Marshall & Sterling Insurance to Acquire New York’s Jaeger & Flynn Associates

Marshall & Sterling Insurance, a 100% employee-owned company, has entered into an agreement to acquire Jaeger & Flynn Associates Inc. (JFA), an employee benefits broker and third-party administrative services (TPA) provider in New York’s greater capital region. This acquisition will be effective January 1, 2021.

JFA and its 85 employees provide employee benefits, TPA and property/casualty insurance services to more than 500 business clients in 32 U.S. states. Founded in 1988 by President Tom Flynn, JFA maintains office locations in Clifton Park, Saratoga Springs and Glens Falls, N.Y.

With the acquisition of JFA, Marshall & Sterling’s operations will now include 35 offices across five U.S. states and the U.S. Virgin Islands, with revenues in excess of $100M. The agency’s product offerings include commercial property/casualty, employee benefits, TPA services, HR administration, personal insurance, wealth management, financial planning, risk management and loss control services.

JFA will continue operating using its current brand name as a subsidiary of Marshall & Sterling. Tom Flynn will remain as JFA’s president and CEO, with Kurt Jaeger continuing his senior leadership role as executive vice president and chief marketing officer.

Over the next two years, a transition team led by Eric Diamond, president of Marshall & Sterling Employee Benefits, and Jeanne M. Maloy, president of Marshall & Sterling’s upstate property/casualty operations, will work together with Flynn and Jaeger to combine the various operations of the two organizations into one cohesive entity. During this time, any proprietary tools, services and resources of JFA and Marshall & Sterling will be made available to clients of both organizations.

Source: Marshall & Sterling Insurance

Topics Mergers & Acquisitions New York