Associated Bank has announced that it will rebrand its Associated Financial Group (AFG) subsidiary to Associated Benefits and Risk Consulting (ABRC). The move follows the February 2015 acquisition and subsequent integration of Ahmann & Martin Co., a risk and benefits consulting firm operating in the Midwest, into AFG.
AFG is among the top 50 insurance brokers operating in the U.S. and the 2nd largest employee benefits specialist broker, according to Business Insurance magazine. It is also one of the top insurance brokerage firms in the Midwest. AFG will officially adopt the Associated Benefits and Risk Consulting name upon completion of state licensure filings in all states. That process is expected to be completed in 2016.
“This vibrant business combination has exceeded our expectations in terms of bringing the teams together, delivering exceptional value to clients and financial performance,” said William M. Bohn, Associated executive vice president and head of Private Client & Institutional Services, which includes ABRC. “Renaming the business Associated Benefits and Risk Consulting is a logical strategic step to better represent the enhanced capabilities of our combined firm and bring clarity to the market in terms of the capabilities and approach we offer our clients.”
In financial statements earlier this year, Associated shared that the acquisition had contributed to record insurance commissions of $21 million in the first quarter of 2016. In addition, its expanded property and casualty capabilities increased insurance revenues 70% year-over-year from both the integration and organic growth.
“Our areas of expertise and resources combined with Associated Bank’s expanded financial services permit our customers to centralize management of services through one valued partner,” said Dean Hildebrandt, ABRC chief executive officer. “We believe in removing obstacles, simplifying the complicated and applying our expertise to solve problems for our clients so they can focus on their business and achieve their aspirations.”
In the risk management and business insurance area, ABRC offers total cost of risk consulting, specialty coverage expertise, industry specialization and more. The company’s employee benefits and human resources expertise includes HR solutions, technology consulting, health management and wellness, actuarial analysis and retirement plan services.
Minneapolis operations to be consolidated in Minnetonka
ABRC will move its operations into a four-story, 93,000-square-foot office building at 6000 Clearwater Drive in Minnetonka, MN in early 2017. This brings employees from three locations – Minnetonka, Edina and Eden Prairie – into one headquarters. The organization employs a total of more than 370 individuals serving approximately 14,000 clients throughout [Minnesota, Wisconsin and Illinois.]