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Eastern Insurance Q3 revenues up

Eastern Insurance Holdings has reported total revenues of $32.8m for the third quarter of 2010, compared to $27.1m for the same quarter of 2009.

Reported a net income of $2.2m, or $0.25 per diluted share, for the third quarter of 2010, compared to net income of $3.3m or $0.36 per share, for the same quarter of 2009.

Net premiums earned from continuing operations were $28.8m for the third quarter of 2010, compared to $24.2m for the same period in 2009.

Eastern Insurance Holdings CEO Bruce Eckert said, the new offices in western Pennsylvania and Tennessee have already become significant contributors to new business generation.

The Midwest and Southeast regional offices continue to meet and exceed their business plans. We added a new segregated portfolio cell program during the quarter. ParallelPay has posted an impressive $18.9m in direct written premium since its inception in the second quarter of 2009. Lastly, we continue to explore divestiture opportunities with respect to our Specialty Reinsurance segment, Eckert said.