Sudbury's Auburn Insurance Agency Acquired By Eastern

SUDBURY, MA — One of the largest regional banks in New England has acquired a Sudbury insurance company through a subsidiary, the bank's first move after a $1.8 billion initial public offering earlier this month.

Natick-based Eastern Insurance Group bought the Auburn Insurance Agency in a transaction effective Oct. 1. Auburn was a commercial insurer founded in Sudbury in 1982. This marks Eastern Insurance Group's 31st acquisition since 2002.

In announcing the acquisition on Wednesday, Eastern did not disclose the purchase price.

"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," Auburn President Jan Ryan said in a news release. "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 went public on Oct. 9 and began trading on the Nasdaq Global Select Market Oct. 15. The stock closed at $12.40 on Wednesday. The bank was founded in Boston in 1818, and now has more than 100 branches across Massachusetts, Rhode Island and New Hampshire.