A unit of Associated Banc-Corp in Green Bay, Wis., has agreed to buy an insurance and consulting firm.
The $33 billion-asset Associated said in a press release Tuesday that Associated Benefits and Risk Consulting will acquire Anderson Insurance & Investment Agency in Minneapolis. The deal is expected to close in June.
Associated did not disclose how much it will pay for Anderson, which specializes in workers’ compensation and executive risk management services. The firm has more than 400 employees.
The acquisition "is a continuation of our strategy to expand our overall suite of financial and risk management services for our customers," William Bohn, head of Associated Private Client & Institutional Services, said in the release.
As part of the transaction, key Anderson executives will retain leadership roles “for some time,” overseeing the firm’s integration and expansion, the release said.