IMA Financial Group Cements New England Presence with Richards Group Deal

DENVER, CO – January 05, 2026 – IMA Financial Group, a major North American insurance brokerage, has significantly expanded its national footprint into New England through a strategic partnership with The Richards Group, a venerable independent firm serving Vermont and New Hampshire. The deal, effective December 31, 2025, integrates The Richards Group's 160 employees and 28,000 clients into IMA's national platform, marking a pivotal move for both organizations.

While framed as a partnership, the transaction represents an acquisition that underscores a powerful trend of consolidation within the insurance industry. It combines IMA's extensive national resources with The Richards Group's deep-rooted regional presence and specialized expertise in the healthcare, education, and nonprofit sectors.

A Strategic Push into a Specialized Market

For IMA Financial Group, a majority employee-owned company ranked as the 20th-largest brokerage of U.S. business, this move is a calculated step in its ambitious growth strategy. Having recently expanded in the Southeast, the Denver-based firm identified New England as a key region for growth, and The Richards Group as the ideal entry point. The partnership adds 13 offices across Vermont and New Hampshire to IMA's network of locations, which now spans the country.

"The Richards Group's long-standing commitment to New England communities and deep expertise in healthcare, education and nonprofit sectors is exactly what we look for in a partner," said IMA Chairman and CEO Rob Cohen. "Together, we'll deliver enhanced capabilities while preserving the local leadership and relationships that clients value."

This acquisition is emblematic of a wider consolidation wave sweeping the insurance brokerage industry. National players like IMA are increasingly seeking to acquire successful regional agencies to gain immediate market share, specialized knowledge, and established client books. Rather than building from scratch, this model allows for rapid expansion while leveraging the trust and brand equity that firms like The Richards Group have cultivated over generations. By targeting a firm renowned for its work with complex sectors, IMA not only gains a geographic foothold but also deepens its intellectual capital in high-demand insurance niches.

Preserving a 159-Year Legacy Through Modern Partnership

Founded in 1867, The Richards Group is a pillar of the New England business community. The family-owned firm has built its reputation on local service and deep community involvement, including sponsorships of institutions like Dartmouth Athletics. This commitment to its region and employees has been repeatedly recognized, with the firm being named one of Vermont's Best Places to Work for ten consecutive years.

A central component of the agreement is the preservation of this unique identity. The Richards Group will continue to operate under its existing leadership and from its current 13 offices. This "local-first" approach is designed to ensure continuity for the firm's 28,000 clients, who will continue to work with the same teams they know and trust.

Crucially, the deal structure extends ownership to the firm's entire staff. All 160 employees of The Richards Group will join IMA's more than 2,700 associates and become shareholders in the majority employee-owned company. This aligns the interests of the incoming team with the broader success of the national organization, providing a powerful incentive for retention and long-term commitment.

“IMA shares our dedication to clients, employees and the communities in which we live and work,” stated The Richards Group Principal Drew Richards. “For many years, we’ve grown and evolved to best support our clients. This partnership represents the next step in our journey – we can expand capabilities, strengthen services and make our employees shareholders, all while keeping our local teams in place.” This sentiment highlights the dual goals of the transaction: accessing national-level resources without sacrificing the local culture that has been the bedrock of the firm's success for over a century and a half.

Enhanced Capabilities for Healthcare, Education, and Nonprofits

The strategic heart of the partnership lies in the specialized expertise The Richards Group brings to the table. The firm has carved out a significant niche serving the complex risk management and benefits needs of the healthcare, education, and nonprofit sectors. These industries face unique challenges, from medical malpractice and student safety to donor liability and complex regulatory compliance.

By joining with IMA, The Richards Group's clients in these fields gain access to a vastly expanded suite of resources. This includes IMA's sophisticated technology platforms, advanced actuarial and data analytics support, and broader access to national and international insurance markets. For a regional hospital system, this could mean more competitive pricing on liability coverage or access to cutting-edge cyber insurance products. For a university, it could translate to more robust employee benefits packages and enhanced risk management strategies for its campus and endowment.

The Richards Group already offers a wide range of consulting services beyond traditional brokerage, including safety, wellness, human resources, and fiduciary stewardship. The integration with IMA is expected to strengthen these offerings, providing clients with a more holistic and powerful advisory experience. This combination of deep local knowledge and national-scale resources is positioned to deliver a more comprehensive value proposition to organizations navigating an increasingly complex risk landscape. The deal allows IMA to immediately become a more formidable player in these specialized sectors not just in New England, but nationally.

The successful integration of these two distinct corporate cultures will be critical. However, the shared emphasis on employee ownership and community focus provides a strong foundation. By retaining local leadership and making employees direct stakeholders in the combined entity's future, the partnership model aims to create a unified firm that is greater than the sum of its parts, benefiting employees, clients, and the communities they serve across the country.