CBIZ, a Cleveland-based business consultancy, has purchased Minneapolis-based insurance brokerage agency Associated Insurance Agents (AIA), in a bid to boost its insurance capabilities.
Financial terms of the transaction were not disclosed.
AIA source Jeff Maas said that the company was looking for a suitable and reputed business partner with a strong focus on client service that could bring its national capabilities.
Commenting on the deal, CBIZ chairman and CEO Steven Gerard said that the acquisition of AIA is a continuation to its strategy to expand its property and casualty business in key locations.
"Together with our strong accounting services, employee benefits and payroll business already located in Minneapolis, we are even better positioned to offer our clients a full range of CBIZ's core services and solutions," Gerard added.
Founded in 1982 and operating as an insurance brokerage agency, AIA specializes in property and casualty insurance, personal lines, and health and benefit insurance for clients serving in Minnesota, Wisconsin and Nebraska.
The company has 32 associates and $3.8m in revenue over the last one year, and has emerged as one of the specialists in the auto service, banking and construction industries.
In a bid to enable its clients better manage their finances and employees, CBIZ offers professional business services such as accounting, tax and consulting, internal audit, merger and acquisition advisory and valuation services.
Further, it also provides with employee services including employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, among others.
