Eastern Insurance Holdings has reported a net income of $1.0m, or $0.13per diluted share, for the third quarter of 2011, compared to net income of $2.2m, or $0.25 per diluted share, for the same period in 2010.
Revenue from continuing operations for the third quarter of 2011 increased to $33.4m, compared to $31.6m for the same period in 2010.
Net investment income from continuing operations was $1.0m ($694,000 after-tax) for the three months ended 30 September 2011, compared to $869,000 ($608,000 after-tax) for the same period in 2010.
Net premiums earned for the quarter were $33.9m, compared to $28.7m 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.
EIHI’s workers’ compensation insurance segment reported net income of $1.5m for the third quarter of 2011, compared to $2.0m for the third quarter of 2010.
Eastern Insurance Holdings president and CEO Michael Boguski said the 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.