Mangano Showcases Sterling & Sterling, Inc. As “Business Of The Month”

Woodbury-Based Business Opens Doors for Tour

Nassau County Executive Edward P. Mangano today showcased Sterling & Sterling, Inc. as the Nassau County “Business of the Month” and toured their facility. Since the company was founded in 1932, Sterling & Sterling, Inc. has been an independent and privately owned corporation, growing annual revenues to over $32 million in 2010.

Sterling & Sterling, Inc. employs over 170 insurance and risk management professionals to service its vast clientele. The firm is ranked among the nation’s top 100 insurance brokerages and has grown to become one of the largest in the United States, with premiums topping $300 million. At a time when too many companies are struggling, Sterling & Sterling has grown an additional 20.8% in the first nine months of 2011.

“Businesses like Sterling & Sterling are the heartbeat of our local economy,” said County Executive Mangano. “With local employers contributing to the economic base and connectivity of our local communities, we must help raise awareness of the role they play and promote a business-friendly Nassau that attracts suppliers and distributors in similar industries. The “Business of the Month” designation is one way of bringing attention to their outstanding efforts.”

This past August, Sterling & Sterling, Inc. partnered with Assura Group and Great American Insurance Company, to launch IncomeAssure, the first ever private unemployment insurance product that acts as a supplement to state unemployment benefits to replace up to 50 percent of a worker’s former wages in the event of involuntary job loss. Like disability insurance, IncomeAssure makes money available to policyholders to pay for personal expenses during unexpected periods of unemployment. IncomeAssure is the only product of its kind available in the United States.

Sterling & Sterling’s clients are regional, national, and international operations who benefit from such service offerings as: property and casualty insurance, employee benefits consulting, risk management, loss control, claims management, estate planning, and business succession planning. Much of the firm’s most significant growth has occurred in recent years, not through acquisitions, but through referrals from satisfied clients. At Sterling & Sterling, their expertise reaches far beyond the insurance marketplace and they know the businesses and industries that they serve, and the markets in which they operate.

New York-based Assura Group, Sterling & Sterling’s partner for the IncomeAssure program was founded in 2006 to address the millions of Americans who are inadequately covered by state unemployment benefits. An approved state unemployment benefit claim triggers eligibility for IncomeAssure payments for policyholders. Premiums are based on salary, industry, and state of employment and range from approximately 0.5% to 2.0% of wages. There is a six month waiting period for new policyholders to begin claiming benefits. Currently, IncomeAssure is available in 32 states across the country and the District of Columbia. Eventually, the policy will be offered in all states, upon approval of policy form and rate filings. Additionally, Assura Group was the sponsor of Nassau County’s summer concert series.