With this latest acquisition, Eastern Insurance is strengthening its presence in Boston
Natick-based Eastern Insurance Group, LLC has acquired Northwestern Benefits Associates (NBA), an independent group benefits broker based in Boston. The parent company of Northwestern Benefits Associates is Northwestern Mutual.
We are excited to welcome Northwestern Benefit Associates employees and customers to the Eastern Insurance family,” said Hope A. Aldrich, President and CEO of Eastern Insurance. “Northwestern Benefit Associates has an excellent reputation for superior customer service and products, making it a perfect cultural fit to our organization.”
Eastern Insurance plans to re-brand NBA as an Eastern Insurance location
According to the terms of the transaction, NBA’s Boston office will continue to operate out of its present location, at One Beacon Street, but will be re-branded as an Eastern Insurance location. All current NBA’s employees will be retained and will continue to serve in the same capacity as they did with Northwestern Benefit Associates. The goal is to ensure a seamless transition so that all of Eastern Insurance’s newest clients will enjoy uninterrupted services. No further terms of the transaction were disclosed.
Matthew F. Shadrick, Eastern Benefits Group’s Practice Leader and an Executive Vice President adds that the agreement will provide new Eastern Insurance customers with greater access to a broader range of benefits services and capabilities.
NBA is an affiliate of Northwestern Mutual’s Strategic Employee Benefit Services
NBA was first founded in 1984, by Jason Stone. As the Boston affiliate of Strategic Employee Benefit Services, it was, until its acquisition, a part of Northwestern Mutual.
“We are proud of what we have built in providing the best group benefits insurance plans for employers and their employees,” said Charles R. Diamond, President of Northwestern Benefit Associates. “We believe that the choice of Eastern Insurance will serve our clients and employees extremely well with their ability to provide elevated resources and services.”
Eastern Insurance will have 25 New England locations with this acquisition
Upon the finalization of the acquisition of NBA, Eastern Insurance will now have 25 locations throughout New England. The acquisition of this Boston-based agency strengthens and expands Eastern Insurance’s overall presence in Boston.
“Boston is at the center of the many markets that we now serve, so this was an attractive opportunity to partner with a successful agency with an excellent reputation in the financial community and group benefits space,” said Ms. Aldrich.
Eastern Insurance is currently the largest insurance agency headquartered in Massachusetts and is the 51st largest agency in the United States.
