Evansville, Ind.-based Old National Bancorp has closed the deal to acquire Insurance & Risk Management, a 160-employee insurance agency with offices in Fort Wayne and Indianapolis, Ind.
Insurance & Risk Management represents Old National’s largest insurance agency acquisition this year. Most recently, Old National acquired Graham & Peat Insurance Agency in St. Louis and James L. Will Insurance Agency in Evansville, Ind. ONB Insurance will now boast annual revenue of approximately $50 million and will have more than 400 employees dedicated to personal and commercial lines of insurance.
Insurance & Risk Management, Indiana’s second largest privately held broker and third-party administrator, will operate as part of ONB Insurance Group. Insurance & Risk Management will retain its name for an unspecified period of time and the 145 employees in Fort Wayne and 15 employees in Indianapolis will continue to work in their existing office spaces at Chestnut Hills Parkway, in Fort Wayne and at Keystone Crossing in Indianapolis.
Insurance & Risk Management brings specific expertise in employee benefits administration as well as third-party administration of self-funded plans. In addition, Insurance & Risk Management has a full menu of personal and commercial property and casualty insurance products.
Topics Mergers & Acquisitions
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