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Eastern Insurance closes acquisition of Employers Security and subsidiaries

Eastern Insurance Holdings has announced the completion of its previously announced agreement to acquire all of the outstanding stock of Employers Security Holding Company and subsidiaries in a transaction valued at $14.9 million, including the assumption of $2.7 million in debt and a cash purchase price component of $12.2 million.

Employers Security Holding Company’s wholly owned subsidiary is Employers Security Insurance Company, which is a monoline workers’ compensation insurance company. Employers Security Holding is domiciled in Indiana and also holds licenses in Illinois and Missouri, US.

Bruce Eckert, CEO of Eastern Insurance Holdings (EIHI), said: The acquisition will expand EIHI’s workers’ compensation insurance operations into Indiana and ultimately other select Midwest states and furthers EIHI’s strategic vision of being a specialty underwriter of workers’ compensation insurance products in niche markets. We believe Employers will enhance our market position and enable us to successfully leverage our capital position.