writer of workers' compensation insurance - with no agent or broker affiliation. Founded in 2003, Employers Direct has been widely accepted by business owners throughout California as a result of providing highly competitive rates, claims services designed to fight fraud and abuse, and loss prevention services that assist employers to create safe work environments. Employers Direct is proud that a growing number of California's best-run privately-held companies count themselves as policyholders. Niche industries include hotels, restaurants, country clubs, new car dealers, manufacturing companies, specialty supermarket chains, and retailers. Visit Employers Direct online at www.employersdirect.com Contact: Employers Direct Insurance Company Stephanie Hlad 818-575-8545 (Day) shlad@employersdirect.com |
