Associated Banc-Corp of Wisconsin said it has agreed to acquire Ahmann-Martin Co. of Eden Prairie, a risk-management, insurance-and-benefits consulting firm, and merge it into Associated’s subsidiary Associated Financial Group.

The transaction, expected to close next month, is valued at about $48 million with the opportunity to increase the consideration by $8 million should certain contingencies be met over time. The transaction is expected to add to Associated’s earnings by 2017.

Ahmann-Martin, founded more than 50 years ago, is growing fast and adds a range of complementary financial services such as employee benefits, risk management, and business insurance, Associated CEO Philip Flynn said.

As part of the proposed transaction, several key Ahmann & Martin Co. executives will assume leadership roles at Associated Financial Group and will be responsible for the integration and expansion of the business.

CEO Dean Hildebrandt of Ahmann-Martin will be CEO of the newly combined firm.

Associated Financial Group employs more than 240 insurance specialists across Associated’s three-state footprint and generates nearly $50 million insurance-related revenue annually.

Associated, which recently built a Twin Cities flagship branch bank in St. Paul as part of a larger development on Snelling Avenue, is the sixth-largest bank in the state, employs about 430 people and last year said it plans to grow its Minnesota business.

Neal St. Anthony