Eastern Insurance Group in Natick, Massachusetts, announced that it has acquired Northwestern Benefit Associates, an independent group benefits broker based in Boston, from the broker’s parent company Northwestern Mutual. Terms of the transaction were not disclosed.
Eastern Insurance said Northwestern Benefit Associates’ Boston office will remain open and rebranded as an Eastern Insurance location. Upon completion of the transaction, Eastern Insurance will have 25 locations in New England. Eastern Insurance is a wholly owned subsidiary of Eastern Bank, an independent, mutually owned bank in Boston.
Eastern Insurance said the acquisition increases its customer base in the greater Boston area. The move also further strengthens Eastern Bank’s overall position in Boston where it has a number of offices.
Eastern Insurance serves more than 70,000 individuals and businesses and provides personal and commercial insurance products, surety, and employee benefits services. The firm was ranked 34th in Insurance Journal‘s Top 100 Property/Casualty Agencies list this year, based on total property/casualty agency revenues for 2014.
Topics Mergers & Acquisitions
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