Eastern Insurance Group LLC Acquires Assets of Barr Insurance Agency, Inc.


Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, announced today that it has acquired the business assets of Barr Insurance Agency, Inc., a family-run, full-service insurance agency based in Watertown, MA. The transaction takes effect May 1, 2021 and marks the 34th acquisition by an independent insurance agency for Eastern Insurance since 2002.

Barr Insurance has provided personal and business insurance coverage to individuals and businesses for more than 50 years. "Barr Insurance is known for offering a wide variety of coverage to both individuals and businesses, from automobiles to households to commercial lines. It has great loyalty from many longstanding customers and we look forward to welcoming them to EIG . "said John Koegel, President and CEO of Eastern Insurance Group LLC.

Marianne Jenkins, President of Barr Insurance added, "Having served our valued customers for the past five decades, we are excited about the new opportunities that are being offered to them by the highly regarded Eastern Insurance team."

About Eastern Insurance Group LLC

Eastern Insurance Group LLC, headquartered in Natick, Massachusetts, is a wholly owned subsidiary of Eastern Bank. Eastern Insurance is licensed to do business in all states and serves more than 75,000 individuals and businesses. The company offers a full range of personal and commercial insurance products and employee benefits. Eastern Insurance represents more than 50 national and regional insurance carriers and is considered one of the largest insurance agencies, headquartered in Massachusetts, and the 30th largest property and casualty insurer in the United States. More information is available at www.easterninsurance.com.

About the Eastern Bank

Founded in 1818 and based in Boston, Eastern Bank has more than 110 locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2021, Eastern Bank had total assets of approximately $ 17 billion. Eastern provides banking, investment, and insurance products and services to consumers and businesses of all sizes, including through its Eastern Wealth Management division and its subsidiary Eastern Insurance Group LLC. Eastern is proud of its outspoken community advocacy and support, which has raised $ 240 million in charity since 1994. Eastern is an inclusive company, employing approximately 1,900 dedicated professionals who value relationships with their customers, colleagues and communities. Visit us at www.easternbank.com and follow Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern Bankshares, Inc. (the "Company") (Nasdaq Global Select Market: EBC) is the equity holding company of Eastern Bank. For investor information, visit investor.easternbank.com.

The story goes on

Forward-Looking Statements

Statements in this press release regarding Eastern Insurance's future results of operations, growth, business plans and prospects, and other statements that are not based on current facts or conditions, or are not purely historical, are forward-looking statements. These forward-looking statements are based on the historical performance of Eastern Insurance and Barr Insurance Agency, Inc. ("Barr Insurance") and their respective plans, estimates and expectations as of the date of this publication. Forward-looking statements contain statements about expected future events and can be identified by the fact that they do not relate solely to historical or current facts. They often contain words such as "believe," "expect," "anticipate," "estimate," and "intend," or future or conditional verbs such as "will," "would," "should," "could," or "may." By their very nature, forward-looking statements are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from anticipated results include difficulties and delays in integrating Barr Insurance's customers or business. Eastern Insurance's inability to maintain sales and earnings growth or to fully realize revenue or expense synergies or the other anticipated benefits of acquiring assets; the inability to implement integration plans and other consequences associated with the acquisition of assets; Barr Insurance's customers' decision not to continue doing business with Eastern Insurance; and effects of competition in the financial services industry, developments in the Company's market in connection with the COVID-19 pandemic, including the severity and duration of the associated economic slowdown, adverse developments in the amount and direction of loan defaults, and amortization and changes in reasonableness estimates allowance for credit losses, increased competitive pressures, changes in the interest rate environment, general economic or securities market conditions, and legal and regulatory changes that could adversely affect the business in which Eastern Bank and Eastern Insurance are engaged .

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005576/de/

contacts

Media contact:
Andrea Goodman
Eastern Bank
a.goodman@easternbank.com
781-598-7847

Investor contact:
Jill Belliveau
Eastern Bankshares, Inc.
InvestorRelations@easternbank.com
781-598-7920


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https://businessservicesnews.ca/eastern-insurance-group-llc-acquires-assets-of-barr-insurance-agency-inc/

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