What You Need to Know as a Client of Eastern Insurance

 

A Letter to our Clients

 

Important update:

Due to our upcoming acquisition by Arthur J. Gallagher tentatively set for 10/31/23, we will have to temporarily pause our on-site registry services effective 10/25/23 to undergo the transition process with the RMV.  We understand the importance of this convenient service to our customers and are making this a priority to get back up and running as soon after the acquisition date as possible. During the pause, please take advantage of the runners available at the below locations to assist with RMV transactions by calling 800-333-7234 to make an appointment. We will let you know as soon as we are back up and running.  Please contact us with any questions or concerns.

 

EIG LOCATION
Amesbury – 34 Market Street	Natick – 233 West Central Street
Andover – 60 Main Street	Newton – 32 Langley Road
Concord – 1150 Main Street	Northborough – 145 Otis Street
Danvers – 21 Maple Street	Norwell – 77 Accord Park Dr, B1
Duxbury – 33 Enterprise Street	Quincy – 111 Washington Street
Gloucester – 4 Railroad Ave.	Wakefield – 100 Quannapowitt Pkwy

What happened:

Eastern Bank has entered into an agreement to sell the assets of Eastern Insurance Group LLC to regional and global insurance leader, Arthur J. Gallagher & Co. (Gallagher).  View Press Release Here

When is this happening:

The expected transaction closing date is October 31, 2023

Why is this happening:

After more than 20 years of support from our parent Eastern Bank, we are excited to join an exceptionally resourceful insurance organization as we look to broaden our capabilities and strength in the marketplace with the ultimate goal of better serving our clients, partners, colleagues and communities. We are grateful to Eastern Bank and look forward to continued partnership and collaboration with our banking colleagues.

Are employees keeping their jobs?

Yes, all employees have been extended an offer to transition over to Gallagher as of the Transaction Date.

Are your locations closing?

Some brick-and-mortar locations will change - our corporate home office will remain in Natick with hubs in Wakefield, Northborough, Norwell and Newburyport. We will be relocating staff from existing shared banking locations, and as we continue to monitor our current office space, analyze customer activity, and explore our new technology options for communicating with our clients, we will take the opportunity to close and consolidate some office locations and develop more innovative, collaborative spaces.

What will this mean for me?

Our clients will continue to receive the high degree of service they’ve come to know and expect from the same teams they’ve known over the years. This transaction gives our clients additional and industry-leading resources, such as benefit and human resource consulting, specific industry vertical solutions and specialized coverage expertise, increased access to traditional domestic insurance carriers and complete access to the world’s leading insurance markets.

Gallagher’s focus and expertise in specialty sectors like real estate, healthcare and construction—among others—will be especially valuable to our client base.

What will the future relationship with Eastern Bank look like?

Even though we will become a part of Gallagher, we will continue to serve many clients who are also valued clients of Eastern Bank. In fact, Eastern Bank will continue to be a Gallagher client for years to come. Gallagher and Eastern Bank expect to continue working together, with Eastern Bank continuing to provide insurance client referrals to our Gallagher team and vice versa.

What do I need to do as a client?

There is nothing clients will need to do.  You will soon start to see communications coming from us under the Gallagher name and logo with further information as needed.  Your policies will remain in force with the carrier they are insured with now.