Old North Completes Acquisition of IRM
NU Online News Service, Aug. 4, 2:59 p.m. EDT?Old National Bancorp said it has acquired Insurance & Risk Management, a 160-employee insurance agency with offices in Fort Wayne and Indianapolis, Ind.
ONB said the acquisition is the largest insurance agency acquisition for the firm this year. Terms of the transaction were not disclosed.
Most recently, the firm acquired Graham & Peat Insurance Agency in St. Louis, and James L. Will Insurance Agency in Evansville, Ind., the corporate home of ONB.
ONB said ONB Insurance now has annual revenues of approximately $50 million and more than 400 employees in its personal and commercial lines division.
IRM will operate as part of ONB Insurance Group and will retain its name for an unspecified period of time. The firm's 145 employees in Fort Wayne and 15 employees in Indianapolis are to continue to work in their existing locations.
In addition to its personal and commercial p-c insurance products, IRM deals in employee benefits administration and as a third-party administrator of self-funded plans.
ONB Insurance Group is a part of Old National Signature Group, a subsidiary of ONB, a $9.7 billion financial holding company.
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