A Republican businessman from suburban Indianapolis says he's exploring the possibility of running for Indiana governor in 2012.

Jim Wallace of Fishers wrote in a letter to state and local GOP officials that his experiences in business and in public service have trained him for the challenges of leading Indiana. He says he'll be "embarking on a series of meetings" to understand the state's needs and how he can help.

Wallace could face an uphill battle for the Republican nomination if U.S. Rep. Mike Pence decides to run. Pence recently said he will not run for president in 2012, but many expect him to run for governor.

Term limits prevent current Gov. Mitch Daniels from seeking a third term, and Lt. Gov. Becky Skillman is not seeking the office.

Wallace runs Indianapolis-based TWG Capital, which provides loans to insurance agents.

A West Point and Harvard University graduate, he worked at Anthem Blue Cross & Blue Shield as vice president of strategy in the early 1990s and as chief of staff at Conseco Health in the late 1990s before founding TWG.