Eastern Bankshares Sells Eastern Insurance Group to Gallagher & Co.
TL/DR –
Eastern Bankshares has completed the sale of Eastern Insurance Group to Arthur J. Gallagher & Co. CEO Robert F. Rivers stated that the transaction will allow a stronger focus on the strategic growth of their core banking business. Eastern Insurance, which offers property, casualty, life, and health insurance to both personal and commercial customers, serves over 75,000 individuals and businesses and represents more than 50 national and regional insurance carriers.
EASTERN BANKSHARES INC. Finalizes Sale of Eastern Insurance Group LLC to Arthur J. Gallagher & Co.
Eastern Bankshares Inc., the holding company for Boston-based Eastern Bank, confirmed on October 31, the successful completion of the sale of their insurance branch, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co.
“This deal allows for increased concentration on strategic growth within our primary banking sector,” stated Robert F. Rivers, the Chair and CEO of Eastern Bank, and the Chair of Eastern Bankshares. Rivers acknowledged the efforts of team Eastern Insurance under the leadership of CEO Tim Lodge for their significant contributions and services. He also expressed excitement over Eastern Bank’s continuing partnership with industry leader Gallagher as their insurance brokerage partner.
Eastern Insurance provides property and casualty insurance, as well as life and health insurance to both personal and commercial customers. With licenses to operate in all states, Eastern Insurance serves over 75,000 clients and represents more than 50 national and regional insurance carriers.
Eastern Bank, established in 1818, has over 120 branches in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, it held assets worth roughly $21 billion.
Arthur J. Gallagher & Co., a global leader in insurance brokerage, risk management, and consulting services, is based in Rolling Meadows, Illinois. They offer services in almost 130 countries through their owned operations and a network of correspondent brokers and consultants.
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