Cook, Hall & Hyde and Maran Corporate Risk Associates Announce Intention to Sign Merger Agreement
Leading insurance brokers merge to provide greater market leverage; enhanced product offering for clients
NEW YORK, and VOORHEES, N.J., Sept. 17, 2012
NEW YORK, and VOORHEES, N.J., Sept. 17, 2012 /PRNewswire/ -- Leading privately-held insurance brokerages Cook, Hall & Hyde (East Hampton & Melville, NY & Fairlawn, NJ) and Maran Corporate Risk Associates (Southampton, NY & Voorhees, NJ) today announced their intention to enter into a strategic merger agreement. The new company, Cook Maran & Associates, is being formed to provide an increased level of market opportunities for agents and an enhanced portfolio of products, services and support for both organizations' base of commercial and private customers. It is anticipated that the merger will be completed within 60 days of the agreement signing and have a significant impact on the way in which risk management solutions are delivered within the New York tri-state region.
"Together, the resources of our combined organizations will enable us to provide clients with more of what they choose an insurance brokerage for—more products and services, more points of access and more leverage with leading carriers," said Len Scioscia, President of Cook, Hall & Hyde. Mr. Scioscia has been named Chief Executive Officer of the new organization. "The merger of our two powerful organizations will provide the opportunity to leverage one another's strengths and move more quickly toward our long-term goal of providing the best combination of insurance risk management solutions and highest quality of service to our customers," he added.
Steve Maietta, President of Maran Corporate Risk Associates, said, "Our new team represents the same talented insurance professionals our clients have always counted on to deliver innovative insurance risk management strategies. While the merger will bring greater opportunities and more benefits to our clients and our employees, our commitment to providing superior service to the local marketplace remains the same." Mr. Maietta will serve as Cook Maran & Associates' Commercial Business Leader.
The newly-formed Cook Maran & Associates will continue to service customers from Eastern Long Island through Southeastern Pennsylvania via its network of offices in East Hampton, Southampton and Melville, New York and Fairlawn and Voorhees, New Jersey. The Company will provide a full range of personal and commercial insurance services, including life and individual insurance products, employee benefits, surety and credit risk solutions. With acombined team of 150 professionals the Company will rank among the top privately-held insurance brokerages in the region.
About Cook, Hall & Hyde
Formed in 1894, Cook, Hall & Hyde today employs a staff of over 100 professional who serve nearly 11,000 clients through its offices in East Hampton and Melville, NY and Fair Lawn, NJ.
Cook, Hall & Hyde provides a wide variety of insurance solutions, including commercial and personal insurance products, employee benefits and risk management services. A privately-held ESOP (Employee Stock Ownership Program), the Company is 30 percent employee-owned and encourages its agents to pursue continuing education and advanced certifications in underwriting, risk assessment and insurance counseling. Low employee turnover, dedication to customer service and a record of stable, sustained growth have earned it placement on Insurance Journal's 2011 list of Top 100 Property/Casualty Independent Agencies, a distinction it was awarded against a field of tens of thousands of agents and brokers nationwide.
About Maran Corporate Risk Associates
Headquartered in Southampton, New York, with a full-service office in Voorhees, New Jersey, Maran Corporate Risk Associates (MCRA) offers a wide array of insurance solutions, including commercial insurance, risk management, homeowners insurance, collections insurance, employee benefits, life insurance and estate planning. MCRA provides comprehensive employee training and education, enabling its staff to best meet the needs of its growing customer base. MCRA employees have advanced designations in their fields and years of background and experience in the industry. The Company is employee-owned with all 55 members of its staff participating in the Company's stock ownership program.