Eastern Insurance Group LLC Ac – GuruFocus.com

Eastern+Insurance+Group+LLCa subsidiary of Eastern+Bank, announced today that it has acquired the operating assets of John T. Burns Insurance Agency, Inc, a full service insurance agency located in Newtonville, MA. The service is effective on August 1, 2022 and marks the 36th acquisition of an independent insurance agency by Eastern Insurance since 2002 and the second this year.

Family owned and operated since 1892, Burns Insurance has been a staple in their community with a reputation for providing quality, personalized customer service. Steven Oakes, President of Burns Insurance, said, “We are proud of what we have created in our community to provide our customers with the best service and welcome them as part of our family. Now, with more choices to reach our customers and dealers, and the growth and history of Insurance of the East, we will be ready to serve those customers in the future.”

“Burns Insurance has been known for its strong relationships with clients for over a century. Steve Oakes and Ed Timmerman have worked closely with many long-time clients who we look forward to welcoming to Eastern Insurance Group,” said Tim Lodge, President and CEO of Eastern. Insurance Group LLC.

Information about Eastern Insurance Group LLC

Eastern Insurance Group LLC, based in Natick, Massachusetts, is a subsidiary of Eastern Bank. Licensed to do business in every state, Eastern Insurance serves more than 75,000 individuals and businesses and offers all types of personal and commercial insurance, as well as employee benefit services. Representing more than 50 national and regional insurance carriers, Eastern Insurance is recognized as one of the largest insurance companies in Massachusetts. For more information, visit www.easterninsurance.com.

More on Eastern Bank

Founded in 1818, Boston-based Eastern Bank has more than 120 locations serving residents in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of June 30, 2022, Eastern Bank had approximately $22 billion in assets. Eastern provides banking, investment and insurance services and services to consumers and businesses of all sizes, including through its Eastern Wealth Management division and its Eastern Insurance Group LLC division. Eastern is proud of its strong commitment to community and community support that includes $240 million in philanthropic giving since 1994. As an integrated company, Eastern employs approximately 2,100 dedicated professionals who value relationships with their clients, colleagues, and communities. Join us for the best www.easternbank.com and follow the East Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (“Company”) (Nasdaq Global Select Market: EBC) is a holding company of Eastern Bank. For more information on the product, visit investor.easternbank.com.

Forward-Looking Comments

Statements in this press release regarding Eastern Insurance’s future results, growth, business plans and prospects, as well as any other statements that do not relate to current events or trends or are not historical, constitute forward-looking statements. These forward-looking statements are based on the historical past of Eastern Insurance and John T. Burns Insurance Agency, Inc. (“Burns Insurance”), and their plans, assumptions and expectations as of the date of this release. Forward-looking statements include statements about expected future events and can be characterized by the fact that they do not necessarily relate to the past or present. They often include words such as “believe,” “expect,” “expect,” “estimate,” and “intend” or future or passive verbs such as “will,” “would hope,” “should,” “can,” or “may .” Forward-looking statements, by their nature, involve risks and uncertainties. Other factors that could cause actual results to differ from anticipated results include difficulties and delays in integrating customers or Burns Insurance’s business, or increases in suppliers; Eastern Insurance’s failure to improve revenue and earnings growth or to fully realize the cash or cash flows or other benefits expected from the acquisition; failure to implement merger plans and other consequences related to the acquisition of assets; the choice of customers of Burns Insurance or its distributors not to maintain their business relationship with Eastern Insurance; and the effects of competition in the financial services industry, including the success of competitors in recruiting Burns Insurance salespeople, the Company’s market conditions related to the COVID-19 pandemic, including the severity and duration of the current economic downturn, current challenges in the level and method of loan errors and repayments and changes in the ratio of the adequacy of payment of loan losses, increased competition, changes in interest rates, economic conditions or conditions within the securities markets, and changes in laws and regulations. which may affect the business of the Company, Eastern Bank and Eastern Insurance.

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