LANCASTER, Pa., April 24, 2012 /PRNewswire/ -- Eastern Alliance Insurance Group ("EAIG") announced today that the Pennsylvania Builders Association ("PBA") Workers' Compensation Program ("the Program") is expanding into the New Jersey marketplace. EAIG is a member of the publicly-traded Eastern Insurance Holdings, Inc. ("EIHI",NASDAQ: EIHI) family of companies.
The PBA, through its subsidiary Builders Services Inc. ("BSI"), established the Program to provide its Pennsylvania members with a long term workers' compensation solution. EAIG has served as the underwriter and service provider for this home builders and remodeling program since 1999. The Program has grown to more than $6.5 million in annual direct written premium and expanded into the Maryland marketplace in 2008 to include members of the Home Builders Association of Maryland, Eastern Shore Builders Association and Frederick County Builders Association. The expansion of the Program into New Jersey is through a newly established relationship with the Builders League of South Jersey ("BLSJ").
"We are excited to expand the Program into the New Jersey marketplace in support of EIHI's geographic expansion initiatives," said Michael Boguski, President and Chief Executive Officer of EIHI. "We welcome the opportunity to partner with the Builders League of South Jersey and continue to value our long term relationship with the PBA."
Established in 1940, BLSJ is a trade association consisting of professional builders, developers, remodelers and associated businesses in southern New Jersey, including Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester and Salem counties. BLSJ's partnership with the PBA Workers' Compensation Program is effective as of April 1, 2012. To access the Program, applicants must be an active member of the BLSJ or another eligible association, or become a member within 15 days of their policy's effective date.
"We are excited to establish a partnership with the PBA and EAIG to support the growth of the PBA Workers' Compensation program," said Richard Van Osten, Executive Vice President of BLSJ. "We are pleased to offer a dynamic Workers' Compensation solution to our membership."
Benefits of the Program include stable rates, competitive pricing, innovative claim and medical cost management programs, and high quality risk management services. The Program also offers flexible billing options, including EAIG's exclusive ParallelPay® "pay-as-you-go" program, which enables policyholders to pay premiums as they pay their employees.
"The PBA Workers' Compensation Program has been one of the most consistent and successful programs for the PBA," said John Maleno, President of the PBA's Workers' Compensation Committee. "For years, it has brought our members stable pricing, value added service, and now has matured to the point where dividends are being earned through consistent, profitable results."
McConkey Insurance & Benefits assumed Program Administrator duties in 2005 and is endorsed by the PBA to market the Program. The York, Pennsylvania-based independent insurance agency acts as a liaison between the PBA, partner associations and EAIG, assisting in the annual Program renewal process, development of marketing plans, and is a sales resource for the agents authorized to conduct business for the Program.
About Pennsylvania Builders Association/Builders Services Inc. The PBA is the voice of the Pennsylvania housing industry and represents members involved in all aspects of home building and remodeling. BSI, the for-profit subsidiary of the PBA, is devoted to representing the needs of the building industry at the state level. The PBA's Web address is http://pabuilders.org.
About Builders League of South New Jersey. Since 1940, BLSJ has been "the voice of the industry" to builders, remodelers, home improvement contractors, subcontractors, suppliers, consulting professionals and other involved in new home construction and remodeling in southern New Jersey. BLSJ is committed to promoting balanced solutions for solving New Jersey's housing needs while planning for preservation, environmental protection and economic growth. BLSJ's Web address is http://www.blsj.com.
About Eastern Alliance Insurance Group. Founded in 1997, EAIG specializes in providing workers' compensation products and services to businesses, groups 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. EIHI's Web address is http://www.eihi.com.
About McConkey Insurance & Benefits. Since 1890, McConkey has been providing financial security for businesses throughout the Mid-Atlantic region. We are one of Central PA's oldest, most respected insurance brokerage firms. We are a Property and Casualty risk management expert and a Benefits Consulting firm specializing in off-shore captive programs, self-insurance, unique surety arrangements, and other risk financing techniques to protect your business and maximize the efficiencies within your group benefit plans. McConkey's Web address is http://www.ekmcconkey.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.