Connecticut insurance agency Sinclair Risk & Financial Management has been acquired by Denver-based IMA Financial Group.
The deal, effective as of Aug. 1, is expected to boost IMA’s expansion into the Northeast, according to an announcement.
Deal terms weren’t disclosed.
IMA is an insurance brokerage firm focused on risk management, insurance, wholesale brokerage and wealth management, and it has more than 2,000 associates in offices nationwide.
Sinclair, now an IMA company, is retaining its name and its headquarters in Wallingford and office in Norwalk.
CEO David Sinclair, who founded the company in 1971, said it chose to be acquired by IMA because the two companies align both philosophically and culturally.
Sinclair’s leaders and 32 associates will focus on providing commercial insurance and employee benefits to middle-market businesses and personal insurance lines to high-net-worth individuals.
IMA is an employee-owned, independent company, and Sinclair’s associates will have an opportunity to invest in the brokerage.
