Associated closes on acquisition of Diversified Insurance

Brookfield insurer to be integrated with benefits and risk consulting division

The Milwaukee offices of Associated Banc-Corp.

Green Bay-based Associated Banc-Corp has closed on its previously announced acquisition of Brookfield-based Diversified Insurance Solutions Inc.

The Milwaukee offices of Associated Banc-Corp.

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.

Diversified will be integrated with Associated Benefits and Risk Consulting, the company’s brokerage division, which offers multi-line insurance and consulting. It has about 400 employees, and provides employee benefits, retirement plans, compliance, business insurance, risk management and individual insurance.

Leadership from both Diversified and Associated will work together to guide the integration and expansion of the business.

Associated has not yet disclosed the transaction price. The company will release its first quarter results on April 19.

“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 Flynn, president and chief executive officer of 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.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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