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Eastern Insurance Q3 Net Revenue Increases

Revenue for Q3 of 2009 increased to $37.9m compared to $29.5m for the same period in 2008

Eastern Insurance Holdings has reported earnings for the three months ended September 30, 2009. EIHI reported a net income of $3.3m, or $0.36 per diluted share, for the third quarter of 2009, compared to a net loss of $3.1m, or $0.34 per diluted share, for the same period in 2008.

The revenue for the third quarter of 2009 increased to $37.9m compared to $29.5m for the same period in 2008. The increase in revenue is due primarily to an increase in income from limited partnerships and a change to net realised investment gains in 2009 from net realised investment losses in 2008, partially offset by a decrease in investment income.

The net premiums earned were $33.1m for the third quarter of 2009 and 2008.

EIHI’s diluted book value per share was $15.55 as of September 30, 2009 compared to $14.13 as of December 31, 2008, an increase of $1.42 per share or 10.0%.

Bruce M. Eckert, CEO of Eastern Insurance Holdings, said: Our largest business segment, workers’ compensation insurance, led the Company to another strong quarter of earnings and increases in our book value per share. Our profitable performance was aided by the positive returns of our investment portfolio. Also of significance were the solid operating results in our Midwest and Southeast regions; additional confirmation of the benefits of our strategic, geographic initiatives.