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Eastern Insurance Holdings, Inc. Announces Definitive Agreement to Acquire Employers Security Holding Company and Subsidiaries
Date:8/7/2008

LANCASTER, Pa., Aug. 7 /PRNewswire-FirstCall/ -- Eastern Insurance Holdings, Inc. (Nasdaq: EIHI) ("EIHI," the "Company") announced today that it has executed a definitive agreement to acquire Employers Security Holding Company and subsidiaries ("Employers") in a transaction valued at approximately $14.9 million, including the assumption of $2.9 million in debt. Employers' wholly owned subsidiary is Employers Security Insurance Company, an Indianapolis, Indiana-based mono-line workers' compensation insurance company. Employers is domiciled in Indiana and also holds licenses in Illinois and Missouri. The acquisition will expand EIHI's workers' compensation insurance operations into Indiana and ultimately other select mid-west states and furthers EIHI's strategic vision of being a specialty underwriter of workers' compensation insurance products in niche markets.

"The acquisition of Employers is financially attractive to our shareholders and is expected to be immediately accretive to our earnings and return on equity," said Bruce M. Eckert, Chief Executive Officer of EIHI. Eckert continued, "Employers is an excellent strategic and cultural fit and can be expected to enhance and diversify EIHI's market profile through the expansion of its workers' compensation insurance products to mid-west territories that have favorable workers' compensation operating environments. Both EIHI and Employers have similar business philosophies including maintaining a strong balance sheet, individual account underwriting, developing and maintaining excellent agency relationships, aggressively closing claims and providing proactive risk management services to insureds. These mutually common business philosophies and consistent core fundamental values will
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SOURCE Eastern Insurance Holdings, Inc.
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