It is with great enthusiasm and pride that I announce the sale of Cook Maran & Associates to Prime Risk Partners (PRP) of Atlanta, Georgia. PRP is a new insurance and risk management organization with plans to build out a nation-wide insurance platform. (Please see the formal press release below).
We are excited to be the first agency acquired by Prime Risk as we assume the challenge of leading the tri-state region for the new company. This transaction is unlike other national brokers who simply absorb and integrate local agencies. Our partnership with Prime Risk not only leaves the Cook Maran identity intact but provides the financial strength and flexibility to build on it over a broader geography. You will see no change in culture at Cook Maran. We will be as you have come to know us: your advisors, your advocates, your neighbors and your friends. Further to the point, you will still see our name, and your service teams will remain intact. We are Cook Maran…….and we are moving forward.
We have had an Employee Stock Ownership Program (ESOP) for almost 30 years. It was designed to reward our talented employees based on the growth and success of the firm. Nearly 30% of the company’s stock is currently owned by our 160 employees through the ESOP. One of the most gratifying parts of the sale to Prime Risk is seeing the rewards of the ESOP come to fruition as we transfer substantial wealth into the retirement accounts of our team.
Beyond the ESOP, 35 members of the current Cook Maran organization will be invested in the new entity. Needless to say, we have great confidence in the vision of Prime Risk’s leadership and our ability to continue to deliver outstanding service to our more than 13,000 clients.
Strong businesses are always evolving – looking ahead and anticipating where they need to be in 5 years. The sale to Prime Risk Partners allows us to reposition the equity in the company and insure an even stronger footing as we move forward. I have no doubt that this transaction will benefit all of our key stakeholders starting with our clients and staff. I hope that you share our enthusiasm for the road ahead.
If you have any questions, please call me or any member of our leadership team.
To read the full press release from Prime Risk Partners, click here.