With the acquisition of Bolton & Company, IMA Financial will have 1,200 associates and generate annualized revenues of more than $300 million. The deal launches IMA into the top 20 insurance brokers in the US (based on last year’s figures), a company release said.
Revenues aside, both the IMA and Bolton teams said that they will “remain focused on their client-first mentality and committed to being independent, employee-owned and dedicated to their communities.”
Following the deal, Bolton & Company will become an IMA company, but will retain its brand. Bolton president and CEO Steve Brockmeyer will continue in his leadership role and serve as market president for IMA’s California division. The team of 200 employees will remain in the company’s offices in Los Angeles, Orange County and the San Francisco Bay Area.
“This is a watershed moment for IMA and for the industry,” said IMA Financial Group chairman and CEO Rob Cohen. “It is unique for two large independent brokers that align so well in culture, strategy and community commitment to join forces. This move will take us to the next level, and we will stay on this path as long as we continue to find great strategic partners.”
“Nearly a century ago, we set out to be an independent, trusted advisor for our clients by taking a tailored approach to helping clients achieve success and growth,” commented Brockmeyer. “This partnership amplifies that commitment. IMA is creating a new way forward, assembling independent partners that are highly experienced with a shared set of client-focused values.”
This acquisition is IMA’s fourth since November 2020 and its 10th in the last 12 months; it is also the brokerage’s largest transaction yet.