Eastern Insurance acquiring Anderson Insurance Services, Inc.
NATICK, Mass., May 27, 2008 - Eastern Insurance Group today announced plans to acquire Marshfield-based Anderson Insurance Services, Inc., which specializes in musical instrument insurance as well as offering auto, life, home, boat, annuities and business insurance.
"We're pleased to welcome Anderson Insurance to the Eastern Insurance team, which is dedicated to providing consumers and businesses with a superior range of insurance products and services," said Hope Aldrich, president and CEO of Eastern Insurance, a subsidiary of Eastern Bank. "Anderson has a top-notch reputation in Massachusetts, and we will continue its tradition of providing great service to customers."
The acquisition will be seamless to Anderson's customers as Eastern Insurance will retain all Anderson employees. It will also provide Anderson customers with access to the largest personal lines agency in the state, offering considerable personal and commercial lines as well as benefits capabilities. Eastern Insurance is licensed throughout the country and has international capabilities to accommodate larger clientele.
"This is great news for our customers, who will now have access to a broader range of products and services while still receiving great quality service," said Peter Anderson, CEO of Anderson Insurance. "Eastern is the region's largest insurance provider for consumer and business insurance, yet it still operates as a small-town agency, providing superior service to its customers."
Anderson's roots trace back to 1964, when Bill Drury and Harvey Winchester opened Winchester & Drury at the same location the agency is operating out of today. In 1983, Peter Anderson purchased Winchester & Drury from Bill Drury and soon thereafter merged Winchester & Drury with Anderson Insurance Services, Inc. Since then, the agency steadily developed its reputation as a leading provider of insurance products among residents and businesses in Plymouth County. Anderson received the Number One ranking for the Community Newspapers Company Regional Readers Choice Awards in the last two years, including the Gold choice award for 2007.
Eastern Insurance Group is a subsidiary of Eastern Bank, the largest independent, mutually owned commercial banking franchise in New England, with $6.8 billion in assets.
North Bridge Advisors, Inc., an insurance agency merger and acquisition advisor in Concord, Mass., advised Eastern Insurance on this transaction.
About Eastern Insurance
Eastern Insurance, headquartered in Natick, is a subsidiary of Eastern Bank, the largest independent, mutually owned bank in New England with branches stretching from Merrimack Valley to Cape Cod. Eastern Insurance serves more than 70,000 individuals and businesses and provides a full range of personal and commercial insurance products, surety, and employee benefits services, including group health and life insurance and 401(k) administration.