The transaction is expected to close next month, and the price has not yet been disclosed.
Diversified Insurance, an employee-owned, independent insurance brokerage founded in 1982, provides employee benefits, business insurance, risk management, and personal, auto and home insurance. It has approximately 70 employees.
The Brookfield insurer would be integrated into Associated’s Benefits and Risk Consulting brokerage division, which offers multi-line insurance and consulting. ABRC has about 400 employees, and offers employee benefits, retirement plans, compliance, business insurance, risk management and individual insurance.
With the combination, ABRC expects to be among the top 45 insurance brokerages in the U.S.
“This well-known and established insurance firm adds strength to our Associated Benefits and Risk Consulting team,” said Philip Flynn, president and chief executive officer of Associated Banc-Corp. “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.”
Some of Diversified’s leadership team will continue in management positions “for some time” and assist with the integration.
“I believe our organizations possess a shared commitment to the customer experience,” said Chris Lie, CEO of Diversified. “By joining forces with Associated, our team can provide additional services to our existing customers while (we) continue support communities in southeastern Wisconsin.”
Associated plans to reveal more details about the transaction in its April 19 earnings report.