Eastern Bankshares, Inc., the stock holding company for Eastern Bank, has completed the previously disclosed sale of its insurance operations, which conduct business as Eastern Insurance Group, to Arthur J. Gallagher & Co.
Under the agreement, Gallagher acquired Eastern Insurance assets for consideration of $510 million net of agreed seller-funded expenses. Eastern’s pro-forma revenues for the 12 months that ended in June were $104 million.
Eastern Insurance, based in Natick, Massachusetts, offers commercial property/casualty insurance, personal lines products and employee benefits consulting. It is licensed to do business in every state and represents more than 50 national and regional insurance carriers.
Eastern President and CEO Tim Lodge and his team will remain at the current offices, and will report to Patrick Kennedy, head of Gallagher’s Northeast retail property/casualty brokerage operations.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries.
Topics A.J. Gallagher
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