By Shereen Siewert
Compass Insurance Services, headquartered in Kronenwetter, has acquired IB Insurance, according to a statement to shareholders.
The sale was effective on Dec. 12.
Compass purchased both the book of business from IB as well as the IB name and brand. IB Insurance, formerly known as River Valley Insurance, was a wholly owned subsidiary of IncredibleBank, formerly River Valley State Bank. The company was renamed to IB Insurance in May and serves businesses, families and individuals throughout the United States.
The agency’s primary customer base is in Wisconsin and Michigan’s Upper Peninsula.
In a letter to shareholders, IncredibleBank CEO Todd Nagel said Compass will retain the same office and agents moving forward. Insurance has locations in Kronenwetter, Stevens Point and Wausau.
Terms of the sale were not disclosed.