Insurance brokerage firm AssuredPartners, through its New Jersey-based subsidiary has acquired Eastern Insurance Acquisition Agency for an undisclosed sum.
Pennsylvania-based Eastern Insurance Acquisition Agency provides commercial insurance, personal insurance and life, health and employee benefit programs for individuals and businesses of all sizes.
With three divisions, Eastern Insurance Group offers services such as risk management, loss control, personal and corporate planning, investment and insurance solutions.
Commenting on the deal, Eastern Insurance Group president Brian Corbett said, "Our goal is to provide real value to our clients through customized insurance products."
"As part of AssuredPartners of New Jersey, our clients will experience the same trusted service, while benefiting from new resources, support tools and insurance offerings."
Under the terms of the transaction, over 45 Eastern Insurance Group staff will join AssuredPartners of New Jersey. The Wilkes Barre and Hazleton-based operations will continue under the leadership of Brian Corbett and Paul "Chip" Siegel.
AssuredPartners president and COO Tom Riley commented, "As we grow nationally, we look for strategic acquisitions that bring a combination of industry expertise, knowledge and professionalism to the table."
The latest acquisition by AssuredPartners follows its takeover of New Jersey-based Anderson-Jackson-Metts d/b/a AJM Insurance in October, which offers commercial and personal insurance coverage and financial planning and health benefits for corporations and individuals.
In August, the company acquired an independent insurance agency, Golseth & Gregson Insurance Services, to expand its footprint in the region.
Headquartered in Lake Mary, Florida, AssuredPartners, a portfolio company of Chicago-based private equity firm GTCR, acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety, MGA/wholesalers) across the US and in London.