Eastern Insurance Group reported that it plans to acquire Marshfield, Mass.-based Anderson Insurance Services, Inc., an independent agency specializing in musical instrument insurance along with auto, life, home, boat, annuities and business insurance.
Eastern Insurance Group is a subsidiary of Eastern Bank, the largest independent, mutually owned commercial banking franchise in New England, with $6.8 billion in assets.
Eastern Insurance bills itself as the largest personal lines agency in Massachusetts, which is undergoing a change from a fixed to a competive rating system for private passenger auto. Eastern Insurance is licensed throughout the country.
Anderson Insurance Services CEO Peter Anderson, who is known for his expertise in insuring musical instruments, began Anderson Insurance in 1983 after acquiring Winchester & Drury Insurance. Anderson has been selling insurance to musicians since 1991.
In an August, 2007 profile in Insurance Journal, Anderson said the agency has about $1.5 million in revenues and has eight full time employees. He said his musical program represented close to 40 percent of his business.
Source: Eastern Insurance
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