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USI Insurance Services LLC has agreed to acquire Minnetonka, Minnesota-based broker Associated Benefits and Risk Consulting in a $266 million cash deal, seller Associated Banc-Corp said Monday.
All 400 Associated Benefits & Risk Consulting staff will be joining USI, Michael J. Sicard, USI’s chairman and chief executive officer said in a statement.
Associated Benefits & Risk Consulting is the 39th largest broker of U.S. business, according to the latest Business Insurance ranking. In 2018, it reported $92.6 million in U.S. brokerage revenues, mostly employee benefits and retail business.
The $266 million cash deal is subject to adjustment for transaction costs and working capital changes, Green Bay, Wisconsin-based Associated Banc-Corp said.
Capital from the sale will “support loan growth, create an added buffer during these trying economic times, and support our dividend policy,” Philip B. Flynn, president and CEO of Associated, said in the statement.
With total assets of $34 billion, Associated is one of the top 50 publicly traded U.S. bank holding companies.
The deal is expected to close late in the second or early in the third quarter of 2020, subject to regulatory approvals.
USI is the eighth-largest broker of U.S. business, according to Business Insurance’s latest ranking. The Valhalla, New York-based brokerage has about 7,500 employees in 200 offices, according to the statement.
USI Insurance Services L.L.C. on Tuesday said it has completed its acquisition of agribusiness broker CHS Insurance Services L.L.C.