Prime Risk Partners has signed an agreement to acquire the US-based independent insurance agency, Old National Insurance.

Under the deal, Prime Risk will also purchase ONI subsidiaries JWF Specialty Co. and Employee Plans, LLC.

ONI will be rebranded as ONI Risk Partners, which will continue to operate from its current offices.

Claimed to be 78th largest broker in the US, ONI provides business, personal, and employee benefit insurance services to its customers.

With around 270 employees, ONI also offers claims administration services and alternative risk management consulting services.

Subject to customary closing conditions, the deal is expected to complete by the end of second quarter this year.

Prime Risk Partners chairman and CEO Bret Quigley said: "ONI is known for excellence when it comes to insurance distribution, claims management, and specialty services – both in the Midwest as well as nationally.

ONI CEO Tom Flynn said: "Old National Bank was an excellent corporate parent. While it was the right time to close the bank ownership chapter of our story, we are excited to continue serving the bank as its insurance advisor for many years to come.

"We are honored that the bank also selected us as its marketing partner to continue to provide insurance products and services to Old National Bank clients."