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Baldwin to move HQ to Carmel, add 133 jobs

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Trucking and auto fleet insurer Baldwin & Lyons Inc. plans to move its headquarters from downtown Indianapolis to Carmel by the end of the year and hopes to add 133 jobs over the next five years, the company announced Monday afternoon.

Baldwin, which employs about 350 in Indiana, intends to spend $20 million to $30 million to purchase and improve a 184,000-square-foot office building at 111 Congressional Blvd. in Carmel, according to a news release issued by the Indiana Economic Development Corp.

That building was on the market in 2011, offering more than 125,000 square feet for lease. It is currently listed as an office site for several businesses, including Lauth Property Group and Farmers Insurance.

It is not clear if Baldwin will entirely vacate its current headquarters at 1099 N. Meridian St., where it leases 81,000 square feet. That lease was set to expire in August, although Baldwin had an option to renew it for another five years.

A message left for a company spokeswoman was not immediately returned.

Indiana Economic Development Corp. offered Baldwin & Lyons up to $3.5 million in tax credits, if it hires all the people it has promised to. Also, Baldwin will get $200,000 in training grants from the state. The city of Carmel is considering additional tax incentives.

"We are very excited to welcome Baldwin & Lyons to the Carmel community," Carmel Mayor Jim Brainard said in a prepared statement. "This is exactly the type of investment the city is looking for in its economic development partners.”

Baldwin & Lyons posted $253 million in revenue and strong profit in 2012 after suffering losses due to global disasters in 2011.

The company’s operations produced profit of $26.1 million last year, compared to losses in 2011 of $16.6 million.

Including investment gains and losses, overall profit last year totaled $31.9 million, or $2.15 per share, compared with a loss the previous year of $28.2 million, or $1.90 per share.
 

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  • Responsible??????
    Why does the IEDC offer incentives at all?? Thanks for adding 25 jobs a year; that means your business is thriving in our "business-friendly" environment, and you're soaking up the benefits of Daylight Savings Time. Will Red's in Bargersville be getting some tax credits if they buy a pool table and hire a couple new waitresses??
  • bad news for Indy
    It's nice to hear that an IN company is expanding and hiring, but it's a sad day for downtown. Where are groups like the IDI, Develop Indy and the Dept. of Metropolitan Development? When are community leaders going to address this issue of jobs leaving downtown and Marion county? What makes it even worse, the IEDC offered Baldwin & Lyons up to $3.5 million in conditional tax credits and $200,000 in training grants. Why couldn't those credits and grants been offered on the condition that they stayed downtown? What a shame.
  • Shorter Commute?
    Wondering if maybe the incentive is as simple as reducing the commute time for the CEO or whoever runs this organization. I've read, but can't find a citation, that corporate moves usually bring the company closer to the CEO's home. I don't say this to be critical. I live in Carmel and the daily commute to downtown is a drag. I'd move my organization if I could...
  • Good for Carmel
    This article doesn't give all the details...This building is currently owned by Lauth and they have already done some major improvements. Also, Lauth and Shepherd Insurance are the current major tenants.
  • Questions
    All great questons Steve. IBJ, please provide more in depth reporting instead of reprinting press releases.
  • Why Did Indy Loss this HQ?
    What did Indy do to keep this long-time company? Tell me this was a choice between losing them to another state or going to Carmel and not a canabalizing of the Region. This isn't Chicago, and Carmel is not quite the hypenated regional title holder that Brainerd would love for them to be. The core of this region has to be supported. If we can't maintain a strong Indianapolis, the entire region will eventually suffer. If this was solely B&L's decision, then that's their prerogative, like it or not. But please tell me this wasn't Carmel hawking for trophies.

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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