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Holding company Associated Banc-Corp has announced that one of its subsidiaries has entered into an agreement to acquire an insurance broker based in Wisconsin.
The subsidiary, Associated Benefits and Risk Consulting (ABRC), is set to acquire Diversified Insurance Solutions. Terms of the transaction were not disclosed.
ABRC is a multi-line insurance and consulting firm that serves the Midwest. The company, founded in 1982, provides employee benefits, retirement plans, compliance, business insurance, risk management, and individual insurance solutions.
As part of the deal, key Diversified executives will continue in their leadership roles.
“This well-known and established insurance firm adds strength to our Associated Benefits and Risk Consulting team,” said Associated Banc-Corp CEO Philip B. Flynn. “It also improves our ability to achieve greater scale in the Metro Milwaukee market and to further expand our Wisconsin employee benefits and property and casualty market position and capabilities.”
“By joining forces with Associated, our team can provide additional services to our existing customers while continuing to support communities in southeastern Wisconsin,” Diversified CEO Chris Lie commented.
A release said that, based on 2017 financials, the acquisition of Diversified puts ABRC among the US’s top 45 insurance brokerage firms.
