IMA Financial Group: insurance broker profile

Overview

IMA Financial Group is a Denver-based independent broker that sells commercial insurance, employee benefits and investment advisory services. In a February 2026 release the company describes itself as majority employee-owned and managed, with more than 3,000 associates and offices across the country. Business Insurance ranked it the 21st-largest U.S. business broker in its 2021 list (on $301.6 million of 2020 brokerage revenue) and again described it as 21st in an August 2024 article. We did not find a 2026 ranking figure for IMA and so state no current revenue.

History

Sources differ on the founding year: they point to 1973 or 1974 in Wichita, Kansas, when William Cohen merged an agency started by his father with two other local firms to form Insurance Management Associates. Denver business press reports that his son, Rob Cohen, opened a Denver branch in 1989, became chief executive about ten years later, renamed the company IMA Financial Group and made Denver the headquarters. Mr. Cohen still leads the company as CEO according to that coverage, which we have not confirmed with the company. IMA expanded into the whole building at 1705 17th Street beside Union Station, according to Business Den.

The company grew by buying and merging with other regional firms, notably the deals described below.

Services

IMA places property, casualty, professional and specialty coverage and advises employers on group health and other benefits. It also offers risk consulting and investment advisory services, which it calls "comprehensive and consultative risk and investment advisory services." After the 2021 Parker, Smith & Feek purchase, IMA said it doubled its health care specialty and significantly grew its construction practice. Its Florida merger in 2024 added a firm with a book in auto dealerships, construction, country clubs, hospitality, manufacturing, marine and nonprofits.

Who it serves

The company's own materials emphasize a consultative approach for employers that want help with both risk and benefits.

IMA's customers are mainly middle-market employers, with industry groups in construction, health care and other sectors. It has operations in Colorado and Kansas, the Pacific Northwest, Alaska, Hawaii and Florida. Smaller businesses may find that they work with a local team rather than a Denver headquarters office; the questions to ask a regional versus a local or direct provider are covered in independent agent, broker, captive agent or direct? and how to choose a commercial insurance broker.

How it is paid

IMA is private and we did not find a compensation disclosure on its public pages. Retail brokers are generally paid by commissions from insurers, by client-paid fees (common for benefits and advisory work), and sometimes by contingent or supplemental commissions that depend on the volume, growth or profit of the business placed with an insurer. Because IMA also offers investment advisory services, a client should ask which services are charged by fee and which by commission, and should request written disclosure of all compensation on an account. how commercial insurance brokers get paid covers the common arrangements across the industry.

Recent deals

• Parker, Smith & Feek: announced October 26, 2021 and slated to close November 1, 2021, per Business Insurance. The Bellevue, Washington firm reported $82.5 million of 2020 brokerage revenue, about 300 employees and six offices, and was the 49th-largest U.S. broker. Terms were not disclosed. IMA called it its largest deal to that date, and the firm kept its name under CEO Dave Eckroth.
• Wallace Welch & Willingham: announced August 1, 2024. The St. Petersburg, Florida brokerage had 155 staff and nearly $30 million of annual revenue and brought IMA into the Florida market. Terms were not disclosed.

These deals fit the larger trend described in private equity and the consolidation of insurance brokers; see also the largest commercial insurance brokers, ranked by 2025 revenue.

Strengths and weaknesses

• Strengths: majority employee ownership, which the firm links to its independence; health care and construction expertise; a mix of insurance, benefits and investment advice under one roof.
• Weaknesses: limited public financial disclosure; the founding year, executive roster and revenue are inconsistent across third-party sources; regional concentration compared with national firms; integration of acquired agencies is ongoing.

When comparing IMA with another firm, ask about the specialist team that would handle your account, the carriers it uses most, and whether you will work with a local office after any acquisition. Employee ownership can mean different things in practice, so a buyer may also wish to ask what share of the equity employees hold.

IMA has also drawn recognition for its people: in February 2026 the company announced that five of its associates were named to Risk & Insurance magazine's 2026 Power Broker list. Awards of that kind are marketing signals rather than measures of price or claims service, so buyers of any size still need to compare proposals, references and service plans directly, ideally through a structured process such as a Writing a broker RFP for a commercial insurance program.

How to contact IMA Financial Group