Bolton & Company, a longtime Pasadena insurance brokerage, was acquired by Denver-based financial group IMA, but the CEO said the company has no plans to leave the city.
The new partnership was announced Wednesday by representatives of the two companies.
It will take effect on May 1, allowing the two organizations to pool and leverage their resources to expand their services and customer base, according to Bolton’s chief operating officer Mike Morey.
But Bolton’s employees and management will remain the same, he said.
âWe’re not going anywhere. We have been involved in the Pasadena community and will continue to be, âsaid Morey. “Our commitment to the community is further strengthened by our partnership now with the IMA.”
Bolton President and CEO Steve Brockmeyer will continue to head operations as IMA’s California division head, IMA said in a written statement.
Brockmeyer also pointed to the company’s long history in Pasadena.
âThe business was founded by Dorrance Bolton in 1931. In the 1970s it was passed down to his sons, Jim and Bill Bolton. And then, about 18 years ago, we the employees, myself, a number of others ended up buying out the family interests of Jim and Bill Bolton. And then that brings us to today, âBrockmeyer said Wednesday.
Brockmeyer said the company intends to remain an important part of Pasadena.
âAll of our people are staying. We continue to grow by hiring more people. We’ve actually added about 20 people to our team over the past 12 months. And we see a lot more of that coming. Our involvement in the community and our Bolton Foundation and what we do is going to be strengthened, âhe said.
IMA confirmed that âthe team of 200 employees will remain at the company’s Los Angeles, Orange County and San Francisco Bay Area offices. The combined company will have offices across the United States and offer expanded offerings in growing specialty industries. “
The two organizations are a good game, said Morey.
âWe are both committed to being independent, owned by our employees, dedicated to the community and truly customer-centric,â he said.
“This is one of the reasons we came together, because we are both independent, so we are going to remain independent together, just like a larger organization,” added Morey.
And it’s not all about business.
âTheir commitment to the community is a mirror image of who we are,â according to Morey.
While Bolton & Company has traditionally hosted an annual cornhole competition, a lawn game in which players take turns tossing 16-ounce bags of corn kernels onto a raised board with a hole in the end, to collect funds for charity, IMA also regularly hosts sand volleyball and pickleball tournaments to benefit associations.
Together, the two previously separate organizations have raised more than $ 1.5 million for charity over the past three years, officials said.
“Together, the powerful brokerage firm will employ 1,200 associates and generate annualized revenues of more than $ 300 million,” the statement said. “This move will launch IMA into the top 20 insurance brokers in the United States, based on last year’s numbers, but the partners will remain focused on their customer-centric mindset and determined to be independent, owned by their employees and dedicated to their communities. “
IMA President and CEO Rob Cohen described the partnership as “a defining moment for the IMA and for the industry.”
âIt is unique for two great independent brokers who align themselves so well in culture, strategy and community engagement to join forces,â said Cohen. “This decision will take us to the next level, and we will stay on this path as long as we continue to find great strategic partners.”
Through growth and partnerships with other companies, IMA has tripled in size over the past eight years, according to the company.
“Today’s announcement is IMA’s fourth transaction since November 2020 and the 10th in the past 12 months,” the statement said. âThe agreement represents the largest partnership in IMA’s history.
Bolton & Company has also grown, recording 300% revenue growth over the past decade, representative help from the IMA.
Bolton was founded in Los Angeles in 1931 and remained a family business when it moved to South Pasadena and then moved to Pasadena in 2001, according to the company.
The company partnered with RGV of Glendale in 1994 and was then sold to employees through an employee share ownership plan in 2003.
âAlmost a century ago, we set out to be a trusted independent advisor to our clients by taking a tailored approach to help clients succeed and grow,â said Brockmeyer. âThis partnership amplifies this commitment. IMA is creating a new way forward, bringing together highly experienced independent partners with a common set of customer-centric values. “
IMA President Luke Proctor said he was also looking forward to the new partnership.
âOur shared vision and values ââwill allow us to reach our important teams in a transparent manner, paving a path that benefits our customers, our employees and the industry,â he said.
More information about Bolton & Company is available online at Boltonco.com.
More information about IMA Financial Group can be found at imacorp.com.
AbilityFirst receives $ 5,000 from Bolton & Company via Liberty Mutual and Safeco Insurance Make More Happen Awards