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Shepherd Insurance agency goes on buying spree

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Carmel-based Shepherd Insurance & Financial Services acquired three separate companies in a flurry of activity at the end of the year.

The insurance agency will now write $225 million in annual premiums, compared with less than $183 million before the deals. And the acquisitions will add 17 people to Shepherd’s staff, bringing it to a total of 110 at five offices around the state.

Quinn Shepherd, chief marketing officer of Shepherd Insurance, said the acquisitions will help the 35-year-old agency shift toward providing more consulting-type services as opposed to the transaction-heavy work that insurance agents have traditionally performed.

“I want to change the lansdscape of the insurance industry,” Shepherd said.

The biggest deal came on Dec. 31 when Shepherd agreed to acquire AscendUSA, an Indianapolis-based health benefits brokerage. By itself, Ascend brought $35 million in premiums from its employer clients.

“The combined strength of AscendUSA and Shepherd Insurance positions us to maximize our value proposition, which in turn allows us to best protect and advance our clients’ welfare interests well into the future,” said Ascend partners Joe Guzman and Steve Goodin, in a prepared statement. “This is especially critical given the significant employee benefit challenges that employers face to ensure that they are properly informed and adequately prepared for Health Care Reform.”

Shepherd also acquired Evansville-based Insuring Resources LLC, a one-man agency focused on employer health benefits and Fishers-based Chappell Insurance Agency, a three-person property & casualty agency.

In September, Shepherd also brought on Tom and Jeff Johnson, who specialize in insurance for auto racing teams.

Shepherd did not disclose a purchase for any of its acquisitions. Shepherd is the 10th-largest in the Indianapolis area, according to IBJ statistics, and would remain so even after these acquisitions. The agency was founded in 1977 by Dave Shepherd, who won Indiana's Mr. Basketball award in 1970 while at Carmel High School.

There was a push by many insurance brokers and agents to make deals before Jan. 1, when capital gains taxes and top-bracket incomes taxes were set to rise. Florida-based AssuredPartners Inc. acquired two Indiana insurance agencies—Indianapolis-based Tobias Insurance Group Inc. and the Rushville-based Schroeder Agency, which focuses on property and casualty insurance.

Tobias will continue to operate under its own name, but Schroeder will be operated under AssuredPartners’ subsidiary, NeaceLukens, which now operates seven locations in Indiana. Sometime in the next year, the Schroeder agency will adopt the Neace Lukens name.

“We look forward to joining the rapid growth taking place at Neace Lukens and AssuredPartners and accessing its strong financial footing for the benefit of our customers,” said agency chief Ed Schroeder, in a prepared statement.
 

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  • Charitable Good Works
    I'm very happy for David and his family and their success. I wouldn't mind seeing the company giving back to the community a bit, especially to the Historical Society who will be maintaining the family story for decades and centuries to come.
  • Congrats!
    Kudos to Dave and his team for all their success!

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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