MacLennan & Bain Insurance

What MacLennan & Bain Insurance does

MacLennan & Bain Insurance is a regional, independently operated insurance agency founded in 1908 in Gary, Indiana by four founding families and now headquartered in Valparaiso, Indiana. The agency provides commercial insurance, employee benefits, life insurance, medical malpractice and professional liability coverage, Medicare insurance, and personal lines (homeowners, auto) to clients across the Northwest Indiana region. Its primary vertical is healthcare — specifically medical malpractice insurance for physicians and healthcare providers — with secondary specializations serving legal, accounting, engineering, and architectural professionals. The agency is led by Ross MacLennan, a third-generation owner and CPCU designee with nearly 40 years of industry experience, alongside Deanna Hrosik, who is recognized for medical malpractice expertise.

The agency's underlying technology is described as a traditional insurance brokerage model with no disclosed proprietary platform, API, or digital tools; service delivery is conducted through direct client engagement and field-based consultations out of a single Valparaiso office. The product portfolio is delivered through carrier relationships accessed via its 2023 partnership with Shepherd Insurance, a privately held Indiana-based agency group with offices throughout the country. Ross MacLennan continues to lead the Valparaiso location post-acquisition under the Shepherd Insurance umbrella.

MacLennan & Bain generates revenue through commissions on insurance policies sold across personal, commercial, employee benefits, professional liability, and medical malpractice lines, functioning as a recurring revenue model tied to policy renewals. Pricing is quote-based and determined by individual risk assessments, coverage needs, and carrier underwriting criteria, with no publicly disclosed pricing tiers. The go-to-market is enterprise field sales: personalized client engagement, custom risk recommendations, and a strong referral network built over 115+ years of community presence in Northwest Indiana. Marketing channels include the Shepherd Insurance website, social media on Facebook, Instagram, LinkedIn, and Twitter, and direct client referrals.

Name

MacLennan & Bain Insurance

Legal name

MacLennan & Bain Insurance

Website

https://maclennanbain.com

Company type

Private

Founded year

1908

Operating status

Operating

Headcount range

11–50 employees

Short description

MacLennan & Bain Insurance is a Valparaiso, Indiana-based insurance agency founded in 1908, specializing in medical malpractice, professional liability, employee benefits, and personal insurance for healthcare, legal, accounting, engineering, and architectural clients in Northwest Indiana, operating under Shepherd Insurance since 2023.

Ownership category

akta.pro rank

Headquarters

HQ city

Valparaiso

HQ country

United States

HQ region

North America

Offices1 record

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: MacLennan & Bain Insurance generates revenue through commissions from insurance products sold to clients. As an independent insurance agency under Shepherd Insurance, they earn commissions on personal coverage, business coverage, employee benefits, professional liability coverage, and medical malpractice insurance policies.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

MacLennan & Bain Insurance is an independent insurance agency that sells and intermediates commercial insurance, employee benefits, life insurance, medical malpractice insurance for healthcare professionals, Medicare insurance, personal lines (home, auto), and professional liability (E&O) coverage for legal, accounting, engineering, and architectural clients. The firm operates as a placement-and-advisory intermediary, customizing coverage across multiple carriers rather than underwriting its own policies, and is now part of the Shepherd Insurance group.

Product overview

MacLennan & Bain Insurance is a family-run insurance agency that provides customized insurance and risk management solutions. The company operates as a single integrated offering under the Shepherd Insurance group following its acquisition in 2023. Their portfolio includes six interconnected insurance products: Commercial Insurance, Employee Benefits, Life Insurance, Medical Professionals Coverage (medical malpractice), Medicare Insurance, Personal Insurance, and Professional Liability Coverage. The products are designed to serve the healthcare, legal, accounting, engineering, and architectural industries with a specialized focus on healthcare malpractice insurance. The agency serves both personal and business clients with options for individual coverage or bundled business solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Insurance Coverage solutions for businesses including property, liability, and business interruption protection for commercial clients, placed through multiple carrier relationships.
• Employee Benefits Benefits packages including health insurance, retirement plans, and other employee benefit solutions designed for businesses and their workforces.
• Life Insurance Life insurance products providing financial protection and security for individuals and families.
• Medical Professionals Coverage Specialized medical malpractice insurance coverage for healthcare professionals including physicians, with emphasis on the healthcare industry and complex malpractice exposure.
• Medicare Insurance Medicare insurance options and supplemental coverage for individuals eligible for Medicare benefits.
• Personal Insurance Personal coverage including homeowners insurance and other individual insurance products for personal asset protection.
• Professional Liability Coverage Liability coverage for professionals including errors and omissions protection tailored for legal, accounting, engineering, and architectural industries.

Quantifiable outcome

• Customized insurance solutions ensuring right coverage at best price

Named customers1 record

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Shepherd InsurancecoreStrategic or Co-development Partner · 1 January 2023In 2023, Shepherd Insurance expanded its northern Indiana footprint with the addition of MacLennan & Bain Insurance. The partnership combines Shepherd's specialization in the healthcare industry and exponential growth with MacLennan & Bain's 115-year legacy serving Northwest Indiana. The mutual background as family-run agencies and complementary industry expertise provides opportunity for better resources and support for clients. MacLennan & Bain maintains operations in Valparaiso under Shepherd Insurance's umbrella.

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Hub International: Major North American insurance brokerage offering commercial, personal, employee benefits, and specialty lines including professional liability. Comparable as a multi-line intermediary serving similar customer segments (healthcare, legal, accounting, engineering) but at significantly larger scale and national reach.
• AssuredPartners: Large national insurance brokerage formed through roll-up of independent agencies, with significant healthcare and professional services practices. Comparable to MacLennan & Bain as a multi-line, multi-vertical agency but operates at substantially greater scale and geographic breadth.
• Arthur J. Gallagher & Co. Global insurance brokerage and risk management firm with dedicated healthcare and professional liability practices. Comparable as a multi-line intermediary competing for the same healthcare malpractice and professional E&O business that MacLennan & Bain targets, but with national and international reach.
• Marsh McLennan: Global professional services firm with Marsh as its insurance brokerage arm, offering risk advisory, commercial insurance, and specialty healthcare and professional liability placements. Comparable as the largest-scale competitor in the same healthcare malpractice and professional services verticals, with global carrier relationships.
• Brown & Brown, Inc. National insurance brokerage and program manager offering commercial, personal, and employee benefits products through a network of regional offices. Comparable as a multi-line agency intermediary but operates at materially larger scale than MacLennan & Bain's single-office footprint.

Emerging players

• RPS (Risk Placement Services): Specialty insurance brokerage and binding authority focused on professional liability, healthcare malpractice, and excess & surplus lines. Comparable to MacLennan & Bain as a specialist in the same healthcare malpractice and professional E&O product categories, with deeper specialty-market relationships.

Direct peers

• Hilb Group: Mid-Atlantic and Midwest-focused insurance brokerage built through agency roll-ups, offering commercial, personal, employee benefits, and professional liability coverage. Comparable as a regionally rooted multi-line agency operating in similar verticals to MacLennan & Bain.
• IMA Financial Group: Midwestern independent insurance brokerage headquartered in Denver with Kansas/Missouri roots, serving commercial, employee benefits, and personal lines for healthcare, professional services, and other verticals. Comparable as a regionally rooted multi-line agency with similar vertical mix to MacLennan & Bain.
• INSURICA Insurance Management Network: Mid-sized independent insurance agency with deep healthcare and professional liability specialization, comparable to MacLennan & Bain's vertical focus on healthcare malpractice and professional E&O lines. Both compete for the same physician, legal, and accounting practice accounts.
• Shepherd Insurance: MacLennan & Bain's parent company since the 2023 acquisition. Shepherd is a Carmel, IN-based independent insurance agency specializing in healthcare and serving clients nationally; it is the closest comparable operating peer given shared family-run heritage, healthcare vertical focus, and overlapping product portfolio (commercial, employee benefits, life, medical malpractice, Medicare, personal, professional liability).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• Xtwitter.com/shepherdins
• Facebookfacebook.com/mbinsurance
• LinkedInlinkedin.com/company/shepherdinsurance
• Instagraminstagram.com/shepherd_insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about MacLennan & Bain Insurance