USI buys Forrest Sherer Insurance from First Financial Corp.

April 01--USI Insurance Services has acquired Terre Haute-based Forrest Sherer Insurance, formerly a subsidiary of First Financial Corp.

USI spokeswoman Cecile Locurto confirmed to the Tribune-Star today that First Financial Corp. had sold the insurance brokerage as of Thursday.

Employees of Forrest Sherer will remain at their current Terre Haute and Evansville operations, Locurto said, and current plans are to retain all employees.

"We know that they have a very long history of delivering expertise and great service to their clients and community," Locurto said of Forrest Sherer. "Their values are very much aligned with our own values."

The independent insurance agency was founded by its namesake -- Forrest Sherer -- as a sole proprietorship in 1920. Information on the company website states that Sherer incorporated the business in 1963. The business grew steadily during the first 40 years in business, and Sherer established a claims department which still exists today to aid customers in filing claims. The business is housed in the Chanticleer Building at 24 N. Sixth St.

USI is an insurance brokerage and consulting firm, delivering property and casualty, employee benefits, personal risk and retirement solutions throughout the United States. Headquartered in Valhalla, N.Y., USI has more than $1.0 billion in revenue, more than 4,400 professionals and about 140 local offices in 50 states. In Indiana, USI has offices in Carmel, Muncie, Fort Wayne, Pendleton and New Albany.

Norm Lowery, CEO and president of First Financial Corp., told the Tribune-Star that First Financial made the decision to sell its insurance agency in order to concentrate on banking.

"We think USI has the techniques and technology that are beneficial for the agency," Lowery said. "We are going to concentrate on our banking operations."

Calling USI a "very good company" to take over Forrest Sherer, Lowery said that First Financial had considered multiple "interested parties" for the sale, but felt that USI was the best fit for the agency.

Lisa Trigg can be reached at 812-231-4254 or at lisa.trigg@tribstar.com. Follow her on Twitter at TribStarLisa.

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