Associated Bank closes on Anderson Insurance acquisition

The Milwaukee offices of Associated Banc-Corp.

Green Bay-based Associated Banc-Corp has closed on its previously announced acquisition of Minneapolis-based Anderson Insurance & Investment Agency Inc.

The Milwaukee offices of Associated Banc-Corp.

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. According to its website, Anderson is closing its Minneapolis office and moving in to ABRC’s suburban Hopkins, Minnesota office as a result of the acquisition.

“These two strong teams will together provide customers with even more options and resources in financial and risk management services to ensure their businesses are as strong and successful as possible,” said Dean Hildebrandt, CEO of ABRC.

Associated Banc-Corp has $30.5 billion in total assets and operates more than 200 Associated Bank branches in Wisconsin, Illinois and Minnesota.

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 was founded in 1927 and specializes in workers’ compensation and executive risk management services. Its key executives will be retained in their existing roles to integrate the businesses.

Associated Banc-Corp has not yet disclosed the transaction price for Anderson Insurance.

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Molly Dill, former BizTimes Milwaukee managing editor.

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