ROLLING
MEADOWS, Ill., Sept. 19,
2023 /PRNewswire/ -- Arthur J. Gallagher &
Co. today announced it has signed a definitive agreement to acquire
Natick, Massachusetts-based
Eastern Insurance Group, LLC (Eastern Insurance), 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.
Tim Lodge and his team will remain
in their current location under the direction of Patrick Kennedy, head of Gallagher's Northeast
region retail property/casualty brokerage operations, and
John Neumaier, head of Gallagher's
East region employee benefits consulting and brokerage
operations.
"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 (including
minimal expected synergies) for the trailing 12 months ended
June 30, 2023 were approximately
$104 million and $37 million, respectively. Under the agreement,
Gallagher will acquire the assets of Eastern Insurance for
consideration of $510 million net of
agreed seller funded expenses.
Arthur J. Gallagher & Co.
(NYSE:AJG), a global insurance brokerage, risk management and
consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides
these services in approximately 130 countries around the world
through its owned operations and a network of correspondent brokers
and consultants.
Investors: Ray Iardella, VP -
Investor Relations
Media: Paul Day, Communications
Manager
630-285-3661/
ray_iardella@ajg.com
630-285-5946/ paul_day1@ajg.com
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SOURCE Arthur J. Gallagher &
Co.