Feb 2, 2009 – Penn Millers divests Eastern Insurance Group

Penn Millers divests Eastern Insurance Group
February 2, 2009 — Penn Millers has completed the sale of its insurance agency operation
to Eastern Insurance Acquisition Group, a local investment group. The sale was part of
Penn Millersí strategy to concentrate on underwriting property/casualty insurance for
Agribusiness and Commercial Business customers.
Eastern Insurance Group (EIG) is a large and successful independent insurance agency
serving Luzerne County businesses and individual customers. In addition to Penn Millers,
EIG represents over 30 insurance companies.
“Currently weíre not considering a reduction in staff or relocation of operations,” said
Brian Corbett, an Eastern Insurance Acquisition Group investor and President of Corbett
Insurance of Shavertown. “Our group plans to continue to serve EIGís existing customers
and to build upon existing operations.” EIG employs 31 individuals at its Baltimore
Drive, Wilkes-Barre location.
Incorporated in 1887, Penn Millers Insurance Company is a regional property/casualty
company whose strong financial foundation and successful operating strategies have
earned the company a rating of ìA-ì (Excellent) by A.M. Best Company, the nationís
leading insurance rating organization. Penn Millers writes competitive products through
quality, professional independent insurance agents in eight (8) Northeastern, MidAtlantic and Southern states and competitive Agribusiness products through quality,
professional independent insurance agents and brokers in 33 states throughout the
continental United States. The companyís Internet site is www.pennmillers.com.
Mystic Capital Advisors Group, LLC provided transaction advisory services to Penn
Millers. For more information on Mystic Capital, please contact Kevin P. Donoghue at
212-251-0972 or visit www.mysticcapital.com.
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