Baldwin & Lyons, Inc., a property and casualty insurance company will invest from $20 to $30 million to expand its headquarters in Carmel, Indiana, creating up to 133 new jobs by 2018.
The homegrown Hoosier company will invest purchase and improve a 184,000 square-foot facility at 111 Congressional Blvd. in Carmel. Baldwin & Lyons plans to relocate to the new location by the end of the year. Baldwin & Lyons, which currently employs more than 350 Hoosiers, plans to begin hiring additional highly skilled, high-wage insurance professionals in the areas of administration, finance and information technology.
“As we very carefully reviewed our options related to a new headquarters, we continued to remain extremely proud of our Hoosier heritage,” said Joe Devito, president and chief executive officer of Baldwin & Lyons. “On the heels of the tenure of the greatest governor in our history, Mitch Daniels, followed by the exciting and substantive campaign of his successor, Mike Pence, our management and board recognized Indiana as a model environment to do business. As real change and continuous improvement are at the core of who we are and what we do, it became clear that Central Indiana was the place to be.”
“Our pro-growth policies and strong workforce continue to put Indiana on the map as a state that works for business,” said Governor Mike Pence. “Baldwin & Lyons has been a fixture in Central Indiana for more than 80 years and we are proud that the Hoosier State has earned the opportunity to host its latest expansion.”
As an incentive, The Indiana Economic Development Corporation offered Baldwin & Lyons up to $3,500,000 in conditional tax credits and up to $200,000 in training grants based on the company’s current plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Carmel is considering additional incentives.
“We are very excited to welcome Baldwin & Lyons to the Carmel community,” said Carmel Mayor Jim Brainard. “This is exactly the type of investment the city is looking for in its economic development partners. When a company with a solid reputation such as Baldwin & Lyons decides to locate its headquarters in Carmel and expand its facilities here, the city realizes a long term gain through local investment and job creation. This is not only good for Carmel, but the region as well.”