Associated Benefits and Risk Consulting (ABRC), a subsidiary of Associated Banc-Corp, has signed an agreement to purchase Anderson Insurance & Investment Agency, for an undisclosed sum.

Midwest-based ABRC is a multi-line insurance and consulting firm and has a workforce of more than 400 employees.

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Established in 1927, Anderson provides a host of complementary services and has considerable expertise in workers’ compensation and executive risk management services.

Associated Private Client & Institutional Services executive vice-president and head William Bohn said: “The investment in Anderson is a continuation of our strategy to expand our overall suite of financial and risk management services for our customers.”

Earlier, Associated Banc-Corp acquired Bank Mutual and Diversified Insurance Solutions.

Together with Diversified Insurance, the takeover of Anderson Insurance is likely to strengthen Associated’s position as among the top 45 insurance brokerage firms in the US.

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Anderson Agency president Shaun Irwin said: “It is an extremely exciting time for us. After a long and highly successful history, we look forward to extending our competency to a greater scale while also expanding the breadth of services we can offer our customers.”

Under the terms of the deal, key Anderson executives will continue to work in management positions for some time, and will work with current ABRC senior leadership for the integration and expansion of the business going forward.

The transaction is likely to conclude in June this year.