LANCASTER, Pa., May 13, 2013 /PRNewswire/ -- Eastern Alliance Insurance Group (Eastern Alliance), a subsidiary of Eastern Insurance Holdings, Inc. (NASDAQ: EIHI), and Westfield Insurance (Westfield) announced today the creation of EastWest Alliance, a multi-line captive program for mid-to large-size employers.
The EastWest Alliance program offers a multi-line product, including workers' compensation, general liability and commercial automobile coverage. The EastWest Alliance brand reflects the alignment of Eastern Alliance, a specialty underwriter of workers' compensation products and services, and Westfield, a super-regional property and casualty insurance group, who with the employers will be joint owners of the multi-line captive.
"EastWest Alliance provides a unique product for employers committed to gaining more control over their insurance costs," said Michael Boguski, President and Chief Executive Officer for EIHI. "The program provides a long-term, stable market solution backed by two well-respected regional carriers rated "A" (Excellent) by A.M. Best Company. Eastern Alliance will underwrite the workers' compensation line and bring their proven specialization in underwriting, risk management and claims administration. Westfield will underwrite and provide their respective proven expertise in underwriting, risk management and claims administration for the general liability and commercial auto lines of business."
"Eastern Alliance and Westfield share an intense focus on delivering superior service that is customer relationship-oriented on a local basis," said Steve Fisher, Westfield Mid-Market Leader. "The EastWest Alliance program offers a unique product where two insurance carriers with expertise in their respective lines have combined to launch a brand and fully-bundled service offering for mid to large employer groups."The multi-line captive program is domiciled in Grand Cayman through Eastern Re, Ltd. SPC, a subsidiary of EIHI. The program will launch with a group of Mid-Atlantic agents mutually appointed by Eastern Alliance and Westfield and will later expand to additional operating regions of both companies. About Eastern Alliance Founded in 1997, EAIG is a specialty underwriter of workers' compensation products and services for businesses and organizations in the Mid-Atlantic, Southeast, Midwest and Gulf South regions of the United States. 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, Richmond, Virginia, and Madison, Mississippi. EAIG's Web address is www.eains.com. EIHI operates through its subsidiaries a domestic casualty insurance group specializing in workers' compensation products and services and a segregated portfolio cell reinsurance business. EIHI's Web address is www.eihi.com. About Westfield Insurance In business for more than 165 years, Westfield Insurance provides commercial and personal insurance in 21 active states and surety services to customers in 31 states. Westfield is one of the nation's 50 largest property and casualty insurance groups, represented by a network of over 1,000 independent insurance agencies. Westfield Bank provides banking solutions for businesses and individuals, and Westfield Services provides service and training support for independent insurance agencies. Learn more about Westfield Insurance at www.WestfieldInsurance.com. FORWARD LOOKING STATEMENTS