Eastern Insurance Holdings has announced the completion of its previously announced agreement to acquire all of the outstanding stock of Employers Security Holding Company and subsidiaries in a transaction valued at $14.9 million, including the assumption of $2.7 million in debt and a cash purchase price component of $12.2 million.
Employers Security Holding Company’s wholly owned subsidiary is Employers Security Insurance Company, which is a monoline workers’ compensation insurance company. Employers Security Holding is domiciled in Indiana and also holds licenses in Illinois and Missouri, US.
Bruce Eckert, CEO of Eastern Insurance Holdings (EIHI), said: The acquisition will expand EIHI’s workers’ compensation insurance operations into Indiana and ultimately other select Midwest states and furthers EIHI’s strategic vision of being a specialty underwriter of workers’ compensation insurance products in niche markets. We believe Employers will enhance our market position and enable us to successfully leverage our capital position.