IMA agrees to buy rival top 50 brokeragePosted On: Oct. 26, 2021 12:22 PM CST
IMA Financial Group has agreed to buy Bellevue, Washington-based Parker, Smith & Feek Inc., the 49th largest broker of U.S. business.
Terms of the deal, which is slated to close Nov. 1, were not disclosed.
The purchase will “double IMA’s health care specialty and significantly grow its construction practice,” Denver-based IMA said in a statement Tuesday.
Parker, Smith & Feek, reported $82.5 million in 2020 brokerage revenue. Its business mix is about 75% commercial retail, 20% employee benefits and 4% personal lines, according to Business Insurance’s 2021 Agents & Brokers Directory. The company has about 300 employees and six offices.
The deal, which is IMA’s largest to date, will expand its operations in the Pacific Northwest, Alaska and Hawaii, the statement said.
IMA is the 21st largest broker of U.S. business, with $301.6 million in 2020 brokerage revenue, according to Business Insurance’s most recent ranking.
Parker, Smith & Feek will continue to operate under its existing name and be headed by CEO Dave Eckroth, the statement said.
In April, IMA announced the purchase of Bolton & Co., which was the 59th largest broker of U.S. business.