Associated Banc-Corp announced May 1 that Associated Benefits and Risk Consulting (ABRC) has entered into an agreement to acquire Anderson Insurance & Investment Agency, Inc. , an independent insurance agency based in Minneapolis. The transaction is expected to close in June. Terms of the transaction were not disclosed.
ABRC is a multi-line insurance and Midwest-based consulting firm with more than 400 employees. Anderson, which was founded in 1927, adds a range of complementary services and significant expertise in workers’ compensation and executive risk management services.
“The investment in Anderson is a continuation of our strategy to expand our overall suite of financial and risk management services for our customers,” said William M. Bohn, executive vice president and head of Associated Private Client & Institutional Services, which includes ABRC. “We look forward to adding their expertise to our team.”
Based on 2017 financials, and the March 1, 2018, acquisition of Diversified Insurance Solutions the company believes the addition of Anderson will solidify ABRC’s position among the United States’ top 45 insurance brokerage firms.
As part of the proposed transaction, key Anderson executives will continue leadership roles for some time. Along with current ABRC senior leadership, the team will be responsible for the integration and expansion of the business.
Associated Banc-Corp, based in Green Bay, Wis., has assets of $33 billion. It has more than 270 offices/branches in 110 communities.