Prime Risk Partners agreed to buy Old National Insurance, which will operate as ONI Risk Partners. The Midwest insurance agency will keep its existing offices and intends to expand. Prime Risk Partners will also acquire ONI subsidiaries JWF Specialty Co. and Employee Plans, LLC.
Prime Risk Partners Inc. (the “Company”) today announced it entered into an agreement to acquire Old National Insurance (“ONI”), one of the largest independent insurance agencies in the Midwest. ONI will operate under the name ONI Risk Partners and will retain all of its offices, with plans to expand. The ONI leadership team and employees will continue in their current roles. Prime Risk Partners will also acquire ONI subsidiaries JWF Specialty Co. and Employee Plans, LLC. The transaction is expected to close by the end of the second quarter of 2016 and is subject to customary closing conditions.
As Prime Risk Partners’ first strategic acquisition in the Midwest, ONI provides the Company with a strong regional insurance brokerage platform that the Company plans to grow both organically and through acquisitions of complementary firms.
“We are extremely excited to partner with Tom Flynn and his team to grow the ONI platform,” said Bret Quigley, Chairman and CEO of Prime Risk Partners. “ONI is known for excellence when it comes to insurance distribution, claims management, and specialty services – both in the Midwest as well as nationally. We welcome the ONI staff and clients to the Prime Risk Partners team.”
“We are thrilled about joining forces with Prime Risk Partners, which will allow us to grow our company rapidly,” said Tom Flynn, CEO of ONI. “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. We look forward to building a national organization with our new partners.”
About Prime Risk Partners
Prime Risk Partners, headquartered in Atlanta, Georgia, is building a superior national insurance distribution platform through selective acquisitions, strategic new hires, and thoughtful operations. A portfolio company of Thomas H. Lee Partners, it is quickly becoming the partner of choice for industry professionals looking to grow exponentially while becoming a critical piece of an expanding national organization. For more information, please visit www.primeriskpartners.com.
Since 1992, ONI has provided service and insurance solutions tailored to our clients’ needs. From business, personal, and employee benefit insurance needs to claims administration services and alternative risk management consulting, you can count on the ONI team of professional insurance advisors to provide hands-on attention and worry-free claims service. ONI has over 270 employees in offices throughout Indiana and in Louisville, KY and Danville, IL. ONI is the 78th largest broker in the United States per Business Insurance as well as one of the leading insurance agencies in the Midwest.