JGS Insurance Acquires Assets of John Manougian Insurance Agency
Based in Silver Spring, Maryland, Agency Underscores Aggressive Growth Strategy and Market Expansion
HOLMDEL, NJ — Jacobson, Goldfarb & Scott, Inc. (JGS Insurance) announced the acquisition of the John Manougian Insurance Agency (JMI) located in Silver Spring, MD. Founder John Manougian will remain as a consultant, while Chris Manougian and Robin Manougian will serve as Vice Presidents along with the rest of the staff whom will continue to operate from the agency’s Silver Spring office.
JMI currently serves the needs of more than 600 community associations throughout the metro-Washington, DC area. The acquisition underscores JGS Insurance’s growth strategy in community associations as well as throughout the mid-Atlantic region.
“This acquisition made sense to us on so many levels,” said Vincent Hager, President of JGS Insurance. “Both entities have developed over the past four decades a specialty in community association business insurance, and both are family-owned businesses whose principals have known and respected each other for more than 25 years. JMI is well positioned to expand its portfolio into other commercial lines by leveraging our company’s resources.”
“This is a terrific marriage of two strong agencies,” added Robin Manougian. “We have worked with JGS Insurance and their wholesale division, Preferred Property Program, for many years, securing umbrella and other specialty products for our clients. They bring the strength of a larger infrastructure, additional markets, and a similar, strong philosophy on service that will allow us to represent our clients more efficiently in an ever-evolving industry climate. Where many agencies are selling to entities that have no real understanding of community associations, JGS Insurance understands the unique and complicated nature of community associations and the importance of keeping ahead of coverage exposures and trends. Our long-held goal – to be the most knowledgeable insurance practitioners, and to offer unparalleled service to our clients – perfectly aligns with JGS Insurance.”