Arthur J. Gallagher To Buy Eastern Insurance Group

(RTTNews) - Arthur J. Gallagher & Co. Tuesday announced it has agreed to acquire Natick, Massachusetts-based Eastern Insurance Group, LLC, a subsidiary of Eastern Bank.

The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2023.

Eastern Insurance offers comprehensive commercial property/casualty and personal lines products as well as employee benefits consulting to clients throughout the Northeast US.

"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," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I look forward to welcoming Tim and the Eastern Insurance team to our growing Gallagher family of professionals."

Eastern Insurance pro forma revenues and EBITDAC for the trailing 12 months ended June 30, 2023 were about $104 million and $37 million, respectively.