The terms of the transaction, which is expected to close in June, were not disclosed.
Associated Banc-Corp has $30.5 billion in total assets and operates more than 200 Associated Bank branches in Wisconsin, Illinois and Minnesota. It has a significant presence in the Milwaukee market, and recently acquired Brown Deer-based Bank Mutual Corp. and Brookfield-based Diversified Insurance Solutions Inc.
Along with Diversified Insurance, the acquisition of Anderson Insurance is expected to boost Associated’s ranking as among the top 45 insurance brokerage firms in the U.S., the company said.
Anderson Insurance will be integrated with Associated Banc-Corp’s Associated Benefits and Risk Consulting business, a multi-line insurance and consulting firm with more than 400 employees.
Anderson was founded in 1927 and specializes in workers’ compensation and executive risk management services. Its key executives will be retained in their existing roles “for some time” and assist with the integration, Associated said.
“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 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.”