Holmdel-based Jacobson, Goldfarb & Scott, Inc. (JGS Insurance) said it acquired 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.”
JMI will continue to operate as a wholly-owned subsidiary of JGS Insurance with Chris and Robin Manougian as the practice leaders.