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Eastern Insurance Group LLC, a subsidiary of Eastern Bank, has acquired the Auburn Insurance Agency Inc. a family-owned insurance agency based in Central Massachusetts.

The transaction was effective Oct. 1, making it the 31st acquisition for Eastern Insurance since 2002, according to a statement from Eastern Bank. Eastern converted to a stock bank on Oct. 14.

Founded in 1982 by its president, Janice Ryan, Auburn Insurance provides commercial insurance coverage program placement and management, according to a statement from Eastern Bank.

“Since founding Auburn Insurance Agency 38 years ago, Jan Ryan has received many honors for unique insurance programs, all distinguished by a commitment to outstanding customer service delivery,” John Koegel, president and CEO of Eastern Insurance Group LLC, said in a statement. “Her practice areas, which include specialty niches in real estate, fraternal organizations, non-profits, and commercial insurance, complement our existing practices and others where we are looking to grow, and we are delighted to welcome her to the Eastern Insurance family.”

Eastern Insurance Group is based in Natick and licensed in all 50 states. It has more than 75,000 individuals and businesses as customers and provides personal and commercial insurance products, as well as employee benefits services. Auburn Insurance provides property and casualty insurance programs for individuals and businesses in 16 states.

“Eastern Insurance is well versed in program business and insuring complex insurance risks, and offers a wonderful platform and supporting resources to enhance our specialty offerings,” Ryan said. “We share a commitment to serving our customers with excellence and bringing good to the community, and I look forward to joining the team.”

Eastern Bank’s Insurance Division Makes Acquisition

by Banker & Tradesman time to read: 1 min