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IMA Financial Group Inc. said Thursday it has bought Harrison, New York-based York International Agency LLC, expanding its operations in the New York metropolitan area.
Terms of the deal were not disclosed.
The purchase of York International, which is the 96th-largest broker of U.S. business, according to Business Insurance’s most recent ranking, will add about $32 million in brokerage revenue to No. 22-ranked IMA. The Denver-based brokerage expects to exceed $500 million in revenue in 2022.
IMA has expanded significantly through acquisition since its recapitalization in 2020, completing 16 deals, including several other Top 100 ranked brokers, such as Bolton & Co., KPD Insurance Inc. and Parker, Smith & Feek Inc.
IMA has an existing office in Pittsburgh, and the purchase of York International will help it grow in the Northeast, said Rob Cohen, chairman and CEO of IMA.
York International, which is majority-owned by its 11-person leadership team, was formed in 1985 and has about 70 employees.
The brokerage will continue to operate under the York International name and Chairman and CEO Robert Kestenbaum will be president, northeast region of the unit. Michael Bodack, president and chief strategy officer of York, will be IMA’s New York market president.
Like IMA, York International is a member of the Assurex Global broker network and it places commercial property/casualty insurance – with a specialty in the real estate sector – employee benefits and personal lines business.
The deal will add market clout with insurers and expand the capabilities of the brokerage, said Mr. Kestenbaum.
“Our real specialty in commercial is real estate and now we’ll have 18 other verticals to sell,” he said.
Adding York International gives IMA a national reach in its real estate practice, Mr. Cohen said.
“We have a good size book out of our Denver office, as well as our Seattle-Bellevue office, our Pasadena office and our Kansas City office. When we throw in the New York deal, it really puts us at a size and scope where we can really take real estate nationally,” he said.