Marshall & Sterling Insurance, headquartered in Poughkeepsie, N.Y., has announced plans to acquire First Insurance Agency Inc. in the U.S. Virgin Islands. A tentative date for the acquisition has been set for March 1. Marshall & Sterling will merge all Virgin Island-based First Insurance Agency employees, along with all active insurance clients currently with First Insurance, into its branch operations on St. Thomas, St. Croix and St. John.
“This acquisition represents an excellent growth opportunity for our company,” said Timothy Dean, president of Marshall & Sterling Insurance. “We have a successful history of providing exceptional insurance services, coupled with outstanding customer service and support in the V.I. This acquisition will enable us to further expand our presence in the V.I. and to serve a larger client base.”
The insurance company has maintained offices on St. Croix since 1967 and on St. Thomas since 1986, when it acquired Theodore Tunick & Company, an agency founded in 1962 on St. Thomas. Marshall & Sterling’s St. Thomas-based operations still do business under the Theodore Tunick & Company brand name.
The company also maintains on office on St. John.
Mark Robertson, president and branch manager of Theodore Tunick & Company said, “This acquisition represents an important time in our long history of serving the people of the Virgin Islands. We are working hard toward a smooth transition and are dedicated to exceeding the expectations of both new and existing customers alike. We are truly excited about the opportunities that are ahead of us and are pleased to welcome our new co-workers to our offices at the Tunick Building on St. Thomas.”
John Harper, president and branch manager of Marshall & Sterling St. Croix said, “We are eager to expand our insurance services, including the opening of a second location, which will be much more convenient to our customers on the West end of St Croix. We look forward to working with a new group of very capable and enthusiastic insurance professionals.”
A transition team has been formed to effectively manage the acquisition process, which is expected to take several weeks. As an employee-owned company (ESOP), transitioning First Insurance Agency employees will become fellow employee-owners of Marshall & Sterling Insurance. First Insurance Agency has been a subsidiary of FirstBank Puerto Rico. First BanCorp is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the Virgin Islands and Florida. The corporation operates a total of 170 branches, stand-alone offices and in-branch service centers throughout Puerto Rico, the U.S., the British Virgin Islands and Florida.
Marshall & Sterling Insurance Inc., founded in 1864, has total annual written premiums in excess of $400 million. An employee-owned company with more than 350 insurance specialists in 18 branch offices in New York and the U.S.V.I., the insurance company has been recognized for exceptional insurance services
and support throughout the nation. As the 23rd largest independently-owned insurance agency* in the United States, it provides a full line of property and casualty insurance products, group life, health and employee group benefits, fiduciary and fidelity bonds as well as self insurance administration and loss control services to its clients.
