Brown & Brown to acquire Berkshire Insurance Group from Berkshire Hills Bancorp.

Brown & Brown, an insurance brokerage firm, agreed to acquire Berkshire Insurance Group, a provider of insurance coverage, from Berkshire Hills Bancorp, the parent of Berkshire Bank. Financial terms were not disclosed. "Consistent with Berkshire's Exciting Strategic Transformation program, this transaction allows us to simplify our operating model, repurpose valuable resources and redeploy capital to support core businesses and strategic initiatives that will enhance long term stakeholder value. As a result of this transaction, we will record a net gain on sale of approximately $0.55 per share on a GAAP basis in the third quarter, and anticipate $0.02 lower earnings per share in the second half of 2021," Nitin J. Mhatre, Berkshire CEO.