GREEN BAY, Wis., June 30, 2020 /PRNewswire/ — Associated Banc-Corp (NYSE: ASB) (Associated) announced today that it has closed the previously announced sale of Associated Benefits & Risk Consulting (ABRC) to USI Insurance Services LLC (USI).
Associated expects to record a second quarter 2020 pre-tax book gain of approximately $165 million in conjunction with the sale.
ABRC is a multi-line insurance agency and Midwest-based consulting firm with 400 employees, providing employee benefits, retirement plans, compliance, business insurance, risk management and individual insurance solutions.
USI is one of the largest insurance brokerage and consulting firms in the world, delivering property and casualty, employee benefits, personal risk, program and retirement solutions to large risk management clients, middle market companies, smaller firms and individuals. Headquartered in Valhalla, New York, USI connects over 8,000 industry-leading professionals from approximately 200 offices to serve clients’ local, national and international needs.