LANCASTER, Pa., June 1, 2012 /PRNewswire/ -- Eastern Insurance Holdings, Inc. ("EIHI" "Eastern") (NASDAQ: EIHI) announced that its Executive Vice President, Treasurer and Chief Financial Officer, Kevin M. Shook, was named a finalist in the "CFO of the Year Awards" program, Public Company category, by Central Penn Business Journal.
"We are honored that Kevin has been recognized for his outstanding contributions as CFO, and proud to have him serve on our executive leadership team," said Michael L. Boguski, President and Chief Executive Officer of EIHI. "Kevin's financial management and expertise has contributed to EIHI's impressive growth and stability during a soft insurance cycle and challenging economic times."
The CFO of the Year Awards program recognizes Central Pennsylvania's financial executives for their fiscal leadership and asset management. An independent panel of financial professionals evaluated nominations based on the CFO's contributions to and achievements within their company, community and field of work. Finalists were nominees who qualified in the top five ranking spots for each category. Finalists were honored last evening, May 31, 2012, at a ceremony held at York College of Pennsylvania.
Mr. Shook joined the Eastern organization in 2001 as its Chief Financial Officer and directs the financial operations and performance of EIHI and its operating subsidiaries. He was instrumental in completing the first ever conversion merger transaction between a mutual insurance company and a stock insurance holding company, resulting in the creation of EIHI, its initial public offering of common stock to the public in June 2006, and listing on the NASDAQ National Market. A Certified Public Accountant, Mr. Shook has over 19 years of experience in public accounting serving clients in the insurance industry. He contributes his time and expertise to several community organizations.
EIHI operates through its subsidiaries a domestic casualty insurance group specializing in workers' compensation, third-party administration services and a segregated portfolio cell reinsurance business. EIHI has service offices in Pennsylvania, North Carolina, Indiana, Tennessee and Virginia. EIHI's Web address is http://www.eihi.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.