Jacobson, Goldfarb & Scott (JGS Insurance) has purchased Maryland-based John Manougian Insurance Agency (JMI).
Following the acquisition, JMI will operate as a subsidiary of JGS insurance.
JMI’s founder John Manougian will remain as a consultant, while Chris Manougian and Robin Manougian will serve as vice presidents.
Other employees of the company will continue to operate from the agency’s Silver Spring office.
Currently, JMI assists around 600 community associations in the metro-Washington, DC area.
The acquisition is part of JGS Insurance’s growth strategy in the mid-Atlantic region.
JGS Insurance president Vincent Hager said: “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.”
Robin Manougian said: “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.”