LANCASTER, Pa., May 13, 2013 /PRNewswire/ -- Eastern Alliance Insurance Group (Eastern Alliance), a subsidiary of Eastern Insurance Holdings, Inc. (NASDAQ: EIHI), and Westfield Insurance (Westfield) announced today the creation of EastWest Alliance, a multi-line captive program for mid-to large-size employers.
The EastWest Alliance program offers a multi-line product, including workers' compensation, general liability and commercial automobile coverage. The EastWest Alliance brand reflects the alignment of Eastern Alliance, a specialty underwriter of workers' compensation products and services, and Westfield, a super-regional property and casualty insurance group, who with the employers will be joint owners of the multi-line captive.
"EastWest Alliance provides a unique product for employers committed to gaining more control over their insurance costs," said Michael Boguski, President and Chief Executive Officer for EIHI. "The program provides a long-term, stable market solution backed by two well-respected regional carriers rated "A" (Excellent) by A.M. Best Company. Eastern Alliance will underwrite the workers' compensation line and bring their proven specialization in underwriting, risk management and claims administration. Westfield will underwrite and provide their respective proven expertise in underwriting, risk management and claims administration for the general liability and commercial auto lines of business."
"Eastern Alliance and Westfield share an intense focus on delivering superior service that is customer relationship-oriented on a local basis," said Steve Fisher, Westfield Mid-Market Leader. "The EastWest Alliance program offers a unique product where two insurance carriers with expertise in their respective lines have combined to launch a brand and fully-bundled service offering for mid to large employer groups."
The multi-line captive program is domiciled in Grand Cayman through Eastern Re, Ltd. SPC, a subsidiary of EIHI. The program will launch with a group of Mid-Atlantic agents mutually appointed by Eastern Alliance and Westfield and will later expand to additional operating regions of both companies.
About Eastern Alliance
Founded in 1997, EAIG is a specialty underwriter of workers' compensation products and services for businesses and organizations in the Mid-Atlantic, Southeast, Midwest and Gulf South regions of the United States. EAIG is a member of the publicly-held Eastern Insurance Holdings, Inc. family of companies, with offices in Lancaster and Wexford, Pennsylvania, Charlotte, North Carolina, Carmel, Indiana, Franklin, Tennessee, Richmond, Virginia, and Madison, Mississippi. EAIG's Web address is www.eains.com.
EIHI operates through its subsidiaries a domestic casualty insurance group specializing in workers' compensation products and services and a segregated portfolio cell reinsurance business. EIHI's Web address is www.eihi.com.
About Westfield Insurance
In business for more than 165 years, Westfield Insurance provides commercial and personal insurance in 21 active states and surety services to customers in 31 states. Westfield is one of the nation's 50 largest property and casualty insurance groups, represented by a network of over 1,000 independent insurance agencies. Westfield Bank provides banking solutions for businesses and individuals, and Westfield Services provides service and training support for independent insurance agencies. Learn more about Westfield Insurance at www.WestfieldInsurance.com.
FORWARD LOOKING STATEMENTS
Some of the statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "project," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms or other similar terminology. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. No assurance can be given that management's expectations, beliefs or projections will occur or be achieved or accomplished. Factors that could affect the Company's actual results include, among others, the fact that our loss reserves are based on estimates and may be inadequate to cover our actual losses; the uncertain effects of emerging claim and coverage issues on our business; an inability to obtain or collect on our reinsurance protection; a downgrade in the A.M. Best rating of our insurance subsidiaries; the impact of extensive regulation of the insurance industry and legislative and regulatory changes; a failure to realize our growth strategies and investment objectives; the further deterioration in the fixed income and equity security markets, the effects of intense competition; the loss of one or more principal employees; the geographic concentration of our business; the failure of independent insurance brokers to adequately market our products; and other factors described in our filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statements.
SOURCE Eastern Insurance Holdings, Inc.; Westfield Insurance