LANCASTER, Pa. /PRNewswire/ — Eastern Insurance Holdings, Inc. (“EIHI” or the “Company”) (NASDAQ: EIHI) announced today that its board of directors has increased the repurchase authorization of its issued and outstanding shares of common stock by 1,000,000 shares. As of the close of business on August 22, 2011, the Company had 213,168 shares remaining on its previous share repurchase authorization, meaning that the Company now is authorized to repurchase up to 1,213,168 shares of its common stock.
The Company expects that shares may be purchased at prevailing market prices through a variety of methods, including open market or private transactions, in accordance with applicable laws and regulations and as determined by the Company’s management. The timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s share price, corporate requirements, and other market and economic conditions.
Repurchases under the stock repurchase program may be commenced, modified or suspended from time to time without prior notice, and the program may be suspended or discontinued at any time. The repurchased shares will be held as treasury shares.