IMA Financial Group is acquiring Washington-based Parker, Smith & Feek to expand its brokerage services in the Pacific Northwest, Alaska and Hawaii.
The deal is effective Nov. 1. Terms were not disclosed.
IMA’s acquisition of PS&F grows the agency’s team to 1,700 associates, with 2022 revenues projected between $400 million and $500 million, according to IMA.
Parker, Smith & Feek had a reported $65.5 million in total property/casualty revenue in 2020, and a reported $478 million in total P/C premiums written for that year, according to data from Insurance Journal’s Top 100 P/C Agencies.
PS&F will become an IMA company but retain its name, offices and clients. PS&F will continue to operate in its six offices in Bellevue, Tacoma and Spokane, Wash., Anchorage, Alaska; Honolulu, Hawaii; and Portland, Ore.
Current president and CEO Dave Eckroth will continue to lead the team.
The partnership will add to IMA’s health care specialty and grow its construction practice. PS&F’s construction and project risk expertise dates includes prominent brokerage projects such as the original construction and recent $100 million renovation of the Seattle Space Needle and the construction of Seattle’s three tallest skyscrapers.
IMA Financial Group is a North American insurance brokerage firm with risk management, insurance, employee benefits and wealth management practices.
Parker, Smith & Feek is an independent, privately owned brokerage firm providing commercial insurance, risk management, surety, benefits and personal insurance solutions.
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