Insurance broker snapped up by 230-strong national player
Northampton-based Astute Insurance Solutions has been acquired by JMG Group.
Astute Insurance Solutions is a £6.5m gross underwritten privately-owned insurance broker which was established in 2009 by directors Ian Mahony and Andy Baggott. The acquisition will see the pair retain a stake in the business with the firm’s existing team of continuing under the Astute Insurance Solutions name from its Christchurch Road premises.
JMG Group, a Top 50 UK insurance broker, employs over 230 staff across 13 businesses from 11 offices. The acquisition of Astute Insurance Solutions is JMG’s sixth in just over a year and creates a hub in the East Midlands from which the group plans to expand further.
Mahoney said: “Our business is built on strong client relationships and growth through referrals. Astute Insurance will continue to provide the same client care provided by the same experienced team. The acquisition and the support gained from being part of a wider group will help propel us to the next level and give us greater security and strength in the marketplace which will ultimately benefit all our clients and our team.”
Nick Houghton, JMG Group CEO, said: “This acquisition gives us a strong foothold in the Northampton area that we will use to develop other acquisitions. We are very selective about the businesses we invest in, with the people and culture top of the list when it comes to diligence. Ian and Andy have a great business and are a perfect fit for our Group. We are delighted to welcome them to the team.”
JM Glendinning underwent an MBO led by group CEO Nick Houghton in November 2020, with private equity backing from growth investor Synova. The JMG Group plans to double in size, through organic and acquisitive growth, over the next 12 months.
