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Shepherd Insurance buys rival DeTrude & Co.

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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.

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  • Great news.
    I have worked with both of these firms in the past and they are top notch. This is great news for Indiana and regional business owners.

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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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