MUNCIE, Ind.–(BUSINESS WIRE)–First Merchants Corporation (NASDAQ – FRME) announced the sale of First Merchants Insurance Group (FMIG), a licensed insurance agency affiliate of First Merchants Bank, N.A. to USI Insurance Services, effective June 12, 2015.
FMIG currently operates a full service property, casualty, personal lines and healthcare insurance agency, with four offices located in Delaware, Hamilton, Madison and Randolph counties.
First Merchants entered the insurance business in 1998 and continued to grow organically while adding several smaller agencies through acquisition over the years. The Corporation’s equity in FMIG totals $9.6 million with intangible assets of $9.2 million. The sale price of the business totaled approximately $18 million. In connection with the sale transaction, First Merchants and USI have entered into a strategic marketing agreement to provide First Merchants’ clients with continuing access to P&C insurance and employee group benefits products and services.