Shepherd Insurance

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.

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

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices20 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core 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

Named customers9 records

Segments5 records

Ideal customer profiles5 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

20 partnerships are on record, tiered core.

• Responsive InsurancecoreStrategic or Co-development Partner · 3 June 2026Southwest Florida agency with offices in Naples and Estero. Addition marks continued Florida expansion.
• Capitol Insurance GroupcoreStrategic or Co-development Partner · 15 May 2026Indianapolis, Indiana agency welcome to Shepherd family marking continued growth across Indiana and the Midwest.
• Cox & Kimball InsurancecoreStrategic or Co-development Partner · 4 May 2026Bedford, Indiana agency partnership strengthening Shepherd's presence in Indiana.
• Arnold InsurancecoreStrategic or Co-development Partner · 16 April 2026Port Charlotte, Florida agency joining Shepherd's six existing Florida locations.
• Lori Sell InsurancecoreStrategic or Co-development Partner · 1 February 2024Prescott, Arizona agency joining Shepherd to offer additional benefits to their clients. Partnership enhances services for Arizona clients.
• Parker GroupcoreStrategic or Co-development Partner · 22 January 2024Partnership 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 InsurancecoreStrategic or Co-development Partner · 18 January 2024Northwest 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 InsurancecoreStrategic or Co-development Partner · 18 January 2024Serving Northwestern Indiana for over 30 years with hassle-free insurance approach focused on making insurance easy, fast, and stress-free for clients.
• The Assurity GroupcoreStrategic or Co-development Partner · 18 January 2024Serving Evansville and Western Kentucky communities with Deanna Walker and her team known for community-focused approach and commitment to lending a helping hand.
• Frederick InsurancecoreStrategic or Co-development Partner · 18 January 2024Located 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 InsurancecoreStrategic or Co-development Partner · 18 January 2024Major 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 InsurancecoreStrategic or Co-development Partner · 31 July 2023Crawfordsville, Indiana agency partnership. Merger enhances services for Indiana clients.
• River Valley InsurancecoreStrategic or Co-development Partner · 28 February 2023Newburgh, Indiana agency partnership. Merger enhances services for Indiana clients.
• Kleinschmidt InsurancecoreStrategic or Co-development Partner · 28 December 2022Evansville, Indiana agency joining Shepherd to offer additional benefits to clients. Partnership enhances services for Southwestern Indiana clients.
• Mid States InsurancecoreStrategic or Co-development Partner · 15 December 2022Zionsville, Indiana agency partnership to enhance services for clients. Merger strengthens Indiana market presence.
• Midwest Insurance ProfessionalscoreStrategic or Co-development Partner · 24 October 2022Connersville, Indiana agency partnership to offer additional benefits to clients. Merger enhances services across Indiana operations.
• Charlotte Insurance AgencycoreStrategic or Co-development Partner · 8 September 2022Port Charlotte, Florida agency partnership to offer additional benefits to clients served.
• First InsurancecoreStrategic or Co-development Partner · 4 May 2022Carmi, Illinois agency partnership. Merger enhances services for Illinois clients.
• Bennett & Bennett InsurancecoreStrategic or Co-development Partner · 22 February 2022Corydon, Indiana agency partnership to offer additional benefits to clients.
• Central Insurance Companies - Blue Streak ProgramcoreChannel Partner/ Reseller/ Distributor · 15 October 2018Appointed 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

Broad 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

• Xx.com/shepherdins
• Facebookfacebook.com/shepherdins
• LinkedInlinkedin.com/company/shepherdinsurance
• Instagraminstagram.com/shepherd_insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries19 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shepherd Insurance