1987 – 1989

In 1987, Eastern Re Ltd., SPC (formerly Eastern Alliance Insurance Company S.P.C.) was chartered in the Cayman Islands to underwrite design professionals and contractors liability insurance for asbestos removal projects.

In 1989, Eastern Re (“Eastern Re”) expanded its charter to include environmental hazard pollution liability insurance for commercially owned underground and above ground storage tanks.

1990 – 1999

In 1997, a non-controlled foreign corporation domiciled in the Cayman Islands, Eastern Holding Company Ltd. (“Eastern Holding”) began its operations. Eastern Holding’s Directors raised an additional $2,556,000 to fund the business plan for Educators Alliance Insurance Company (“Educators Alliance”), a workers’ compensation writer organized to insure the small to mid-sized employer marketplace in Pennsylvania whose commercial insurance needs were being underserved by the consolidating regional and national insurance companies.

In 1998, Eastern Re converted into a segregated portfolio company to participate in renting segregated portfolio cell facilities for mid-sized association and group insurance programs. Educators Alliance developed fronting programs for Pennsylvania-based associations and group consortiums.

In 1999, Educators Alliance earned a B+ secured (Very Good) A.M. Best rating, unusual for such a young company. Eastern Re added to its charter to include environmental coverage on automobile dealers, agribusiness, marina and municipal exposures.

2000 – 2002

In 2000, Eastern Holding acquired Employers Alliance (founded in 1983 as Employers Compensation Services) to function as Eastern Alliance’s claims department, to generate fee for services revenue from Pennsylvania’s self-insured community of large employers and to participate in the fronted/captive alternative marketplace.

In 2001, Eastern Re expanded its charter to facilitate a broader quota share relationship with the Zurich Group of Companies. Eastern Holding successfully negotiated the buyout of its joint-venture owner of Educators Alliance and renamed the company Eastern Alliance Insurance Company (Eastern Alliance).

In 2002, Eastern Holding established Global Alliance Holdings, Ltd., (“Global”), a 100 percent owned subsidiary of Eastern Holding. Global is a United States holding company that owns 100 percent of the stock of the United States subsidiaries. Allied Eastern Indemnity Company (“Allied Eastern”) received approval to underwrite workers’ compensation insurance in Pennsylvania and Employers Alliance, Eastern Alliance, and Allied Eastern were restructured under the umbrella of Global, collectively referred to as the “Eastern Alliance Insurance Group” or “the Group”. Eastern Holding completed a $19.1 million stock offering to fund the next horizon of profitable growth and Eastern Alliance’s rating was upgraded to a B++ (Very Good), accompanied by a very positive rating rationale highlighting Eastern Alliance’s improved capitalization, strong operating performance, and superior agency relationships. Employers Alliance received approval to provide workers’ compensation claims and risk management services to self-insured employers in Maryland. In November 2002, the Group moved to its current headquarters at 25 Race Avenue in Lancaster. Global is a limited partner in the building project.

2003 – Present

In 2003, the Group received approval to offer Large Deductible and Retrospective Rating plans and Commercial Umbrella Excess Liability coverage in Pennsylvania. Global Alliance executed an agreement for the private placement sale of $8.0 million of 30-year fixed/floating rate trust preferred securities through a wholly owned trust subsidiary to fund future company growth.