Two local insurance agencies with long histories and well-known leaders have merged, creating a firm with eight Indiana offices, 145 agents and more than 160 employees.
Consolidated Insurance Services Inc., which is based in Indianapolis and has another office in Lafayette, has joined Shepherd Insurance, one of the area’s 10 largest agencies, the firms announced Wednesday.
Terms of the deal were not disclosed.
Consolidated will now operate as Consolidated Shepherd Insurance, while Shepherd will maintain its name.
Shepherd is based in Carmel and has offices in Noblesville, Greenfield, Columbus, Evansville and Seymour. The agency was founded in 1977 by Dave Shepherd, who won Indiana's Mr. Basketball award in 1970 while at Carmel High School.
Consolidated, founded in 1932, is led by Rex Early, the former Republican state chairman and gubernatorial candidate.
Shepherd ranked as the 10th largest insurance agency in the Indianapolis area in 2012 with $245 million in premiums written. That rose to $272 million in 2013.
The agency had 125 licensed agents prior to the merger and about 150 full-time employees.
Consolidated wrote $23 million in premiums in 2013, down from $50 million in 2010.
“We are thrilled to have Consolidated Insurance Services join the Shepherd team,” David Shepherd said in a prepared statement. “This merger will generate great new opportunities for clients of both Shepherd and Consolidated.”
Shepherd has been on a growth spurt after making three acquisitions in 2013. The agency offers numerous lines of commercial and personal insurance, employee benefits and financial products.
Consolidated brings insurance expertise in motorsports, residential property and hospitality.