An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Eastern Bankshares, Inc. Announces Closing Of Eastern Insurance Group LLC Asset Sale
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Eastern Bankshares, Inc. has completed the sale of Eastern Bank's insurance operations, Eastern Insurance Group LLC, to Arthur J. Gallagher & Co. This allows Eastern Bank to focus on its core banking business. Eastern Insurance offers property and casualty as well as life and health insurance to individuals and businesses across all states, representing over 50 insurance carriers.
Positive
None.
Negative
None.
BOSTON--(BUSINESS WIRE)--
Eastern Bankshares, Inc. (the “Company”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today it has completed the previously disclosed sale of Eastern Bank’s insurance operations, which conduct business under the name Eastern Insurance Group LLC (“Eastern Insurance”), to Arthur J. Gallagher & Co. (NYSE: AJG) (“Gallagher”).
“This transaction enables a stronger focus on the strategic growth of our core banking business,” said Bob Rivers, Chief Executive Officer and Chair of the Board of Eastern Bankshares, Inc. and Eastern Bank. “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.”
Eastern Insurance acts as an agent in offering property and casualty 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.
About Eastern Bankshares, Inc. and Eastern Bank
Eastern Bankshares, Inc. is the stock holding company for Eastern Bank. 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 September 30, 2023, Eastern Bank had approximately $21 billion in total assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes, and takes pride in its outspoken advocacy and community support that includes $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues, and communities. For investor information, visit investor.easternbank.com.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
founded in 1818 and based in boston, eastern bank is the largest and oldest mutual bank in the united states, with $10 billion in assets and over 120 locations serving communities in eastern massachusetts and southern and coastal new hampshire. eastern is a recognized leader in corporate social responsibility and for its advocacy on behalf of a number of social justice causes. member fdic. equal housing lender.
