Employers Holdings (EHI) is a specialty workers' compensation insurer focused on small and mid-sized businesses in lower-hazard industries. Workers' comp is a legally mandated product in most U.S. states, covering employees for work-related injuries and illnesses. EHI targets businesses in lower-risk hazard classes — top customer categories include restaurants, hotels, contractors, janitorial services, and physician offices. California represents roughly 46% of gross premiums written, with Florida and New York as secondary concentrations. EHI distributes primarily through traditional agents and brokers, as well as specialty and digital channels. ADP, the payroll processor, alone accounts for roughly 19% of gross premiums written by bundling EHI's workers' comp with its payroll services. EHI also operates the Cerity brand for direct digital sales to small businesses. EHI makes money through two streams: underwriting profit and investment income. On underwriting, EHI collects premiums upfront and pays claims over time; profitability is measured by the combined ratio. On investments, EHI deploys its float — premiums held before claims are paid — into a portfolio exceeding $2.2B, primarily investment-grade fixed income. Because workers' comp is long-tail, the float is held for extended periods, making investment income a significant earnings driver. EHI's growth strategy includes expanding its underwriting appetite into previously excluded industries, growing its digital distribution channel, and launching an excess workers' comp product for self-insured enterprises, which EHI aims to grow to roughly 10% of total written premium over the long term.