Eastern Insurance Holdings Inc. has executed a definitive agreement to acquire Employers Security Holding Company and subsidiaries in a transaction valued at approximately $14.9 million, including the assumption of $2.9 million in debt.Employers' wholly owned subsidiary is Employers Security Insurance Company, an Indianapolis, Indiana-based mono-line workers' compensation insurance company. Employers is domiciled in Indiana and also holds licenses in Illinois and Missouri. The acquisition will expand EIHI's workers' comp insurance operations into Indiana and ultimately other select mid-west states and furthers EIHI's strategic vision of being a specialty underwriter of workers' comp insurance products in niche markets.
The transaction is expected to close late in the third quarter of 2008.
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