Indiana's largest insurance agencies.
Acordia is an industry giant, though times are changing at the Indianapolis-based company, the world's seventh-largest insurance brokerage.
Originally an arm of insurance carrier Anthem Inc., Acordia was spun off into a separate public company with Anthem as the majority shareholder. More recently, Anthem bought back the minority interest in Acordia, then began integrating Acordia's Anthem-related health operations into its Indiana, Kentucky and Ohio Anthem Blue Cross and Blue Shield operations. And in August, Anthem sold Acordia's insurance brokerage operations to an investor group co-sponsored by Knightsbridge Capital and Wand Partners.
Many of Acordia's key managers remain in place, and the company is still headquartered in Indianapolis. Acordia now specializes in providing property and casualty insurance brokerage services to middle-market companies across the United States.
GARDNER & WHITE Indianapolis 1996 total premiums written: $237 million
Gardner & White opened in 1963 as a partnership to provide employee-benefit plans for hospitals. The agency now specializes in group benefit plans and individual financial counseling and provides several other types of insurance programs through its 16 offices statewide and 200 employees. Gardner & White provides group, life, disability, health and dental insurance as well as pensions, 401(k) plans and other retirement-planning products.
AGENCY CITY 1996 TOTAL PREMIUMS Acordia Indianapolis $3 billion Gardner & White Indianapolis $237 million Insurance & Risk Management Fort Wayne $145 million Conseco Risk Management Carmel $110 million Standard Marketing Corp. Indianapolis $90 million M-J Insurance Indianapolis $89 million Tobias Insurance Agency Indianapolis $78 million Daniel James of Indiana Indianapolis $75 million Financial Resources Group Indianapolis $62 million Schultheis Insurance Agency Evansville $60 million Gregory & Appel Insurance Indianapolis $54 million Forrest Sherer Terre Haute $53 million AUL Tower Agency Indianapolis $52 million Citizens Insurance Evansville $49 million Gibson Insurance Group South Bend $45 million NBD Insurance Elkhart $40 million State Insurance Agency Indianapolis $35 million DeTrude & Co. Indianapolis $34 million Waterfield Insurance Agency Indianapolis $33 million Fox and Fox Insurance Agency Indianapolis $32 million Cassady Nesser & Brasseur South Bend $27 million Miles & Finch Kokomo $25 million Herke Insurance Center Indianapolis $25 million Sycamore Agency Terre Haute $25 million City Securities Insurance Indianapolis $24 million Source: Information provided by agencies listed. Includes only Indiana-based insurance agencies.
INSURANCE & RISK MANAGEMENT Fort Wayne 1996 total premiums written: $145 million
Insurance & Risk Management provides numerous lines of insurance products including commercial, personal, life and group insurance as well as loss and risk management, third party administration, medical and worker's compensation.
Insurance & Risk Management serves some 400 accounts with major corporations. The company has developed an interactive CD-ROM used to educate employees on workplace safety. "We want to continue to enhance our professional service capabilities," says Harold E. Everett, managing partner, "and be able to offer services that our clients will be expecting in the future."
CONSECO RISK MANAGEMENT Carmel 1996 total premiums written: $110 million
Conseco Risk Management began as an independent agency/brokerage in 1989. Through the years, the agency has added personal, corporate, industrial and association clients and has acquired several other Indiana insurance agencies, most recently merging with Wells & Co.
The agency provides commercial, personal and life insurance, employee benefits and risk-management services. Conseco Risk Management is a subsidiary of Conseco Inc. and employs 105 people. "Continued growth in our general commercial lines, ongoing efforts to increase the employee-benefits division and the expansion of many of our niche programs, such as motor sports, have set the tone for 1997," says Donald Collins, president and CEO of Conseco Risk Management.
STANDARD MARKETING CORP. Indianapolis 1996 total premiums written: $90 million
"Some life insurance companies have marketing departments, which becomes very costly and redundant," says Raymond J. Ohlson, president of Standard Marketing Corp. "We serve as an independent agent."
Standard Marketing Corp. was founded in 1990 and has 8,000 agents throughout the United States. The $90 million in premiums the brokerage wrote last year include life insurance, annuities and investment assurance. Standard Management Corp. of Indianapolis is the agency's parent company.
M-J INSURANCE Indianapolis 1996 total premiums written: $89 million
This agency, founded in 1964, specializes in property, liability, automobile, worker's compensation, bonds, employee benefits and professional coverages. M-J has written coverage for everything from Florida golf courses to drilling rigs to mines to retail stores. It also provides third-party administration of health claims through an affiliated company, Benefit Designs and Administrators.
Today, the firm represents more than 50 domestic and international insurance organizations.
TOBIAS INSURANCE Indianapolis 1996 total premiums written: $78 million
Tobias Insurance Agency in its present form was launched in 1973 when the agency's president, Nick Rutigliano, purchased an insurance agency owned by Morris Tobias. The agency began with $200,000 in annual premiums and most recently hit $78 million.
The agency offers commercial and industrial insurance programs, surety programs, employee benefits, self-insured consulting, loss risk management and tracking. Bob Rutigliano, the company's treasurer, says Tobias thrives on the constant changes in the insurance business. "Change for some people is total chaos," he says. "For us, when we see the products changing, that is when we see opportunity."
DANIELJAMES INSURANCE OF INDIANA Indianapolis 1996 total premiums written: $75 million
Founded in 1941 as Trimpe Gilbert Insurance, this agency was purchased by DanielJames Insurance Group in 1990. The parent company, which also includes DanielJames Insurance of Ohio, posted total premiums in 1996 of $107 million, $75 million of which came from the Indiana operation.
The Indiana company offers most types of insurance, including property/casualty, professional liability, life and health insurance, group health, 401(k) plans, risk management and other services. The 66-employee operation is headed by Daniel Dumbauld, president of DanielJames Insurance of Indiana.
FINANCIAL RESOURCES GROUP Indianapolis 1996 total premiums written: $62 million
Financial Resources Group specializes in disability income and retirement plans, but also provides customers with life and health insurance, mutual funds and 401(k) plans. The agency began in 1895 to provide "one stop shopping for insurance" for their customers, according to Sam Huston, general agent.
Financial Resources Group employs 110 in Indianapolis and has 60 agents.
SCHULTHEIS INSURANCE AGENCY INC. Evansville 1996 total premiums written: $60 million
Schultheis Insurance Agency, the Evansville agency started in 1944, now has locations in 18 other Indiana cities plus one in Southern Illinois. The agency sells multiple lines of insurance, including property, casualty, life, health insurance and group bonds.
The agency, says its president, Frank Schultheis, writes about half commercial business and half personal. "Most of the big agencies write 80 to 90 percent commercial," he says. He sees growth on the horizon. "We want to grow by at least 10 percent a year in total premiums."
GREGORY & APPEL INSURANCE Indianapolis 1996 total premiums written: $54 million
Gregory & Appel stakes its claim as the oldest independent agency in the state, founded in 1884 by Fred Gregory and John Appel in downtown Indianapolis.
Gregory & Appel writes all lines of insurance, including commercial, personal, property and casualty insurance and employee benefits programs. "We basically can take care of all insurance needs for a participating company or individual," says David Rieley, general agent. "We can go to a client and assess their insurance needs and be able to get them the best insurance at the best possible price."
FORREST SHERER INC. Terre Haute 1996 total premiums written: $53 million
Based in Terre Haute and founded in 1920, Forrest Sherer Inc. provides customers with all lines of insurance and says its success has a lot to do with a long-standing practice of looking for business out of town.
"We literally went to towns where we had no presence," says John W. Dinkel, the agency's president. "We began to build a large part of our business out of our town. We began this back in the '60s, and not in large metropolitan areas."
AUL TOWER AGENCY Indianapolis 1996 total premiums written: $52 million Founded: 1960 Employees: 35 full-time, 35 brokers Types of insurance: Pensions, 401 (k), tax-deferred annuities, deferred-compensation plans, retirement planning and retirement policies, life, disability income
CITIZENS INSURANCE Evansville 1996 total premiums written: $49 million Founded: 1937 Employees: 14 Types of insurance: All lines
GIBSON INSURANCE GROUP South Bend 1996 total premiums written: $45 million Founded: 1933 Employees: 20 Property, liability, auto, workers compensation, bonds, employee benefits, life & disability
NBD INSURANCE Elkhart 1996 total premiums written: $40 million Founded: 1910 Employees: 60 Types of insurance: All lines
STATE INSURANCE AGENCY Indianapolis 1996 total premiums written: $35 million Founded: 1962 Types of insurance: Group health, individual health, life, disability & dental
DETRUDE & CO. Indianapolis 1996 total premiums written: $34 million Founded: 1980 Employees: 6 Types of insurance: Employee benefits, life, health/accident, 401 (k)
WATERFIELD INSURANCE AGENCY Indianapolis 1996 total premiums written: $33 million Founded: 1928 Employees: 15 Types of insurance: Property, casualty, life, health, pensions, bonds and third-party administration
FOX AND FOX INSURANCE AGENCY Indianapolis 1996 total premiums written: $32 million Founded: 1903 Types of insurance: Property/casualty, employee benefits, life; commercial and personal
CASSADY NESSER & BRASSEUR South Bend 1996 total premiums written: $27 million Founded: 1928 Employees: 8 Types of insurance: All lines
MILES & FINCH Kokomo 1996 total premiums written: $25 million Founded: 1910 Employees: 14 Types of insurance: Home, auto, life, group, health, commercial, property and casualty
HERKE INSURANCE CENTER Indianapolis 1996 total premiums written: $25 million Founded: 1927 Employees: 10 Types of insurance: All lines
SYCAMORE AGENCY Terre Haute 1996 total premiums written: $25 million Founded: 1932 Employees: 30 Types of insurance: Personal, property and casualty, life, health and group
CITY SECURITIES INSURANCE Indianapolis 1996 total premiums written: $24 million Founded: 1929 Employees: 18 Types of insurance: Property and casualty, life, health, health/accident, business insurance, personal lines and homeowners policies
Source: Information provided by agencies listed.
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|Publication:||Indiana Business Magazine|
|Date:||Sep 1, 1997|
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