Eastern Bank’s insurance division made its first acquisition this year and its 35th acquisition in the past 20 years.
Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, has acquired the operating assets of Watertown-based Michals Insurance Agency Inc, the bank said in a statement Monday. The transaction took effect on March 1.
Michals Insurance is a full-service insurance agency working with individuals and businesses locally, nationally and internationally, according to the release. The agency’s products include fine art insurance.
“Since its inception in 1993, Michals Insurance has been committed to providing its customers with exemplary customer service and has been a highly respected member of the insurance community and industry,” said Tim Lodge, President and chief executive of Eastern Insurance Group, in the press release. . “Michals has served the national fine art sector for decades, and we believe their consultative approach to serving clients in this sector will broaden our offerings and complement our commitment to exceptional customer service. We are delighted to welcome the Michals team and begin working with this distinguished group of clients. »
Based in Natick, Eastern Insurance Group is licensed in all 50 states and provides personal and commercial insurance products and employee benefits services to more than 75,000 individuals and businesses.
Eastern Insurance Group made two acquisitions in 2021: Watertown-based Barr Insurance Agency Inc. and Concord-based NorthBridge Insurance Agency Inc.
“We are thrilled to join the Eastern family and look forward to the many new and enhanced opportunities we expect our combined teams to bring to our customers and in our workplace,” said Bradly Michals, President of Michals Insurance, in the press release. “My family and I are committed to advancing with Eastern Insurance our shared vision of serving customers with excellence and bringing good to the community.”