Eastern Insurance Acquires Kittredge Insurance Agency in Northborough
Deal Provides Kittredge's Customers with Broader Range of Insurance Products
NATICK, Mass., Aug. 11, 2008 - Eastern Insurance Group today announced the acquisition of Northborough-based Kittredge Insurance Agency, Inc., giving Kittredge's customers access to a broader range of insurance products and services.
For Eastern Insurance, the acquisition increases its customer base west of Boston, where it already has eight locations. In all, Natick-based Eastern Insurance has 26 locations in eastern and central Massachusetts and parts of Connecticut and New Hampshire, making it New England's largest independent insurance agency.
"We are excited to welcome the talented staff of Kittredge Insurance, a wellrespected agency," said Hope Aldrich, president and CEO of Eastern Insurance, a subsidiary of Eastern Bank. "It is their commitment to the delivery of superior customer service and products to their clients that makes this a great cultural fit in our expansion to western Massachusetts."
The transition will be seamless to customers as Eastern Insurance will retain the Kittredge Insurance employees. Francis J. Kittredge, President of Kittredge Insurance, will remain with Eastern Insurance in a senior executive position.
"I am excited for our loyal customers who will now have access to a broader range of products and services while still receiving the same great customer service," said Kittredge. "This is especially great news for our customers with the advent of competitive rating for auto insurance in Massachusetts."
Kittredge Insurance's roots trace back to 1984 when Francis J. Kittredge opened a small office in Northborough, Mass. The agency has steadily grown through the years and earned a reputation as a leading provider of insurance products throughout Massachusetts.
The expertise and services available to clients of Kittredge, particularly in the areas of commercial and benefits insurance are expanded by the merger. In addition, Eastern Insurance is the largest personal lines agency headquartered in Massachusetts. Eastern Insurance is licensed throughout the country and has international capabilities to accommodate larger clientele.
Business Management Group, a subsidiary of The Hartford Financial Services Group (NYSE: HIG), served as advisor to Kittredge Insurance Agency, Inc. in this transaction.
Eastern Insurance Group is a subsidiary of Eastern Bank, which is one of the largest privately held banks in the country, with close to $7 billion in assets.
About Eastern Insurance Group
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.