The acquisition emphasizes JGS Insurance’s growth strategy in community associations as well as throughout the mid-Atlantic region, it said.
Under the deal, JMI will operate as a wholly-owned subsidiary of JGS Insurance. JMI founder John Manougian will continue as a consultant, and Chris and Robin Manougian will serve as vice presidents. The rest of the staff will continue to operate from the agency’s home base in Silver Spring.
“This acquisition made sense to us on so many levels,” Vincent Hager, president of JGS Insurance, 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.”
JMI currently serves more than 600 associations throughout the Washington, D.C., metro area.
“This is a terrific marriage of two strong agencies,” Robin Manougian said. “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.”
Financial terms were not disclosed.