EIGEmployers Holdings, Inc.

Fire, Marine & Casualty Insurance

Revenue: $859M; 2.5% YoY
Operating margin: —
EBITDA: —
Market cap: $788M
Employees: 623; $1M revenue each
Net debt / EBITDA: —; $49M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
414% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
476% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 50th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$788M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$92K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$703M	$714M	$851M	$881M	$859M	2.5%
Net income	$119M	$48M	$118M	$119M	$11M	91%
Operating cash flow	$11M	$100M	$49M	$76M	$45M	41%
Capex	$300K	$100K	$0	$100K	$100K	0.0%
Stock-based comp	$9M	$5M	$6M	$6M	$5M	21%
Buybacks	$43M	$30M	$76M	$43M	$183M	329%
Dividends	$29M	$90M	$30M	$30M	$30M	1.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $283K · 2
Open-market sells, 12 mo: $376K · 2
Net: −$92K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	161	234
FY2024	—	—	186	213
FY2023	—	—	139	157
FY2022	—	—	149	142
FY2021	—	—	132	119