Eastern Insurance Group LLC Acquires Assets of NorthBridge Insurance Agency, Inc.
Eastern Insurance Group LLC, a subsidiary of Eastern Bank, has acquired the assets of NorthBridge Insurance Agency, Inc., effective April 1, 2021. This acquisition marks Eastern Insurance's 33rd acquisition since 2002. NorthBridge, operating since 1997, is known for its robust customer service in personal and business insurance. This strategic move is intended to enhance Eastern's position in the insurance market, serving over 75,000 clients across the United States.
- Strengthens Eastern Insurance's market position with 33rd acquisition since 2002.
- Enhances service offerings and client base by integrating NorthBridge's established customer service reputation.
- Integration challenges may arise from onboarding NorthBridge's business and sales team.
- Potential risks of customer retention from NorthBridge's existing clientele.
Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, announced today that it has acquired the assets of the NorthBridge Insurance Agency, Inc., a full-service insurance agency located in Concord, MA. The transaction is effective April 1, 2021 and marks the 33rd acquisition of an independent insurance agency for Eastern Insurance since 2002.
NorthBridge Insurance has assisted individuals and businesses with personal and business insurance coverages since 1997. “For decades, NorthBridge Insurance has been dedicated to excellence in the insurance industry. Its customer service, work with insurance carriers and involvement in the community are highly regarded, and we are excited to welcome the team to our organization,” said John Koegel, President and CEO of Eastern Insurance Group LLC.
Carol Wilson, President of NorthBridge Insurance, added, “Insurance is our passion, as is offering insurance service that exceeds expectations to individuals, businesses and families. Eastern Insurance stands for all that we believe in–providing the best products and services to our clients, a great place to work and giving back to the community–and we are thrilled to be joining with them and offering more opportunity to our customers and employees.”
About Eastern Insurance Group LLC
Eastern Insurance Group LLC, headquartered in Natick, Massachusetts, is a wholly-owned subsidiary of Eastern Bank. Licensed to do business in every state, Eastern Insurance serves more than 75,000 individuals and businesses and provides a full range of personal and commercial insurance products, as well as employee benefits services. Representing more than 50 national and regional insurance carriers, Eastern Insurance is recognized as one of the largest insurance agencies headquartered in Massachusetts and the 30th largest property and casualty agency in the United States. For more information, visit www.easterninsurance.com.
About Eastern Bank
Founded in 1818, Boston-based Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of December 31, 2020, Eastern Bank had approximately
Forward-Looking Statements
Statements in this press release regarding Eastern Insurance’s future operating results, growth, business plans and prospects, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the historical performance of Eastern Insurance and the NorthBridge Insurance Agency, Inc. (“NorthBridge Insurance”), and their respective plans, estimates and expectations as of the date of this release. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include difficulties and delays in integrating the customers or business of NorthBridge Insurance, or onboarding its sales producers; Eastern Insurance’s inability to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the asset acquisition; the inability to implement integration plans and other consequences associated with the asset acquisition; the choice by customers of NorthBridge Insurance or its sales producers not to keep their respective business relationships with Eastern Insurance; and effects of competition in the financial services industry, including competitors’ success in recruiting away NorthBridge Insurance’s sales producers, developments in the Company’s market relating to the Covid-19 pandemic, including the severity and duration of the associated economic slowdown, adverse developments in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for loan losses, increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company, Eastern Bank and Eastern Insurance are engaged.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005841/en/
FAQ
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