Associated Banc-Corp has announced that its subsidiary Associated Benefits and Risk Consulting (ABRC) has completed the purchase of Diversified Insurance Solutions for an undisclosed sum.
Diversified will operate as a part of ABRC, a multi-line insurance and Midwest-based consulting firm with around 400 employees.
ABRC offers employee benefits, business insurance, risk management, retirement plans, and compliance.
Associatedpresident and CEOPhilip Flynn said: “We look forward to working with the Diversified team and further expanding our Wisconsin employee benefits and property and casualty market position and capabilities in the Metro Milwaukee market.
“These two strong teams can offer combined expertise and services that will benefit our existing customers while continuing to support communities in south-eastern Wisconsin.”
With completion of Diversified takeover, ABRC expects to be in the list of top 45 insurance brokerage firms in the US based on 2017 financial data.
Some important executives of Diversified Insurance will continue to be in their positions for some time.
In the last six months, Associated Banc-Corp purchased Bank Mutual Corporation and Whitnell & Co.