IMA’s wholesaler Towerstone acquires Jacobs & Associates

IMA Financial Group’s wholesaler platform Towerstone has acquired managing general agent and E&S broker Jacobs & Associates.

The deal, the terms of which were not disclosed, is the 10th acquisition that the expansive IMA has made in the last 12 months. Last year, New Mountain Capital made a minority equity investment in IMA.

Its acquisition of Jacobs & Associates was completed at the beginning of this month, and provides growth opportunities to both Towerstone and the newly purchased platform, IMA said.

The acquisition, Denver, Colorado-based IMA said, “serves as a springboard for Towerstone’s growth within Texas and beyond”.

Dallas, Texas-based Towerstone is one of six units operating under parent IMA. The others include retail insurance broker IMA Inc; personal lines and SME-focused broker IMA Select; broker dealer and insurance agency IMA Wealth; commercial property casualty and specialty programs focused MGA and MGU Eydent; and specialty programs designer and manager Cornerstone.

With the acquisition completed, Jacobs has joined the IMA Financial Group and will retain its name. Its six team members will continue to operate out of the company’s office in Strongsville, Ohio.

“Jacobs & Associates is known throughout Ohio as a responsive, client-focused and highly experienced managing general agent,” said Towerstone’s president George Schneller.

“By joining forces, we expand our team’s underwriting capabilities and expand our brokerage presence in Ohio and neighboring states,” Schneller added.