LANCASTER, Pa., Dec. 2, 2013 /PRNewswire/ -- Eastern
Insurance Holdings, Inc. ("EIHI" or "Eastern") today announced that
it will postpone its special meeting of shareholders called in
connection with the acquisition of Eastern (NASDAQ: EIHI) by
ProAssurance Corporation (NYSE: PRA), as previously announced on
September 24, 2013. Eastern has
issued this announcement in response to three class action
complaints to accommodate the scheduling of court proceedings, to
complete the work of the Special Litigation Committee appointed by
Eastern's board to evaluate the merits of the claims asserted, and
to facilitate ongoing discussions with the plaintiffs to globally
resolve the pending actions or secure their dismissal.
The special meeting of shareholders was previously scheduled to
be held on December 4, 2013.
Eastern will announce the date for the rescheduled special meeting
of shareholders at least four business days in advance of the
meeting. Any proxies or votes already submitted by
shareholders in connection with the special meeting will remain
valid and will be unaffected by the delay in holding the special
meeting.
Important Notice
This press release is not, and is not
intended to be, a solicitation of proxies or an offer of
securities. In connection with the proposed transaction,
Eastern has filed a definitive proxy statement and other materials
with the United States Securities and Exchange Commission (the
"SEC") and will file a Current Report on Form 8-K with any
additional information to be provided to shareholders in connection
with the special meeting of shareholders or the proposed
transaction. Investors and shareholders are advised to read
any information included in the Form 8-K in conjunction with the
proxy statement when the Form 8-K becomes available because it may
contain important information about Eastern and the proposed
transaction. Shareholders may obtain a free copy of the
definitive proxy statement, the Form 8-K (when available) and other
documents filed by Eastern with the SEC at the SEC's web site at
www.sec.gov. Copies of the definitive proxy statement, the
Current Report on Form 8-K (when available) and other filings made
by Eastern with the SEC can also be obtained, free of charge, by
directing a request to Eastern Insurance Holdings, Inc., 25 Race
Avenue, Lancaster, PA 17603,
Attention: Investor Relations. The definitive proxy statement
and other filings are also available for free on Eastern's web site
at www.eihi.com under "Investor Relations."
Cautionary Statement
Some of the statements contained
in this press release are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should,"
"expect," "project," "plan," "intend," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of
these terms or other similar terminology. Forward-looking
statements are based on the opinions and estimates of management at
the time the statements are made and are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking
statements. No assurance can be given that management's
expectations, beliefs or projections will occur or be achieved or
accomplished. Factors that could affect Eastern's actual
results include, among others, the fact that our loss reserves are
based on estimates and may be inadequate to cover our actual
losses; the uncertain effects of emerging claim and coverage issues
on our business; an inability to obtain or collect on our
reinsurance protection; a downgrade in the A.M. Best rating of our
insurance subsidiaries; the impact of extensive regulation of the
insurance industry and legislative and regulatory changes; a
failure to realize our growth strategies and investment objectives;
the further deterioration in the fixed income and equity security
markets, the effects of intense competition; the loss of one or
more principal employees; the geographic concentration of our
business; the failure of independent insurance brokers to
adequately market our products; and other factors described in our
filings with the U.S. Securities and Exchange Commission.
Readers are cautioned not to place undue reliance upon these
forward-looking statements, which speak only as of the date of this
release. Eastern undertakes no obligation to update any
forward-looking statements.
SOURCE Eastern Insurance Holdings, Inc.