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 Employers Direct Announces an Immediate 18% Reduction in Workers' Comp Rates Latest round of rate reductions brings final premium decreases to over 46% since mid- 2003 for policyholders of Employers Direct. AGOURA HILLS, CA – June 6, 2005 – Employers Direct Insurance Company today announced that it filed a manual rate decrease averaging 18% on new and renewal policies with an effective date on or after June 10, 2005. This latest announcement means that the overall premiums Employers Direct charges its policyholders for workers' compensation insurance have been slashed by over 46% since mid-2003, a time when rates were the highest in history for California business owners. "At Employers Direct, we are serious about passing on savings directly attributable to the reform of the workers' comp system to California's business owners," stated James E. Little, Chairman/President and CEO of Employers Direct Insurance Company. "Since the Governor championed the passage of SB 899, we have seen a continuous improvement in our own experience and that of the entire industry. The persuasive evidence that things are getting better compelled us again to bring more relief to our policyholders. Since mid- 2003, we have cut our premium charges to business owners nearly in half. At every turn, we have consistently adopted Insurance Commissioner Garamendi's advisory rate reductions and plan to continue to do what we can to keep jobs in California and bring greater prosperity to those business owners that choose to do business with us." "We decided to make the rate reduction effective June 10 instead of waiting until July 1, because there are many California businesses that have renewal dates for their workers' comp polices at their June 30 fiscal year end – and we want them to have the advantage of this significant cost savings as well," explained Ron Groden, Vice Chairman and Chief Financial Officer. 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 |
