Eastern Insurance Group, a wholly-owned subsidiary of Eastern Bank, has purchased the assets of the Auburn Insurance Agency, a full-service insurance agency based in Massachusetts.
Financial and other terms of the acquisition have not been revealed by the companies.
The acquired firm, which was founded by president Janice Ryan in 1982, specialises in complex commercial insurance coverage programme placement and management.
To administer insurance programmes without any glitch, the family-owned company’s technology includes a client portal and third party backroom process outsourcing centre.
Auburn Insurance Agency offers property and casualty insurance programmes for individuals and businesses in 16 US states.
Eastern Insurance Group president and CEO John Koegel said: “Since founding Auburn Insurance Agency 38 years ago, Jan Ryan has received many honors for unique insurance programs, all distinguished by a commitment to outstanding customer service delivery,”
“Her practice areas, which include specialty niches in real estate, fraternal organizations, non-profits, and commercial insurance, complement our existing practices and others where we are looking to grow, and we are delighted to welcome her to the Eastern Insurance family.”
Janice Ryan added: “Eastern Insurance is well versed in program business and insuring complex insurance risks, and offers a wonderful platform and supporting resources to enhance our specialty offerings.
“We share a commitment to serving our customers with excellence and bringing good to the community, and I look forward to joining the team.”
The transaction, which is effective 1 October 2020, is the 31st acquisition for Eastern Insurance since 2002.