Old National Bancorp has agreed to acquire J.W.F. Insurance Companies, one of the largest insurance agencies and brokers in the central Indiana marketplace.
The newly acquired unit, which does business as the J.W. Flynn Company, and J.W.F. Specialty Company, is a related alternative risk services company. The purchase will give Old National one of the largest insurance brokerage operations throughout Indiana. The transaction, the terms of which were not disclosed, is expected to close early in the second quarter.
With this new addition, the ONB Insurance Group, a wholly-owned subsidiary of Old National Bancorp, expects to boast annual revenues of $43 million and will employ nearly 325 associates.
As the largest Indiana-based bank, we are acquiring not only an outstanding insurance agency and risk management company but also a broader set of solutions for our clients in the central Indiana market, said Robert Jones, Old National Bancorp president and CEO.
J.W. Flynn Company was founded in 1953 by the late Jack Flynn as a full-service, privately owned insurance agency. It offers a complete range of property and casualty and employee benefits products and services to manage risk for both commercial and individual clients. In 1988, J.W.F. Specialty Company was formed to provide alternative risk solutions for customers seeking non-traditional risk handling and financing.