Arthur J. Gallagher & Co. Acquires Eastern Insurance Group
September 19, 2023
Arthur J. Gallagher & Co. signed a definitive agreement to acquire Natick, Massachusetts-based Eastern Insurance Group, LLC (a subsidiary of Eastern Bank) for $510 million (net of seller-funded expenses). The acquisition, expected to close in late 2023 and now completed, expands Gallagher’s commercial property/casualty, personal lines and employee benefits capabilities across the Northeast U.S.; Eastern Insurance reported pro forma trailing-12-month revenues of approximately $104 million and EBITDAC of $37 million.
- Buyers
- Arthur J. Gallagher & Co.
- Targets
- Eastern Insurance Group, LLC
- Sellers
- Eastern Bank (Eastern Bankshares, Inc.)
- Industry
- Insurance
- Location
- Massachusetts, United States
- Transaction Type
- Buyout
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