Cook Maran Acquires New York’s McDermott & Thomas Associates

Cook Maran & Associates (Cook Maran), a New York and New Jersey insurance broker and the New York metropolitan area platform for Prime Risk Partners (PRP), has acquired McDermott & Thomas Associates LLC (M&T), a Staten Island, N.Y.-based agency specializing in employee benefits.

M&T’s partners offer more than seven decades of experience advising businesses on customized, cost-effective insurance solutions for human resources.

Following this transaction, M&T employees will continue to work from the agency’s Staten Island location and do business as McDermott & Thomas, joining Cook Maran’s six offices and 250 professionals across New York and New Jersey. In merging with Cook Maran, M&T also broadens the offering of PRP.

Cook Maran Chairman and CEO Len Scioscia noted in a company press release that the M&T partnership strengthens Cook Maran’s portfolio in a critical area during a time when many employers grapple with rising premiums and face uncertainty in the national health insurance market.

“Now more than ever, businesses need help building a competitive benefits package that fits the realities of their bottom line – and explaining the plan to employees,” agreed Patrick McDermott in the release, who co-founded M&T with Mark Thomas in 1987. “That’s been our mission as an agency for the last three decades.”

By merging with Cook Maran, M&T’s founders see new opportunities to pursue their mission while offering clients the same personal service from familiar faces, added McDermott in the release.

Source: Cook Maran & Associates

Topics Mergers & Acquisitions New York