IMA Financial Group Acquires Diversified Insurance Group

Business Wire

Partnership marks the company’s sixth transaction in 2021, expands offerings in Salt Lake City

DENVER--(BUSINESS WIRE)-- IMA Financial Group, a North American insurance brokerage firm specializing in risk management, insurance, wholesale brokerage and wealth management, will expand to Salt Lake City through a partnership with Diversified Insurance Group. The deal was effective Aug. 1.

IMA has closed five partnerships in 2021 and 15 in the last 12 months. The transaction is IMA’s first in Salt Lake City.

“Our growth rate has been exceptional and has attracted like-minded partners such as Diversified,” said IMA Financial Group Chairman and CEO Rob Cohen. “Diversified’s leadership believes in our vision and shares our client-first, entrepreneurial approach with a commitment to remain independent, employee-owned and dedicated to our communities. Our values align, and our offerings are complementary. It’s a true partnership and a great match.”

Consistent with IMA’s growth strategy, Diversified will retain its name as a division of IMA Inc. Its CEO, Spence Hoole, will remain at the helm as president of Diversified’s 70-plus employees, expanding IMA’s powerful presence in the Rocky Mountain West.

“Technology is our shared DNA,” said Hoole. “Rob and his team are committed to innovation and, more importantly, to serving the changing needs of the segment. With such outstanding insurance professionals as our partners, we can build on our strengths and expand our offerings, particularly in Salt Lake’s growing construction and transportation segments.”

With more than 400 technology and life science clients, Diversified uniquely understands the insurance needs of high-growth, VC-backed, private equity-financed and public companies, particularly in Utah’s “Silicon Slopes.” Diversified insures a majority of Utah-based “unicorns” and over 80% of the area’s Initial Public Offerings (IPOs). Diversified now includes risk management experts serving clients in the nutraceutical, manufacturing, financial institution, wholesaling and distribution verticals, along with a thriving employee benefits practice led by a health care professional, Jeana Hutchings.

“Diversified is one of the nation’s fastest-growing independent brokers, serves the explosive technology industry in one of the hottest markets in the U.S. and maintains deep client loyalty,” said IMA Financial Group President Luke Proctor. “Combining Diversified’s tremendously talented insurance professionals with IMA positions us to collectively deliver unmatched innovative solutions to clients with industry-leading technical resources.”

IMA Financial Group is a North American insurance brokerage firm specializing in risk management, insurance, employee benefits and wealth management.Employing more than 1,200 associates, with anchor offices in California, Colorado, Kansas, Michigan, Oregon, Pennsylvania and Texas, IMA is among the top independent, employee-owned brokerages in the U.S. The company’s mission is to protect assets and make a difference for its clients, associates and communities.