American insurance brokerage IMA Financial Group has acquired Parker, Smith & Feek (PS&F) to expand its footprint in Pacific Northwest, Alaska, and Hawaii.
The financial value of the deal, which will be effective from 1 November 2021, was not disclosed.
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IMA noted that the acquired firm is the 49th largest brokerage in the US and is its largest partnership to date.
PS&F’s acquisition is expected to double IMA’s health care speciality and bolster its construction practice.
Additionally, it will take IMA’s headcount to 1,700, with 2022 revenues projected between $400m-$500m.
IMA Financial Group chairman and CEO Rob Cohen said: “We find reputable, growing partners like PS&F that align with our culture and look for synergies and capabilities that fuel organic growth.
“The strategy is both true to our mission and successful — our organic growth rates are more than double the industry average.”
Under the terms of the agreement, PS&F will become an IMA company and will continue to operate in its six offices in Bellevue, Tacoma and Spokane, Washington; Anchorage, Alaska; Honolulu, Hawaii; and Portland, Oregon.
PS&F’s current president and CEO Dave Eckroth will continue to lead the team.
Eckroth stated: “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.”
Earlier this year, IMA announced the acquisition of California-based Bolton & Company.
