Eastern Insurance Holdings, Inc. ("EIHI") announced that A.M. Best Company has affirmed its A (Excellent) financial strength rating and stable outlook for subsidiary Eastern Alliance Insurance Group ("EAIG"), a domestic casualty insurance group specializing in workers' compensation.
"A.M. Best's affirmation of the A (Excellent) rating is indicative of our consistently excellent operational performance, thoughtful geographic expansion plans and strong financial results during challenging insurance market conditions and uncertain economic times," said Michael Boguski, President and Chief Executive Officer of EIHI. "This affirmation validates the continued successful execution of our strategic business plan, the foundations of which are based on our strong relationships with agency partners and the delivery of quality service to their customers by our valued employees. I was particularly pleased with A.M. Best's recognition of our outperformance of the workers' compensation industry as a whole."
According to a release on June 18, in its news release affirming the A (Excellent) rating, A.M. Best recognized EAIG's "strong operating results, loyal agency base, excellent capitalization, prudent reserving practices and the financial flexibility afforded by EIHI." The rating organization stated that EAIG's five-year average combined ratio "outperforms the workers' compensation composite by a significant margin," and highlights EAIG's "strong underwriting performance and its ability to close claims more quickly and at a lower average cost than the typical workers' compensation writer."
EAIG consists of Eastern Alliance Insurance Company, Allied Eastern Indemnity Company, Eastern Advantage Assurance Company and Employers Security Insurance Company, which operate under an intercompany pooling agreement.
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