Eastern Insurance Holdings has reported total revenues of $28.1m for the first quarter of 2010, an increase of 15% compared to $24.4m for the same quarter in 2009.
Eastern Insurance posted net premiums earned of $25.3m for the first quarter of 2010, an increase of 3.6% compared to $24.4m for the same period last year.
The company’s net investment income for the quarter were $1.3m compared to $1.4m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted net income of $1.9m, or $0.21 per diluted share, compared to a net loss of $555,000, or $0.06 per diluted share, for the same period last year.
Bruce Eckert, CEO Eastern Insurance, said: “This result was achieved across all three operating territories, but the increases were particularly noticeable in our Midwest and Southeast markets. ParallelPay, our pay-as-you-go workers’ compensation product, continues to play an important role in new business production and passed the $10m sales milestone during the quarter.
“Offsetting these sales trends were a persistent pattern of rate pressures in the marketplace and a continuing decline in employment levels and payroll audits.”