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Eastern Bank’s insurance division has made its first acquisition this year and its 35th acquisition over the past 20 years.

Eastern Insurance Group LLC, a wholly owned subsidiary of Eastern Bank, acquired the operating assets of Watertown-based Michals Insurance Agency Inc, the bank said in a statement Monday. The transaction was effective March 1.

Michals Insurance is a full-service insurance agency working with individuals and businesses locally, nationally and internationally, the statement said. The agency’s products include fine arts insurance.

“Since its inception in 1993, Michals Insurance has been committed to providing its clients with exemplary customer service and has been a highly respected member of the community and insurance industry,” Tim Lodge, president and CEO of Eastern Insurance Group, said in the statement. “Michals has served the national fine arts sector for decades, and we believe their consultative approach to serving clients in this sector will expand our offerings and complement our commitment to exceptional client service. We are excited to welcome the Michals team and begin working with this distinguished client group.”

Headquartered 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 be joining the Eastern family, and look forward to the many new and enhanced opportunities we expect our combined teams to bring to our customers and workplace,” Bradly Michals, president of Michals Insurance, said in the statement. “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.”