This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Eastern Alliance Insurance Group Announces ParallelPay® Program Reaches $20 Million Premium Milestone

LANCASTER, Pa., Jan. 26, 2012 /PRNewswire/ -- 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 exceeded twenty million dollars in direct written premium for calendar year 2011, less than three years 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, with no downpayments or installment fees. Unlike other "pay-as-you-go" programs, EAIG's ParallelPay program offers policyholders flexibility in reporting their payroll census information. Policyholders report census information through one of EAIG's payroll partners, their current payroll system provider, or by self-reporting via the web-based ParallelPay portal.

"We are extremely pleased with the tremendous growth of the ParallelPay program," said Michael Boguski, President and Chief Executive Officer of EIHI. "The program continues to be a unique selling point to employers of all sizes looking for innovative cash flow solutions in a challenging economy. We are very proud that ParallelPay was recently selected for inclusion in Best's Review's Innovators Showcase, as innovation is one of EIHI's core values."

The ParallelPay program was recognized in the Innovators Showcase published in the January 2012 edition of Best's Review magazine. A panel of insurance industry experts assessed the relative merits of nearly 70 submissions and selected 15 as examples of forward-thinking, successful business concepts among insurance organizations. In its article on the ParallelPay program, an insurance company executive described ParallelPay as "creative customer thinking on how to pay premiums."

Businesses can visit 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. family of companies, with offices in Lancaster and Wexford, Pennsylvania, Charlotte, North Carolina, Carmel, Indiana, Franklin, Tennessee, and Richmond, Virginia. EAIG's Web address is


1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs