Prime Risk Partners Inc. reported it has entered into an agreement to acquire Old National Insurance (ONI), a large independent insurance agency in the Midwest.
ONI will operate under the name ONI Risk Partners and will retain all of its offices, with plans to expand.
ONI is led by CEO Tom Flynn. The agency was previously owned by Old National Bank.
The ONI leadership team and employees will continue in their current roles. Prime Risk Partners will also acquire ONI subsidiaries JWF Specialty Co. and Employee Plans LLC.
The transaction is expected to close by the end of the second quarter of 2016 and is subject to customary closing conditions.
ONI has over 270 employees in offices throughout Indiana and in Louisville, Ky., and Danville, Ill.
Prime Risk Partners said that as its first strategic acquisition in the Midwest, ONI provides the company with a strong regional insurance brokerage platform that the company plans to grow both organically and through acquisitions of complementary firms.
Prime Risk Partners, headquartered in Atlanta, Ga,
Source: Prime Risk Partners
Topics Mergers & Acquisitions
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