IMA Financial Group Spins Off Highwing After $4M Fundraising Round
Sixth-largest commercial insurance group created first open exchange platform for commercial insurance; new investment will fuel expansion and industry innovation.
(DENVER – Nov. 10, 2020) IMA Financial Group today announced it will spin off technology solution Highwing, creating a market-leading open exchange platform for commercial insurance brokers and carriers backed by $4 million in seed funding from leading investor groups.
The investment round was led by a middle market subsidiary of BRP Group Inc. (NASDAQ:BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, and BrokerTech Ventures, the industry’s first broker-led convening platform for innovation, ideation, investment and communication.
IMA, a national insurance brokerage firm specializing in property and casualty insurance, employee benefits and surety bonds, retains majority ownership in the company.
“We recognized the potential of emerging technology and advanced data analytics for our industry years ago,” said IMA Financial Group Chairman and CEO Rob Cohen. “Nothing existed, so we created Highwing. Now, backed by some of our industry’s most innovative firms, it can lead insurance into the future, at a time when connectivity through technology matters most.”
Highwing, which already counts three of the top five global insurance carriers as clients, enables direct connectivity between midmarket commercial insurance brokers and carriers, powering efficient workflows, data-driven insights and profitable growth.
It is a much-needed solution during this time of rapid tech evolution. Though commercial insurance is a growing industry that is expected to reach $900 billion by 2021, 63% of CFOs said they use manual processes (spreadsheets and PDFs) via email to procure commercial insurance, according to a 2019 CFO study conducted by Highwing. Yet 98% of CFOs believe they would operate more efficiently with dedicated technology solutions.
“Our vision is to create an open data ecosystem that gives brokers the ability to rapidly deliver the holistic risk management solutions that today’s midmarket customers want,” said Highwing CEO Erik Mitisek. “Rob saw the future of commercial insurance, and we are now building on it.”
Other investment groups involved in the deal include BrokerTech Ventures member firms Holmes Murphy, The ABD Team, Conner Strong & Buckelew and Heffernan Insurance Brokers. SkyKnight Capital, Revolution’s Rise of the Rest® Seed Fund, SpringTime Ventures, Cameron Ventures and Service Provider Capital joined the round.
ABOUT IMA FINANCIAL GROUP
IMA Financial Group is the sixth-largest independent, employee-owned insurance broker in the United States, specializing in property and casualty insurance, employee benefits and surety bonds. IMA Financial Group Inc. employs more than 800 associates in Colorado, Kansas, Texas, Michigan, Pennsylvania and California. The mission of the employee-owned company is to protect assets and make a difference for its clients, associates and communities.
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