Eastern Insurance Holdings has reported a net income of $2m, or $0.25per diluted share, for the second quarter of 2011, compared to a net loss of $1.4m, or $0.16 per diluted share, for the same quarter in 2010.
Revenue from continuing operations for the second quarter of 2011 increased to $34.3m compared to $25.9m for the same period in 2010.
Net premiums earned for the quarter were $32.2m, compared to $25.9m for the same quarter last year, the increase in revenue and net premiums earned is due primarily to an increase in direct written premium production.
Net investment income from continuing operations was $908,000 for the three months ended 30 June 2011, compared to $730,000 for the same period in 2010.
EIHI’s workers’ compensation insurance segment reported net income of $2.9m for the second quarter of 2011, compared to $1.4m for the second quarter of 2010.
Eastern Insurance Holdings president and CEO Michael Boguski said the company’s favorable results were driven by solid growth in workers’ compensation insurance direct written premiums, positive audit premium, strong premium renewal retention, renewal rate increases and a reduction in expense ratio.