Cook Maran Strengthens Employee Benefits Services in New York Through Acquisition
- December 01, 2017
Cook Maran acquires McDermott & Thomas, strengthening employee benefits services in its growing New York-based insurance brokerage
New York metropolitan area platform of Prime Risk Partners expands; McDermott & Thomas adds critical expertise for business clients
MELVILLE, NY -- Cook Maran & Associates, one of New York and New Jersey's largest insurance brokers and the New York metropolitan area platform for Prime Risk Partners ("PRP"), has acquired McDermott & Thomas Associates LLC ("M&T"), a Staten Island-based agency specializing in employee benefits. M&T's partners bring more than seven decades of experience advising businesses on customized, cost-effective insurance solutions for their human resources.
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, one of the nation's fastest-growing insurance intermediaries.
"Under the leadership of Pat McDermott and Mark Thomas, M&T has advised hundreds of employers across dozens of states on their benefits and other insurance needs," said Len Scioscia, Chairman and CEO of Cook Maran. "They've earned a reputation as trusted experts in a challenging field over the last thirty years, and we're proud to welcome them to Cook Maran and PRP."
Scioscia noted that the M&T partnership strengthens Cook Maran's portfolio in a critical area. "At a time when all employers grapple with rising premiums and face so much uncertainty in the national health insurance market, we felt the time was right to join forces with a trusted, expert advisory firm like M&T to make our benefits practice even stronger," he explained.
"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, 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 one of New York and New Jersey's leading agencies and PRP (#44 in the most recent Business Insurance 'Top 100 Business Brokers' ranking), M&T's founders see new opportunities to pursue this mission while offering clients the same personal service from familiar faces.
"By joining Cook Maran and PRP, we've found regional and national partners that can help us do what we love – solving problems for clients – at an even higher level as part of a really dynamic organization," added McDermott.