Rose & Kiernan was established in Albany in 1869 by Rufus Rose. Upon his retirement, he was succeeded by his son, William. Then, in 1901, Peter D. Kiernan entered the agency as a partner and the agency became Rose & Kiernan. The firm was incorporated in 1914, and for the next 60 years was managed by Mr. Kiernan and his son, Peter D. Kiernan, Jr. In 1974, Peter Kiernan, Jr. left the agency to assume the presidency of an Albany-based bank holding company.The move necessitated his divesting himself of his interest in the business, which resulted in the sale of the agency to the employees on May 8, 1974