BOSTON – The previously disclosed sale of Eastern Insurance Group LLC, the insurance operations of Eastern Bank, has been completed to Arthur J. Gallagher & Co., announced Eastern Bankshares Inc., the stock holding company for Eastern Bank, on Oct. 31.
“This transaction enables a stronger focus on the strategic growth of our core banking business,” Robert F. Rivers, chair of Eastern Bankshares and chair and CEO of Eastern Bank, said in a statement. “We are grateful for the leadership of Eastern Insurance’s CEO Tim Lodge and the entire team at Eastern Insurance for their years of contributions, camaraderie and outstanding service to our customers, colleagues and communities we serve. We look forward to continuing our relationship with industry leader Gallagher as our insurance brokerage partner.”
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Eastern Insurance acts as an agent in offering property and casualty insurance, as well as life and health insurance, to both personal and commercial customers. Licensed to do business in every state, Eastern Insurance serves more than 75,000 individuals and businesses and represents more than 50 national and regional insurance carriers, 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 Sept. 30, Eastern Bank had approximately $21 billion in total assets.
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Ill., and provides services in approximately 130 countries worldwide through its owned operations and a network of correspondent brokers and consultants, according to the release.
