---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-267310"
form_type: "8-K"
ticker: "EBC"
cik: "0001810546"
company_name: "Eastern Bankshares, Inc."
filed_at: "2023-10-31T23:59:59+00:00"
generated_at: "2026-06-09T04:52:55.497110+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Eastern Bankshares completes sale of Eastern Insurance to Gallagher for $511M cash

## Summary
- Transaction closed on Oct 31, 2023; purchase price approximately $511 million in cash, subject to working capital adjustments.
- Eastern Insurance serves over 75,000 individuals/businesses and represents more than 50 national/regional insurance carriers.
- CEO Bob Rivers says sale enables stronger focus on core banking growth; Gallagher to remain insurance brokerage partner.
- Company expects to file unaudited pro forma financial statements by November 6, 2023, giving effect to the asset sale.

## SEC filing metadata
- accession: 0001193125-23-267310
- form_type: 8-K
- ticker: EBC
- cik: 0001810546
- company_name: Eastern Bankshares, Inc.
- filed_at: 2023-10-31T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1810546/000119312523267310/0001193125-23-267310-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1810546/000119312523267310/d923226d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-267310
- JSON: https://secwatch.observer/filing/0001193125-23-267310.json
- Plain text: https://secwatch.observer/filing/0001193125-23-267310.txt

## Key facts
- M&A Transactions
  Eastern Bankshares, Inc. completed a disposition involving Arthur J. Gallagher Risk Management Services, LLC for approximately $511 million in cash (closed 2023-10-31).
  - Action: disposition
  - Counterparty: Arthur J. Gallagher Risk Management Services, LLC
  - Consideration: approximately $511 million in cash
  - Closing: 2023-10-31
  source text: set forth in the Asset Purchase Agreement dated September 19, 2023 (the “APA”), at the closing of the transaction, AJG paid an aggregate purchase price of approximately $511 million in cash consideration, subject to customary post-closing working capital adjustments. In a Current Report on Form 8-K dated September 19, 2023, the Company previously reported
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810546/000119312523267310/0001193125-23-267310-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.