Arthur J. Gallagher acquires Eastern Insurance Group

International brokerage, risk management and consulting firm Arthur J. Gallagher has signed, on 19 September 2023, a definitive agreement to acquire Eastern Insurance Group, a subsidiary of the US based Eastern Bank.

Under the terms of the transaction, Gallagher will acquire the assets of the insurance company for the sum of 510 million USD.

The current CEO of Eastern Insurance, Tim Lodge, and his team will continue to run the company, and will report to Gallagher executives Patrick Kennedy and John Neumaier.

Pending the approval of the relevant authorities, the transaction is expected to be finalized during the fourth quarter of 2023.