IMA Financial Group is expanding into Salt Lake City with its partnership/acquisition of Diversified Insurance Group.
This is IMA’s first transaction in Salt Lake City. It has closed five partnerships in 2021 to date and 15 in the last 12 months.
Diversified has over 400 technology and life science clients; the company insures a majority of Utah-based “unicorns” – particularly those based in the tech-focused “Silicon Slopes” area – and over 80% of the region’s IPOs. The independent broker now has risk management experts serving clients in the nutraceutical, manufacturing, financial institution, wholesaling and distribution verticals, on top of an employee benefits practice.
Following closure of the deal, Diversified will retain its name as a division of IMA Inc. Diversified CEO Spence Hoole will continue to lead the 70-strong employee team as president.
“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.”
“Technology is our shared DNA,” commented Spence 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.”
