GREEN BAY and MILWAUKEE, Wis., Feb.
15, 2018 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB)
("Associated") announced today that Associated Benefits and Risk
Consulting (ABRC) has entered into an agreement to acquire
Diversified Insurance Solutions ("Diversified"), one of
Wisconsin's leading insurance
brokers. The transaction is expected to close next month. Terms of
the transaction were not disclosed.
ABRC is 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.
Diversified Insurance Solutions, which was founded in 1982, adds a
range of complementary services.
"This well-known and established insurance firm adds strength to
our Associated Benefits and Risk Consulting team," said
Philip B. Flynn, president and CEO,
Associated. "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."
"I believe our organizations possess a shared commitment to the
customer experience," said Chris
Lie, CEO, Diversified. "By joining forces with Associated,
our team can provide additional services to our existing customers
while continue support communities in southeastern Wisconsin."
Management teams from the two companies have known each other
for several years, providing a unique and compelling opportunity to
join two premier firms with complementary strengths into an even
more vibrant organization going forward. Based on 2017 financials,
the company believes this combination of Diversified will move ABRC
among the United States' top 45
insurance brokerage firms.
"The addition of the Diversified Insurance Solutions is a great
fit for our strategy, culture and customers," said Dean Hildebrandt, CEO, ABRC. "Both of our firms
are focused on putting clients first. This will be our number one
priority as we go forward together."
"I am confident our companies' combined expertise will benefit
the Diversified team and their clients," said William M. Bohn, executive vice president and
head of Associated Private Client & Institutional Services,
which includes ABRC. "By extending access to Associated's
comprehensive banking and financial services, we can help business
owners and executives manage their daily business, take care of
employees and achieve their financial goals."
As part of the proposed transaction, 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.
ABOUT ASSOCIATED BANC-CORP
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.
Media Contact: Jennifer
Kaminski, 920-491-7576, Jennifer.Kaminski@associatedbank.com
Investor Contact: Jessica Vanden
Heuvel, 920-491-7059,
Jessica.VandenHeuvel@associatedbank.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/associated-banc-corp-to-acquire-diversified-insurance-solutions-300599794.html
SOURCE Associated Banc-Corp