LANCASTER, Pa., July 19, 2012 /PRNewswire/ -- Eastern Alliance Insurance Group ("EAIG"), a subsidiary of Eastern Insurance Holdings, Inc. (NASDAQ: EIHI), announced today the establishment of its ParallelPay® Partner program to support further growth in the "pay-as-you-go" market.
Introduced in April of 2009, the ParallelPay program enables EAIG policyholders to pay their workers' compensation premium one payroll period at a time, with no downpayments or installment fees. Policyholders can choose to report their payroll census information through their current payroll system provider, through Web-based self-reporting options, or now through one of EAIG's ParallelPay Partners. ParallelPay Partners are payroll system providers who are compatible with ParallelPay technology and will securely transfer payroll data directly from their system to the ParallelPay portal. ParallelPay Partners work in conjunction with EAIG's appointed agency producers to address their clients' workers compensation pay-as-you-go needs.
"The ParallelPay Partner program is the latest step in providing employers with maximum reporting flexibility and innovative cash flow solutions," said Michael Boguski, President and Chief Executive Officer of EIHI. "While many payroll system providers report census data directly to ParallelPay through email, employers who select a ParallelPay Partner benefit from the efficiencies of automatic reporting and full integration. Payroll system providers benefit from the ability to provide clients with a value-added service and to partner with ParallelPay, an industry-leading program."
Two of EAIG's newest ParallelPay Partners are Primepoint and Payce Payroll. Primepoint provides fully integrated and standalone human resource and payroll management services, including payroll processing and payroll tax management, time and attendance software and hardware, the EmployeeXperience® self-service web portal, and human resource management systems. Based in Mt. Holly, New Jersey, Primepoint serves employers of all sizes and can offer human resource management and payroll processing services to customers with employees in any or all of the United States. Primepoint's Web address is www.primepoint.com.
Based in Towson, Maryland, Payce Payroll provides automated payroll and human resource administration products and services to roughly 1800 clients throughout surrounding states. Through its Premium Link product, Payce has provided "pay-as-you-go" information to workers' compensation carriers since 2005. While Payce has strategic partnerships in the hospitality, construction, retail, healthcare and financial services industries, the company has clients in all industry categories. Payce's Web address is www.paycepayroll.com.
The ParallelPay program, exclusive to Eastern Alliance Insurance Group, calculates workers' compensation premium payments based on a policyholder's payroll census information. Payments are then debited via an electronic fund transfer from the policyholder's bank account. ParallelPay does not require any premium deposit or installment fees, and minimizes potentially large premium audit adjustments that may result from fluctuating payrolls. Businesses can visit www.ParallelPay.com to learn more about the ParallelPay program, find an independent insurance agent representing EAIG, and view a list of ParallelPay Partners.
Founded in 1997, EAIG specializes in providing workers' compensation products and services to businesses and self-insured clients. 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, and Richmond, Virginia. EAIG's Web address is www.eains.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. 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 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, therefore 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; the geographic concentration of 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 investment objectives; the effects of intense competition; the loss of one or more principal employees; the inability to acquire additional capital on favorable terms; a failure of independent insurance brokers to adequately market our products; and the effects of acts of terrorism or war. More information about these and other factors that potentially could affect our financial results is included in our Form S-1 Registration Statement, filed with the U.S. Securities and Exchange Commission and in our other public 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. This press release also does not constitute an offer to sell, or a solicitation of an offer to buy, EIHI securities. Such an offer will be made only by means of a prospectus.
SOURCE Eastern Insurance Holdings, Inc.