(DENVER – OCT. 26, 2021) IMA Financial Group, a North American insurance brokerage firm specializing in risk management, insurance, wholesale brokerage and wealth management, announced today a partnership with Washington-based Parker, Smith & Feek to expand its brokerage services in the Pacific Northwest, Alaska and Hawaii. The transaction is effective Nov. 1, 2021.
IMA’s acquisition of PS&F, the 49th largest brokerage company in the U.S., positions IMA as one of the fastest-growing independent brokerage firms in the country, growing its team to 1,700 associates, with 2022 revenues projected between $400M and $500M.
“In a year marked by M&A activity, the partnership between PS&F and IMA is monumental for both firms and the brokerage industry,” said Kevin Stipe, president of Reagan Consulting. “The deal is among the largest in the midmarket sector, and at a time when a majority of deals are driven by private equity investors acquiring a majority interest in brokers, IMA and PS&F will remain both independent and employee-owned and managed.”
PS&F will become an IMA company but retain its name, offices and clients, who will benefit from the added resources IMA brings to the partnership. The last three firms to join the IMA family — k.p.d Insurance, Bolton & Company and Diversified Insurance Group — have reported significant sales increases since the inception of their partnerships.
“We find reputable, growing partners like PS&F that align with our culture and look for synergies and capabilities that fuel organic growth,” said IMA Financial Group Chairman and CEO Rob Cohen. “The strategy is both true to our mission and successful — our organic growth rates are more than double the industry average. PS&F’s interest in IMA is further evidence that our long-term strategy to build the best independent, employee-owned broker in our industry continues to resonate with the best brokers who share that vision.”
The acquisition represents IMA’s largest partnership to date, adding 330 new associates and further expanding its national footprint. IMA has clients in all 50 states and now has employee-owners in 79 locations across the country, with 10 regional offices that collaborate and align client services throughout the enterprise. PS&F will continue to operate in its six offices in Bellevue, Tacoma and Spokane, Washington; Anchorage, Alaska; Honolulu, Hawaii; and Portland, Oregon. Current president and CEO Dave Eckroth will continue to lead the team.
“For more than 80 years, our team has lived our core values of focusing on client objectives and committing to the success of all team members. These values and our culture of creativity and innovation have been key drivers of our continued success,” said Eckroth. “We saw the same passion and purpose in our friends at IMA and firmly believe the combination of our firms solidifies our future as an independent, client-focused, high-performing agency.”
The partnership will double IMA’s health care specialty and significantly grow its construction practice. PS&F’s construction and project risk expertise dates back decades and includes prominent brokerage projects such as the original construction and recent $100 million renovation of the Seattle Space Needle and the construction of Seattle’s three tallest skyscrapers. With a commitment to innovation, PS&F has expanded its reach, adding top clients and brokers in real estate, health care, food resources, and manufacturing.
“Our growth strategy is fueled by a commitment to provide specialized and technical solutions for our clients,” said Cohen. “PS&F’s highly specialized teams and innovative approach align perfectly, and we are confident our combined future is bright.”
IMA Financial Group is a North American insurance brokerage firm with market-leading risk management, insurance, employee benefits and wealth management practices. Among the largest independent, employee-owned brokerages in the U.S., IMA employs 1,700 associates with highly specialized expertise in a broad reach of growing industries. The company’s mission is to protect assets and make a difference for its clients, associates and communities.
Parker, Smith & Feek is an independent, privately owned brokerage firm providing commercial insurance, risk management, surety, benefits and personal insurance solutions. Founded in 1937, Parker, Smith & Feek is an innovative industry leader and ranks nationally as one of the 50 largest risk management and insurance brokers in the United States. Parker, Smith & Feek’s 330 employees are dedicated to serving clients with a customized brokerage experience and making a positive impact in their communities.
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Insurance Journal: “IMA Acquires Parker, Smith & Feek in Washington”
Denver Business Journal: “Denver-based IMA Financial to close on largest acquisition to date”
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