form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________
FORM
8-K
_____________________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): January 23, 2009
EMPLOYERS
HOLDINGS, INC.
(Exact
Name of Registrant as Specified in its Charter)
_____________________
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NEVADA
(State
or Other Jurisdiction of
Incorporation)
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001-33245
(Commission
File Number)
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04-3850065
(I.R.S.
Employer Identification No.)
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10375
Professional Circle
Reno,
Nevada
(Address
of Principal Executive Offices)
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89521
(Zip
Code)
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Registrant's
telephone number including area code: (888)
682-6671
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No
Change Since Last Report
(Former
Name or Address, if Changed Since Last
Report)
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_____________________
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
2 – Financial Information
Item
2.05. Costs Associated with Exit or Disposal Activities.
On
January 23, 2009, Employers Holdings, Inc. (the "Company") announced a strategic
restructuring plan to achieve the corporate and operational objectives set forth
as part of its recently completed acquisition and integration of AmCOMP
Incorporated, and in response to current economic conditions.
The
restructuring plan includes a staff reduction of approximately 14 percent of the
Company's total workforce, and planned consolidation of corporate activities
into the Company's Reno, Nevada headquarters. The Company expects to
incur pre-tax restructuring charges of approximately $3 million in the first
quarter 2009, primarily associated with personnel-related termination
costs. As a result of the restructuring plan, the Company expects to
achieve pre-tax cost savings of approximately $12 million in 2009 and annualized
pre-tax cost savings of approximately $20 to $22 million beginning in
2010. These amounts include previously announced anticipated cost
savings of $7.5 million in 2009 and $10 million in 2010.
The
charges and savings that the Company expects to incur in connection with the
restructuring are subject to a number of assumptions, and actual results may
differ materially. The Company may also incur other material charges
not currently contemplated due to events that may occur as a result of, or
associated with, the strategic restructuring plan.
Attached
as Exhibit 99.1 and incorporated herein by reference is the press release issued
by the Company regarding the strategic restructuring plan.
Section
9 – Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Employers
Holdings, Inc. press release, dated January 23, 2009.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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EMPLOYERS
HOLDINGS, INC.
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By:
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/s/
Lenard T. Ormsby
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Name:
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Lenard
T. Ormsby
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Title:
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Executive
Vice President, Chief
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Legal
Officer and General Counsel
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Dated: January
23, 2009
Exhibit
Index
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99.1
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Employers
Holdings, Inc. press release, dated January 23,
2009.
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