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.