Novatae Risk Group Acquires Assets of Far East Insurance Marketing

Novatae Risk Group Acquires MarketScout Corporation

November 10, 2022

Insurance

Novatae Risk Group, a wholesale insurance broker and MGA, has acquired Dallas-based MarketScout Corporation and named MarketScout founder Richard Kerr as Novatae's CEO. The deal brings MarketScout’s specialty insurance capabilities into Novatae’s platform to expand product offerings and strengthen partnerships; terms were not disclosed.

Novatae Risk Group Acquires American Management Corporation

September 1, 2023

Financial Services

Novatae Risk Group acquired the assets of American Management Corporation (AMC) of Conway, Arkansas effective September 1, 2023. The deal brings AMC's specialty insurance programs for service stations, convenience stores and fuel marketers into Novatae's wholesale/MGA platform to expand its program offerings and distribution capabilities.

Novatae Risk Group Acquires Assets of Denali Specialty Group

July 1, 2024

Insurance

Novatae Risk Group acquired the assets of Denali Specialty Group, LLC of St. Louis, Missouri effective July 1, 2024; terms were not disclosed. Denali is a small specialty insurance intermediary (founded 2019) focused on investor properties, cannabis, excess worker compensation and student housing, and will bring program development and underwriting talent to Novatae. MarshBerry advised Novatae; Giordano, Halleran & Ciesla provided legal counsel to Novatae and McCarthy, Leonard & Kaemmerer provided legal counsel to Denali.

Eastern Insurance Group Acquires Auburn Insurance Agency

October 1, 2020

Insurance

Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, acquired the assets of Auburn Insurance Agency, Inc., a family-owned Massachusetts insurance agency founded by Janice Ryan. The asset purchase, effective October 1, 2020, expands Eastern Insurance's specialty capabilities in program business and complements its existing property & casualty and niche insurance practices.

Arthur J. Gallagher & Co. Acquires Eastern Insurance Group

September 19, 2023

Insurance

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.

Eastern Insurance Group Acquires Operating Assets of John T. Burns Insurance Agency

August 1, 2022

Insurance

Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, has acquired the operating assets of the John T. Burns Insurance Agency, Inc., an independent, family‑owned insurance agency based in Newtonville, Massachusetts. The asset acquisition (effective August 1, 2022) expands Eastern Insurance's footprint and client base as part of its ongoing strategy of acquiring independent agencies.