Insurance brokerage IMA Financial Group, Inc. announced the completion of an equity recapitalization transaction.
Oak Hill Capital and New Mountain Capital are each taking minority positions, with additional participation from HarbourVest Partners and a select group of prominent institutional co-investors.
IMA employees will continue to own a majority of the company, with 100% of associates participating as shareholders. SkyKnight Capital and The Stephens Group will exit in connection with the transaction. New Mountain will exit its existing position and reinvest alongside the broader investor group.
The transaction values IMA at $4 billion.
The recapitalization supports IMA’s growth, investments in technology, talent, and strategic partnerships.
“With the support of our investors, we will continue scaling our platform, expanding our expertise and investing in the people and partnerships that have fueled IMA’s growth,” said CEO Rob Cohen.
Since 2020, IMA has increased revenue by nearly 400%, driven by both strategic partnerships and industry-leading organic growth. Its associate base expanded from 700 in regional offices to more than 3,000 nationally.
The Occupational Safety and Health Administration (OHSA) reports that acts of violence rank as the third-leading cause of fatal occupational injuries in the country. Research also shows that workplace assaults have been increasing in number, with healthcare workers and teachers most often being the victims.
There are, however, indications that assaults against teachers may be declining.
Workplace violence covers a wide range of behaviors including physical violence, harassment, intimidation, and other threatening behaviors from verbal abuse to physical assaults and even homicide. Workplace violence affects employees, clients, customers, and visitors.
Workplace assaults have risen at an annual rate of 5.3% from 2011 to 2022, according to a recent National Council on Compensation Insurance (NCCI) research brief, titled “Workplace Violence: Part One, Assault Trends, Drivers and Demographics,” which analyzed information from the U.S. Bureau of Labor Statistics (BLS) assault case data.
When compared to broader societal violent assaults, workplace assaults present a growing problem. The workplace assault rate grew by 62% from 2011 to 2022, whereas the national aggravated assault rate grew by 13%, the NCCI brief noted. Workplace assault rates refer only to events severe enough to result in lost work time and those that are formally reported to the BLS.
