This article was published in the January 2009 edition of the AZ CPA Journal. Mr. Underdown indicates the idea for the article arose over coffee with an attorney friend who was active in the M&A industry. In research for the article, he discussed the issue with an insurance broker who indicated that this was a little know secret. The Broker indicated that even if they were bidding on the property and or casualty portion of an account, the broker always obtained the E-Mod because it gave such a clear overall picture of the health of the company. In the article, Mr. Underdown outlines the background of the Workers’ Compensation Experience Modification Factor (E-Mod or ExpMod) and how it can be used to determine the overall health of a company by comparing the company to others in the same industry.