Federal Chief U.S. District Judge James Peterson has approved the sale of ISC insurance agency assets to Wisconsin-based AVID Risk Solutions Inc. and Family Insurance Center, AVID Risk Solutions announced.
ISC insurance agency was in receivership due to a multi-million dollar Ponzi scheme alleged against the former owner, Loren Holzhueter, the agency’s announcement said.
Holzhueter ran an investment firm in addition to his insurance services and was under criminal investigation but passed away in April 2015.
AVID Risk Solutions will be responsible for six out of the nine ISC locations — Watertown, Lake Mills, Fond du Lac, Beaver Dam, Oconomowoc, Waterloo.
Family Insurance Center will be responsible for the remaining three — Menasha, Chilton, Green Bay.
The ISC agency will remain in its existing communities and the acquisition will allow the current customers to continue the relationships that have formed, along with the customer service to which they are accustomed.
Source: AVID Risk Solutions
Topics Mergers & Acquisitions Wisconsin
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