This insect is called the Wheel Bug (Arilus cristatus, family Reduviidae). It is a common true bug that has one generation per year. It overwinters as a mass of eggs. Sometime in mid- to late spring, the eggs hatch and the little nymphs begin hunting prey. They feed and grow all summer long until they reach the adult stage. The adults pair up, mate and the female lays the eggs that will overwinter. It is a fairly common insect here in Ohio. It is a predator with piercing/sucking mouthparts that can give a painful bite if mishandled. Here is a link to an article on the insect for more information: https://bygl.osu.edu/index.php/node/2233