Shepherd Insurance
Shepherd Insurance is a privately-held, family-owned independent insurance agency founded in 1977 and headquartered in Carmel, Indiana. It serves commercial businesses, individuals, and employers through 42 offices across seven states, representing over 200 insurance carriers.
- Company typePrivate
- Founded1977
- HeadquartersCarmel, United States
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What Shepherd Insurance does
Shepherd Insurance is a privately-held, family-owned independent insurance agency founded in 1977 by Dave Shepherd and headquartered in Carmel, Indiana. The firm is currently led by CEO Quinn Shepherd, founder Dave Shepherd's son, and operates 42 offices across seven U.S. states (Arizona, Florida, Illinois, Indiana, Kentucky, and Minnesota). It is described as one of the 50 largest independent insurance agencies in the country, with 550+ employees and 53 Partners as of 2024, and represents more than 200 insurance carriers. The agency sells through a sales-led, field-agent model with face-to-face service at local offices, supplemented by online quote requests, content marketing, webinars, and social channels.
The product portfolio spans five primary lines: Commercial Insurance (property, liability, workers compensation, cyber liability, specialty); Personal Insurance (home, auto, umbrella); Employee Benefits (health, dental, vision, life, disability, plus a Population Health & Well-being module); Medicare Insurance (Parts A, B, and D through relationships with 9 organizations offering 57 products); and Financial Services delivered through Shepherd Financial, an independent wealth advisory arm. Revenue is generated exclusively through commissions paid by carrier partners on policies placed; pricing is quote-based and varies by risk profile, coverage, and carrier underwriting, with monthly billing cadence. The firm uses standard carrier systems and industry platforms — no proprietary technology infrastructure is in evidence.
Growth has been driven primarily by acquisition rather than purely organic scaling. Between 2022 and 2026, Shepherd executed 18 or more agency partnerships/acquisitions, expanding from a regional Indiana operation into a multi-state platform. Notable awards include consecutive Insurance Business America Elite Agency recognition (2015–2018, requiring $25M+ revenue), 2019 IBJ #17 fastest-growing private company, 2024 and 2026 Top Workplaces USA, 2026 Central Indiana Top Workplaces (top 3 large companies), 2026 Platinum Bell Seal for Workplace Mental Health, and 2026 Best Places to Work in both Indiana and Kentucky. Founder Dave Shepherd was inducted into the Insurance Business America Hall of Fame in 2018.
Shepherd Insurance firmographics
Firmographics- Name
- Shepherd Insurance
- Legal name
- Shepherd Insurance
- Website
- https://shepherdins.com
- Company type
- Private
- Founded year
- 1977
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Shepherd Insurance is a privately-held, family-owned independent insurance agency founded in 1977 and headquartered in Carmel, Indiana. It serves commercial businesses, individuals, and employers through 42 offices across seven states, representing over 200 insurance carriers.
- Ownership category
- akta.pro rank
Where Shepherd Insurance is headquartered
LocationHeadquarters
- HQ city
- Carmel
- HQ country
- United States
- HQ region
- North America
Offices20 records
Markets served
Shepherd Insurance business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Insurance Commissions: Shepherd Insurance generates revenue through commissions paid by insurance carriers for policies placed. As an independent agency representing over 200 insurance carriers, they earn commissions on personal insurance, commercial insurance, employee benefits, Medicare insurance, and financial services products.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Custom insurance coverage pricing - quote based |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels8 records
Shepherd Insurance product offering
Product offeringCore offering
Shepherd Insurance is an independent insurance agency that places commercial, personal, employee benefits, Medicare, bonding, and financial services coverage for clients by accessing policies from over 200 insurance carriers. The firm operates field-agent offices across multiple states and serves businesses, individuals, employers, and seniors with risk-transfer and protection products. Founded in 1977, it functions as a broker/agent intermediary rather than an underwriter, earning commission on policies written.
Product overview
Shepherd Insurance is one of the 50 largest independent insurance agencies in the United States, offering a comprehensive portfolio of insurance and financial services through access to over 200 insurance carriers. The company operates as a multi-line agency providing Commercial Insurance (custom business coverages including property, liability, workers compensation, cyber, and specialty lines), Personal Insurance (home, auto, umbrella coverage), Employee Benefits (health plans, wellness programs, population health management), Medicare Insurance (Parts A, B, and D options through 9 carrier relationships), Financial Services (wealth advisory), and Bonding Services (surety and commercial bonds). The company maintains over 40 offices across seven states with headquarters in Carmel, Indiana, and has grown from its founding in 1977 to over 500 employees.
Differentiator
Problem solved
Functional benefit
Products and services
- Commercial Insurance Risk-transfer coverage for businesses including property, liability, workers compensation, and specialty commercial lines; targeted at commercial clients across multiple industries served by Shepherd Insurance.
- Personal Insurance Personal lines coverage for individuals and families including home, auto, and umbrella protection; sold to retail consumers seeking bundled or standalone household insurance products.
- Employee Benefits Group benefits consulting and brokerage for employers, including health, dental, disability, and voluntary benefits plan design, placement, and administration support.
- Medicare Insurance Medicare Advantage, Medicare Supplement, and Part D prescription drug plan guidance and enrollment for individuals approaching or in retirement; serves individual consumers.
- Financial Services Financial planning, retirement, and wealth advisory services offered alongside insurance products to individual and business clients.
- Bonding Services Surety bond placement and underwriting support for contractors and businesses requiring bid, performance, payment, and commercial surety bonds.
- Cyber Liability Insurance Standalone cyber liability coverage for commercial clients addressing data breach, ransomware, and technology-related risk exposures.
- Life Insurance Individual life insurance products for personal protection, income replacement, and estate planning purposes.
- Personal Umbrella Liability Insurance Excess personal liability coverage providing additional protection above underlying home and auto policy limits for individuals and families.
- Inland Marine Insurance Specialty inland marine coverage for commercial clients protecting equipment, tools, and property in transit or at job sites.
- Population Health and Well-being Workplace well-being and population health management program offered to employer clients alongside employee benefits coverage.
Quantifiable outcome
- Serving clients throughout the US with over 40 offices in seven states
- +2 more outcomes
Companies that use Shepherd Insurance
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles5 records
Shepherd Insurance technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Shepherd Insurance partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered core.
- Responsive InsurancecoreSouthwest Florida agency with offices in Naples and Estero. Addition marks continued Florida expansion.
- Capitol Insurance GroupcoreIndianapolis, Indiana agency welcome to Shepherd family marking continued growth across Indiana and the Midwest.
- Cox & Kimball InsurancecoreBedford, Indiana agency partnership strengthening Shepherd's presence in Indiana.
- Arnold InsurancecorePort Charlotte, Florida agency joining Shepherd's six existing Florida locations.
- Lori Sell InsurancecorePrescott, Arizona agency joining Shepherd to offer additional benefits to their clients. Partnership enhances services for Arizona clients.
- Parker GroupcorePartnership with Parker Group, an Indiana agency with over 150 years of history serving Lawrence County and surrounding areas with specialized insurance products and services. Deep roots in Bedford, Indiana.
- MacLennan & Bain InsurancecoreNorthwest Indiana agency founded by four families in Gary, IN in 1908. Specializes in serving healthcare, legal, accounting, engineering, and architectural industries with healthcare specialization.
- Central Agency InsurancecoreServing Northwestern Indiana for over 30 years with hassle-free insurance approach focused on making insurance easy, fast, and stress-free for clients.
- The Assurity GroupcoreServing Evansville and Western Kentucky communities with Deanna Walker and her team known for community-focused approach and commitment to lending a helping hand.
- Frederick InsurancecoreLocated in Lutz, Florida, trusted resource for over 20 years. Jim and Sheila Frederick's dedication to providing best policy benefits at greatest value with commitment to A+ rated insurance companies.
- Besnard InsurancecoreMajor merger with Besnard Insurance, founded in 1979, industry leader known for innovation and customized insurance solutions. Serves businesses nationwide including some of the world's largest brands with focus on managing long-term insurance costs.
- Tanner & Servies InsurancecoreCrawfordsville, Indiana agency partnership. Merger enhances services for Indiana clients.
- River Valley InsurancecoreNewburgh, Indiana agency partnership. Merger enhances services for Indiana clients.
- Kleinschmidt InsurancecoreEvansville, Indiana agency joining Shepherd to offer additional benefits to clients. Partnership enhances services for Southwestern Indiana clients.
- Mid States InsurancecoreZionsville, Indiana agency partnership to enhance services for clients. Merger strengthens Indiana market presence.
- Midwest Insurance ProfessionalscoreConnersville, Indiana agency partnership to offer additional benefits to clients. Merger enhances services across Indiana operations.
- Charlotte Insurance AgencycorePort Charlotte, Florida agency partnership to offer additional benefits to clients served.
- First InsurancecoreCarmi, Illinois agency partnership. Merger enhances services for Illinois clients.
- Bennett & Bennett InsurancecoreCorydon, Indiana agency partnership to offer additional benefits to clients.
- Central Insurance Companies - Blue Streak ProgramcoreAppointed as special Blue Streak representative for Central Insurance Companies. One of only 75 insurance agencies nationwide with Blue Streak status. The program provides recognition and priority attention for high-quality automobile, homeowners, umbrella, and personal insurance policies.
Scale indicators11 records
Recent moves8 records
Expansion highlights5 records
Shepherd Insurance competitors and assessment
Company assessmentBroad incumbents
- Brown & Brown: Publicly traded, large-cap insurance broker built on a similar decentralized, multi-line independent agency model with significant M&A history across commercial, personal and benefits.
- Marsh McLennan Agency: Middle-market brokerage arm of Marsh McLennan offering commercial, personal and employee benefits — broader incumbent player with comparable mid-market commercial and benefits offerings.
- Arthur J. Gallagher: Global insurance brokerage and risk management firm with a substantial U.S. middle-market agency footprint — competes across commercial, benefits and personal lines at much greater scale.
Emerging players
- Acrisure: Tech-enabled insurance brokerage that has used very rapid acquisitions to become one of the largest U.S. brokers — comparable M&A growth model with a differentiated technology overlay.
Direct peers
- AssuredPartners: Large, PE-backed national insurance brokerage built primarily through acquisitions of regional independent agencies — the closest structural analog to Shepherd's roll-up strategy across commercial, personal and benefits lines.
- USI Insurance Services: Privately held, top-tier U.S. insurance brokerage that grew through organic build-out and a large number of regional agency acquisitions — directly comparable to Shepherd's multi-line independent agency model and acquisition-led expansion.
- Risk Strategies: National insurance brokerage that has scaled via acquisition of specialty and regional agencies across commercial, personal and benefits lines — closely mirrors Shepherd's M&A-driven growth playbook.
- Hub International: Privately held insurance brokerage offering commercial, personal and employee benefits coverage through a network of regional offices — comparable multi-line, multi-state independent agency model.
- NFP (an Aon company): Mid-market-focused insurance broker and benefits consultant acquired by Aon, built largely through regional agency roll-ups — directly comparable acquisition-led, multi-line model.
Regional players
- MJ Insurance: Indiana-based, employee-owned insurance brokerage offering commercial, personal and employee benefits — directly comparable regional peer competing with Shepherd in its core Indiana market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Shepherd Insurance social profiles
Digital presenceShepherd Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Shepherd Insurance leadership team
Management profileNumber of profiles
Profiles8 records
Shepherd Insurance subsidiaries and ownership
Company hierarchySubsidiaries19 records
Shepherd Insurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Shepherd Insurance M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Shepherd Insurance
What does Shepherd Insurance do?
Shepherd Insurance is an independent insurance agency that places commercial, personal, employee benefits, Medicare, bonding, and financial services coverage for clients by accessing policies from over 200 insurance carriers. The firm operates field-agent offices across multiple states and serves businesses, individuals, employers, and seniors with risk-transfer and protection products. Founded in 1977, it functions as a broker/agent intermediary rather than an underwriter, earning commission on policies written.
Is Shepherd Insurance a public or private company?
Shepherd Insurance is a private company. It is classified as family owned and is currently operating.
When was Shepherd Insurance founded?
Shepherd Insurance was founded in 1977. It employs 501 to 1,000 people.
Where is Shepherd Insurance based?
Shepherd Insurance is headquartered in Carmel, United States, in the North America region.
How does Shepherd Insurance make money?
One revenue line is on record: insurance Commissions.
Who are Shepherd Insurance's main competitors?
Broad incumbents on record are Brown & Brown, Marsh McLennan Agency and Arthur J. Gallagher. Acrisure is listed as an emerging player. Direct peers are AssuredPartners, USI Insurance Services, Risk Strategies, Hub International and NFP (an Aon company). MJ Insurance is listed as a regional player.
Does Shepherd Insurance have an API?
No public API is recorded for Shepherd Insurance.