Boston-based Risk Strategies is acquiring Johnson Insurance Services, the insurance subsidiary of Racine, Wis.-based Johnson Financial Group.
Following the completion of due diligence, the acquisition is expected to close in 45-60 days. Founded in 1985, Johnson Insurance Services has 133 associations across Wisconsin, and is considered one of the 10 largest independent insurance agencies in the state.
Risk Strategies is the ninth-largest private U.S. insurance broker, with roughly $1.3 billion in annual revenue, 4,500 associates and more than 30 speciality practices. The buy is Risk Strategies’ first acquisition of a Wisconsin-based agency. The acquisition is the second the company has announced this week. On April 24, Risk Strategies acquired Pennsylvania bond producer JW Surety Bonds.
“We feel strongly that our organizations are a great fit and the business, clients and employees will thrive,” said Risk Strategies CEO John Mina.
“We’re pleased to have found a partner in Risk Strategies that has the scale, expertise and depth of capabilities to take the Johnson Insurance business to the next level,” added Jim Popp, president and CEO of the $6 billion Johnson Financial Group. “Most importantly, our current Johnson Insurance customers will see little to no disruption in service.”