Carmel-based Shepherd Insurance & Financial Services announced today that is has acquired Indianapolis-based DeTrude & Co.—the latest example of consolidation among local insurance brokerages.
Financial terms of the deal were not disclosed. The combined company has about 80 employees, including Shepherd’s offices in Seymour and Evansville.
In the last 2-1/2 years, 13 Indianapolis-area benefits brokers have been acquired. The most active buyers have been two out-of-state firms, Illinois-based A.J. Gallagher & Co. and Florida-based Brown & Brown Inc.
Many brokers are nearing retirement age just as they face increased demands from employers—particularly when it comes to health benefits and wellness programs. Many say they need additional resources to meet those demands, which sends them looking for partners.
“What DeTrude clients have come to rely on in the past—expert guidance, exceptional service and responsible advice—they will now know even more in the future,” said Keith DeTrude, who founded his company in 1980. The company has served many local law firms, including Ice Miller LLP and Barnes & Thornburg LLP.
DeTrude and Shepherd ranked No. 16 and No. 17 on IBJ’s list of largest insurance agencies and brokerages, based on premiums written in 2008. Combined, the firms would have more than $166 million in premiums written, ranking No. 12 on the list.