About us

1864: Our Founding

In 1864, America was embroiled in a Civil War, and Abraham Lincoln was re-elected to a second term as President. In Poughkeepsie, Vassar College was under construction, scheduled to open in 1865. Meanwhile, Joseph H. Marshall, a manufacturer of carriages and sleighs, decided to expand his business into selling insurance.

1898: Partnership Formed

In the late 1890’s, Joseph Marshall, in his seventh decade, began experiencing health problems and decided to look for someone to carry on his business. Thirty-four-year-old Graham L. Sterling, an occasional fishing buddy who was working in a sporting goods store across the street, agreed to join Marshall, and formed a partnership “to engage in the business of insurance and real estate.”

Joseph H. Marshall and Graham L. Sterling

1920: The Smith Era

A graduate of Columbia University, Charles Hoyt Smith, Sr., had a special talent for drafting, especially plot plans of insured properties. He and Sterling became good friends and in 1920, decided to make an offer of $15,000 to purchase the agency, including its four desks, typewriters, and filing cabinets. The offer was accepted and Marshall & Sterling, Inc. was formed. At the time, the firm had four employees, including Smith and Sterling, and was located on the third floor of the Poughkeepsie Trust Co. building at 236 Main Street. Smith unexpectedly passed away in 1931 at the age of 52, and ownership of the firm was passed on to his family, enduring through the Great Depression.

Charles Hoyt Smith, Sr.

1946: A New Beginning

The modern-day Marshall & Sterling took form following World War II. In January 1946, Smith, then an Army Captain, returned to civilian life and to his business, realizing the firm needed new talent to broaden its expertise. In 1949, Edward F. Kenealyn became Vice President of the firm, bringing years of experience working with several large insurance brokerages in New York and California. Kenealyn would remain with the firm until his retirement in December 1979 at 68.

1970s: Growing by Leaps and Bounds

The company grew steadily during the 1960’s and 70’s, forcing it to move its main office several times to accommodate additional staff. In 1976, Smith reached 65 years of age and began to plan his retirement. With no family members in the business, Smith had to find a purchaser for the company. After exploring several options, he spoke with John O’Shea, an executive who had worked for the company since 1955. The U.S. government had recently approved Employee Stock Ownership Plan business formations, and O’Shea and Smith agreed to an orderly transfer of ownership to the employees.

Our company’s Poughkeepsie office from 1955-1973

1980s: On the Acquisition Trail

Now employee-owned, Marshall & Sterling began four decades of rapid growth through acquisitions, including its first foray into the Virgin Islands. The company purchased Young-Clark Insurance in 1984, on the islands of St. Croix, followed two years later by the acquisition of Theodore Tunick & Co., a firm with a long and proud history in St. Thomas. Marshall & Sterling closed out the 1980s with the acquisition of a second St. Thomas agency, Bradley & Francois. These moves established Marshall+Sterling as a major independent broker in the Virgin Islands.

Celebrating the acquisition of St. Thomas’ Theodore Tunick & Co.

1990s: Building a Northern Presence

As the 20^th century came to a close, Marshall & Sterling firmed up its Virgin Islands presence with the purchase of two more agencies. The company also expanded its Hudson Valley New York presence, all the way to Albany’s Capital District, with the 1994 purchase of Jardine Insurance Brokers, with offices in Schenectady. The addition of Jardine would serve as a jumping off point for the company to grow more rapidly north and west of New York’s capital, closing on six more upstate acquisitions before 2000.

Albany, New York’s Capital District

2000s: Broadening Our Services

With the new century came new challenges for businesses, including increasing challenges to manage their employees’ health insurance. In order to broaden the company’s service offerings, Marshall & Sterling made the strategic purchase of JS Diamond Group, a large Westchester-based employee benefits broker, establishing a firm presence in the increasingly dynamic health insurance space. The ten years from 2001-2010, including the purchase of 14 agencies, represents one of the fastest growth periods in the company’s history.

2010 and Beyond

Earning national acclaim and rising on industry lists of the largest U.S. independent insurance brokers, Marshall & Sterling set its sights on meeting the needs of high-net-worth clients. First, it established its own wealth advisory and retirement planning division, growing both talent and market share by the acquisitions of The Valley Group, in 2016, and Ackerman Quinn in 2017. The company entered the equine insurance market in 2013, purchasing Equisport Insurance, followed by The EMO Agency in 2015 and Broadstone Equine Insurance in 2019. Soon after, the company made strategic growth investments in employee benefits, acquiring the Virgin Islands broker Baker Magras & Associates, and upstate New York-based Jaeger & Flynn Associates. The company soon would top more than $1 billion in booked premiums.

Today: An Eye to the Future

Today Marshall+Sterling has more than 36 locations and 550 employees in New York, California, Florida, Michigan, Virginia, Wisconsin, and the U.S. Virgin Islands. As we celebrate more than 160 years of service, we recently updated our brand, including our logo, which today proudly includes a “plus” sign to replace the ampersand in our name – Marshall+Sterling. That plus sign represents how all of our key stakeholders, including our clients, communities, and employee-owners, receive more from Marshall+Sterling than from other firms. We enter this next era committed to adding even more to our storied history.