BOSTON – The previously disclosed sale of Eastern Bank’s insurance business, Eastern Insurance Group LLC, to Arthur J. Gallagher & Company has been completed, Eastern Bankshares, Inc., Eastern Bank’s stock holding company, said on Tuesday. was announced on October 31st.
“This transaction allows us to further focus on the strategic growth of our core banking business,” Robert F. Rivers, chairman of Eastern Bancshares and chairman and CEO of Eastern Bank, said in a statement. I will be able to do it.” “We are grateful for the leadership of Eastern Insurance CEO Tim Lodge and the entire Eastern Insurance team for their years of dedication, friendship, and outstanding service to our customers, colleagues, and communities. We look forward to continuing our relationship with industry leader Gallagher as a brokerage partner.”
Eastern Insurance acts as an agency providing property and casualty insurance, life insurance, and health insurance to both individual and corporate customers. Eastern Insurance is licensed to do business in every state, serves more than 75,000 individuals and businesses, and represents insurance companies in more than 50 countries and territories, according to a news release.
Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of September 30, Eastern Bank had total assets of approximately $21 billion.
Arthur J. Gallagher & Co. is a global insurance brokerage, risk management, and consulting services firm headquartered in Rolling Meadows, Illinois, with operations in approximately 130 countries worldwide through its operations and network of correspondent brokers and consultants. We provide services at. According to the release.