Racine-based Johnson Insurance Services
today announced it has acquired Scottsdale, Arizona-based Monterey Benefits LLC. The terms of the transaction were not disclosed.
The employee benefits firm, which has seven employees, offers group health, dental, vision, disability, life, long-term care, voluntary benefits, cafeteria plans, health reimbursement accounts, health savings accounts and retirement services.
Monterey will integrate with Johnson Insurance’s Employee Benefits division. Johnson will retain the founder of Monterey, Steve Grady, as executive vice president. His employees will also continue with Johnson Insurance, all remaining in Arizona.
"Like Johnson Insurance, our culture is based on strong ethical values, a commitment to service excellence and putting our clients at the center of all we do," Grady said. "In addition to providing customized employee benefit solutions, our clients will now have access to many new insurance and financial resources."
Johnson Insurance also offers personal and commercial insurance, risk management and consulting services. Clients of the combined firm also will have access to banking and wealth management solutions through Johnson Insurance’s $4 billion privately held parent company, Johnson Financial Group, which operates Johnson Bank and Cleary Gull Advisors.
The acquisition will broaden the company’s offerings in Arizona, where it already has bank offices.
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“Steve and his team have a long history of servicing the needs of employers in Arizona and providing cutting edge employee benefit solutions,” said Joanne Szymaszek, president of Johnson Insurance. “The strategic acquisition of Monterey Benefits LLC will not only strengthen our insurance presence in the Arizona region, but also provide a greater value to our combined clients throughout the U.S.”
Szymaszek became president
of Johnson Insurance in January, when Mark Behrens was promoted to chief financial officer of Johnson Financial Group.
Johnson Insurance is one of the largest privately held independent insurance agencies in Wisconsin, with offices in Kenosha, Racine, Milwaukee, Green Bay, Appleton, Madison, Janesville, Eau Claire and Arizona. It has more than 180 employees.