The global insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co., has signed a definitive agreement to acquire Eastern Insurance Group, LLC (Eastern Insurance), a subsidiary of Eastern Bank.
Massachusetts-based Eastern Insurance offers comprehensive commercial property and casualty and personal lines products, as well as employee benefits consulting to clients throughout the Northeast US.
The transaction is subject to regulatory approval with closing expected in Q4 of 2023.
Tim Lodge and his team will remain in their current location. They will be led by Patrick Kennedy, Head of Gallagher’s Northeast region retail property/casualty brokerage operations and John Neumaier, Head of Gallagher’s East region employee benefits consulting and brokerage operations.
J. Patrick Gallagher, Jr., Chairman, President and CEO, commented, “Eastern Insurance is highly regarded throughout New England, where they have established a strong culture and demonstrated steady organic growth.
“Their extensive niche expertise in retail, construction, real estate, hospitality and benefits will enhance the value we deliver to our clients and significantly expand our capabilities in the region. I look forward to welcoming Tim and the Eastern Insurance team to our growing Gallagher family of professionals.”
Under the terms of the agreement, Gallagher will acquire the assets of Eastern Insurance for a consideration of $510 million, net of agreed seller-funded expenses.
