ESS NexTier Insurance is expected to add its natural gas capabilities to the existing expertise of IMA Financial, which includes onshore and offshore operations and global exploration
IMA Financial acquires ESS NexTier Insurance. (Credit: Pete Linforth from Pixabay)
IMA Financial Group has acquired ESS NexTier Insurance Group, a Pennsylvania-based insurance agency, for an undisclosed price.
According to IMA Financial, the acquired company has a similarly structured practice with four offices located throughout Pennsylvania.
The acquisition is said to quickly grow the insurance brokerage firm’s energy practice.
ESS NexTier Insurance will bring its natural gas capabilities to the existing expertise of IMA Financial, which includes onshore and offshore operations and global exploration. Besides, the acquisition establishes a Northeastern footprint for the insurance brokerage firm, whose main offices are located across the states of Colorado, Kansas, Michigan, and Texas.
IMA Financial CEO comments on acquiring ESS NexTier Insurance
IMA Financial Group chairman and CEO Rob Cohen said: “Our long-term growth strategy hinges on partnering with highly successful firms like ESS NexTier that add to our expertise and share our ideals.
“Despite current economic conditions, IMA continues to focus on its long-term strategy and unwavering commitment to building an industry-leading team.”
The present workforce of ESS NexTier Insurance which includes 35 employees along with the company’s offices in Butler, Pittsburgh, and Kittanning will continue operations as IMA | ESS.
In the new organisation, Charles “Chip” Echnoz will become the president of IMA | ESS – Pittsburgh, while Rick Putnam will be senior executive vice president of IMA | ESS and Watson Barker will be the executive vice president of IMA | ESS.
The IMA | ESS Energy group will specifically address the unique requirements of the energy industry, which includes oil and gas, mining, and power generation operators, and service providers. The organisation’s staff will be dedicated fully to the design, implementation, and service of energy insurance programmes and also risk consulting in mergers and acquisitions, contracts, and others.
Echnoz said: “We are joining two companies, but the benefits to our clients and teams are much more than one plus one.
“Together, we create remarkable bench strength in our core business areas and a wider offering to better service our existing clients.”