IMA

It all began in Wichita, Kansas, in the mid-1970s. William Cohen merged the insurance agency founded by his father with two other firms in the city, giving rise to Insurance Management Associates. For a long time, the company remained a regional player. The turning point came with his son, Rob Cohen, who opened a branch in Denver in 1989, took over as CEO ten years later, renamed the group IMA Financial Group, and made the Colorado capital its new headquarters.

The job involves taking the client’s side rather than the insurer’s. The teams analyze a company’s risks, quantify their potential costs, negotiate appropriate coverage, and assist with claims processing. IMA specializes in technical sectors where this expertise makes a difference: energy, construction, manufacturing, and public entities. In addition, the firm offers consulting on employee benefits, wealth management, and wholesale brokerage services for the most complex risks.

Growth accelerated in the 2020s, driven by a series of mergers with regional brokerages. The merger with California-based Bolton & Company in 2021 propelled the group into the top 20 in the U.S. Since then, revenue has more than tripled, reaching $955 million in 2025.

The most distinctive feature remains the employee stock ownership plan. Every employee owns shares in the company, and the workforce as a whole retains a majority stake, even after the May 2026 recapitalization, which valued the group at $4 billion. This culture extends to a foundation that made more than $1.3 million in donations and facilitated 13,100 hours of volunteer work in 2024.

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