Baldwin & Lyons, Inc. (NASDAQ: BWINA, BWINB), one of the largest property and casualty insurance companies based in Indiana, announced plans today to expand its headquarters here, creating up to 133 new jobs by 2018.
The homegrown Hoosier company will invest from $20 to $30 million to purchase and improve a 184,000 square-foot facility at 111 Congressional Blvd. in Carmel. Baldwin & Lyons plans to relocate to the new location by the end of the year.
“Our pro-growth policies and strong workforce continue to put Indiana on the map as a state that works for business,” said Governor Mike Pence. “Baldwin & Lyons has been a fixture in Central Indiana for more than 80 years and we are proud that the Hoosier State has earned the opportunity to host its latest expansion.”
Baldwin & Lyons, which currently employs more than 350 Hoosiers, plans to begin hiring additional highly skilled, high-wage insurance professionals in the areas of administration, finance and information technology this year.
“As we very carefully reviewed our options related to a new headquarters, we continued to remain extremely proud of our Hoosier heritage,” said Joe Devito, president and chief executive officer of Baldwin & Lyons. “On the heels of the tenure of the greatest governor in our history, Mitch Daniels, followed by the exciting and substantive campaign of his successor, Mike Pence, our management and board recognized Indiana as a model environment to do business. As real change and continuous improvement are at the core of who we are and what we do, it became clear that Central Indiana was the place to be.”
Founded in Indianapolis in 1930, Baldwin & Lyons specializes in providing property and casualty insurance products and risk management services for companies around the globe. It provides insurance coverage for more than a dozen different specialty products, including brokerage services for virtually any property and casualty risk. In 2012, Baldwin & Lyons set several performance records related to both revenue and profit, ending the year with nearly $1 billion in assets. The company supports a variety of organizations that help the Central Indiana community, including Peyton Manning Children’s Hospital at St. Vincent, Habitat for Humanity, Special Olympics and Meals on Wheels.
The Indiana Economic Development Corporation offered Baldwin & Lyons up to $3,500,000 in conditional tax credits and up to $200,000 in training grants based on the company’s current plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Carmel is considering additional incentives.
“We are very excited to welcome Baldwin & Lyons to the Carmel community,” said Carmel Mayor Jim Brainard. “This is exactly the type of investment the city is looking for in its economic development partners. When a company with a solid reputation such as Baldwin & Lyons decides to locate its headquarters in Carmel and expand its facilities here, the city realizes a long term gain through local investment and job creation. This is not only good for Carmel, but the region as well.”