USI Insurance Services’ Acquisition Of Associated Benefits & Risk Consulting


Fried Frank acted as counsel to Goldman Sachs as financial advisor to Associated Banc-Corp, and Husch Blackwell LLP served as legal advisor to Associated in this transaction.

Associated Banc-Corp has entered into a definitive agreement to sell Associated Benefits & Risk Consulting to USI Insurance Services. Under the terms of the Agreement, the purchase price is $265.755 million in cash subject to adjustment for, among other things, transaction expenses, and working capital changes. The transaction is expected to close late in the second quarter or early in the third quarter of 2020.

Headquartered in Valhalla, New York, 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.

ABRC is a multi-line insurance agency and Midwest-based consulting firm. It is the 36th largest broker of U.S. business providing employee benefits, retirement plans, compliance, business insurance, risk management and individual insurance solutions.

Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.

Husch Blackwell advised Associated with a team led by Milwaukee-based partner Eric Lenzen and included Andrew Frost, Philip Koutnik, David Eckhardt, Derek Taylor, Dan Geraghty, Wendy Arends, Jill Knutson and Gage Maurer.

The Fried Frank team advising Goldman Sachs was led by corporate partner Philip Richter (Picture) and included corporate associates Meka Jegede and Roy Tannenbaum.

Involved fees earner: Meka Jegede – Fried Frank Harris Shriver & Jacobson; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Wendy Arends – Husch Blackwell LLP; David Eckhardt – Husch Blackwell LLP; Andrew Frost – Husch Blackwell LLP; Daniel Geraghty – Husch Blackwell LLP; Philip Koutnik – Husch Blackwell LLP; Eric Lenzen – Husch Blackwell LLP; Gage Maurer – Husch Blackwell LLP; Derek Taylor – Husch Blackwell LLP;

Law Firms: Fried Frank Harris Shriver & Jacobson; Husch Blackwell LLP;

Clients: Associated Banc-Corp; Goldman Sachs;

Author: Ambrogio Visconti