Eastern Alliance Insurance Group Announces ParallelPay(R) Program Reaches $10M Milestone

LANCASTER, Pa., March 18 /PRNewswire-FirstCall/ -- Eastern Alliance Insurance Group (EAIG), a subsidiary of Eastern Insurance Holdings, Inc. (Nasdaq: EIHI), announced today that the ParallelPay® program, EAIG's "pay-as-you-go" premium plan, has reached over ten million dollars in premium, less than a year after the program's introduction.

EAIG introduced ParallelPay on April 7, 2009 as a program permitting EAIG policyholders to pay their workers' compensation premium one payroll period at a time. Unlike other "pay-as-you-go" programs, EAIG's ParallelPay program offers policyholders several options to report their payroll census information. Policyholders can report their information through one of EAIG's preferred payroll system providers, their current payroll system, or electronically via the web-based ParallelPay portal.

"We're thrilled with the impressive growth of the ParallelPay program," said Michael Boguski, Chief Operating Officer and President of EIHI. "Our agency partners have found the ParallelPay program to be a unique selling point to employers of all sizes, who demand innovative cash flow solutions in a challenging economy."

One of EAIG's agency partners, Bryan Beasley of Senn Dunn Insurance, adds, "The combination of EAIG and their ParallelPay program provides our clients with the most complete workers' compensation program in the industry. It increases their cash flow, removes the deposit requirement, and takes away the fear of large audit fluctuations, all while offering top-notch risk management and claims service."

The ParallelPay program does not require any premium deposit or installment fees, and minimizes potentially large premium audit adjustments that may result from fluctuating payrolls. Premium payments are calculated based on each payroll's census information and debited via an electronic fund transfer from the policyholder's bank account.

Businesses can visit http://www.ParallelPay.com to learn more about the ParallelPay program and find an independent insurance agent representing EAIG. 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. (Nasdaq: EIHI) family of companies, with regional offices in Lancaster, Pennsylvania, Charlotte, North Carolina, and Indianapolis, Indiana.  

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.

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