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 US companies, according to Business insurances latest 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 by 2022.
IMA has expanded significantly through acquisitions since its 2020 recapitalization, completing 16 deals, including several other top 100-rated 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 management team, was established in 1985 and has approximately 70 employees.
The brokerage will continue to operate under the York International name, and Chairman and CEO Robert Kestenbaum will serve as CEO of the unit’s Northeast region. Michael Bodack, president and chief strategy officer for York, will serve as IMA’s New York marketing director.
Like IMA, York International is a member of the Assurex Global broker network and places commercial property/casualty insurance – with a specialty in the property sector – employee benefits and personal business.
The deal will give the insurance companies market influence and expand the broker’s opportunities, says 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.
“We have a good-sized book from 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 business, it really gives us a size and scale where we can really take real estate nationally,” he said.