Fifth Third Insurance Agency Inc., an indirect, wholly-owned subsidiary of Fifth Third Bancorp, is acquiring Epic Insurance Solutions of Louisville, Ky. The deal is expected to be completed this fall.
Epic Insurance Solutions was founded in 2013 by Donald Thompson, who had previously founded Thompson Associates, the largest independently owned employee benefits broker in the state when it was purchased by National City Bank in 2007.
The insurance company provides commercial and personal property insurance and casualty and employee benefits mainly to companies in Kentucky and Indiana. Before the deal with Fifth Third, Epic already had an agreement in place to acquire Integrity HR, a consulting firm which offers human resources outsourcing solutions. Both companies will become part of Fifth Third Insurance.
When Epic first opened, within 15 months, it acquired several other agencies including Hayes, Utley & Hedgspeth, a Louisville-based property and casualty firm, Strategic Employee Benefit Services of Kentucky and Indiana, Inc., and Thoroughbred Associates. It grew quickly to more than 50 employees.
Louisville-based Integrity HR, Inc., provides human resources outsourcing services, professional recruiting services, and additional HR solutions to companies. In 2014, Integrity HR expanded and completed its headquarters in Middletown.
The deal with Epic and Integrity HR “enables Fifth Third to enhance our insurance capabilities and HR consulting services to support the diverse needs of our customers,” said Mike Michael, head of wealth and asset management for Fifth Third Bank. “Additionally, it allows us to expand our team’s exceptional talent pool and further deepen our understanding of the industry.”
Fifth Third Insurance recently also acquired R.G. McGraw Insurance Agency and The Retirement Corporation of America. Fifth Third said it is making substantial investments in products and services to help clients with financial and risk management challenges. This focus supports its NorthStar strategy, a three-year plan designed to deliver strong, consistent returns through economic cycles.
“The partners here at Epic, Jason Rankin, John Neace and I are excited about the opportunity to join Fifth Third Bank, a company that we feel is a natural and cultural fit for our customers and our team,” said Don Thompson, president of Epic Insurance Solutions.
“The combination of employee benefit services and HR consulting services combined with the strength of Fifth Third provides significant solutions for our clients,” said Amy Letke, president of Integrity HR.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, with $141 billion in assets and 1,157 branches.