Green Bay and Milwaukee, Wis. – Associated Banc-Corp (NYSE: ASB) (“Associated”) announced today that Associated Benefits and Risk Consulting (ABRC) has closed the previously announced acquisition of Diversified Insurance Solutions (“Diversified”), one of Wisconsin’s leading insurance brokers.
Diversified will be part of ABRC, a multi-line insurance and Midwest-based consulting firm with 400 employees. It is the 47th largest broker of U.S. business, providing employee benefits, retirement plans, compliance, business insurance, risk management, and individual insurance solutions. Based on 2017 financials, the company believes this combination of Diversified will move ABRC among the United States’ top 45 insurance brokerage firms. Diversified Insurance Solutions, which was founded in 1982, adds a range of complementary services.
In conjunction with Associated, the Diversified team will have access to Associated’s comprehensive banking and financial services and can further help business owners and executives manage their daily business, take care of employees and achieve their financial goals.
“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,” said Philip B. Flynn, president and CEO, Associated. “These two strong teams can offer combined expertise and services that will benefit our existing customers while continuing to support communities in southeastern Wisconsin.”
Key Diversified Insurance Solutions executives will continue leadership roles for some time. Along with current ABRC senior leadership, the team will be responsible for the thoughtful integration and expansion of the business going forward.
Associated will release 2018 first quarter financial results on Thursday, April 19, 2018, after market close. The company will host a conference call for investors and analysts at 4:00 p.m. Central Time (CT) on that day to discuss results along with this transaction.
Associated Banc-Corp (NYSE: ASB) has total assets of $33 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
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