Evansville, Ind.-based Old National Bancorp announced recently that it has entered into definitive agreements to acquire JWF Insurance Cos. Inc., which does business as the JW Flynn Co. and JWF Specialty Co. Inc., a related alternative risk services company. The transaction is intended to close early in the second quarter.
Headquartered in Indianapolis, the JWF Insurance Cos. are one of the largest risk management, insurance brokerage and third-party administrators in the Central Indiana marketplace. The acquisition also gives Old National, the largest Indiana-based bank, one of the largest insurance brokerage operations throughout Indiana. Terms of the transaction were not disclosed.
With this new addition, the ONB Insurance Group, a wholly-owned subsidiary of Old National Bancorp, expects to boast annual revenues of $43 million and will employ nearly 325 associates.
JW Flynn Co. was founded in 1953 by the late Jack Flynn as a full-service, privately owned insurance agency. It offers a complete range of property/casualty and employee benefits products and services to manage risk for both commercial and individual clients.
In 1988, JWF Specialty Co. was formed to provide alternative risk solutions for customers seeking nontraditional risk handling and financing. According to a statement, the company is an industry expert in tailoring self-insurance, large retentions, captive and fronting programs for individual entities and group associations. Its third-party claims administration and managing underwriting programs serve clients in Indiana and throughout the United States.
JW Flynn Co. is a founding member of RiskProNet International, an organization of large regional insurance brokers across the United States which enables JWF to provide proprietary products as well as national and international services and expertise to its clients. ONB Insurance Group said it intends to maintain a strong working relationship with RPNI.
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