Yorkshire firm acquires Scotland’s largest independent broker
Yorkshire-headquartered insurance broker, JMG Group, has acquired Scotland’s largest independent broker, subject to FCA approval.
This is JMG Group’s second major acquisition in Scotland in just over a month.
The move will see Perth-based GS Group and its 50 employees become part of the JMG Group, which now has over 15 businesses operating out of 19 offices throughout the UK.
The acquisition will allow GS Group to expand its footprint, continue to innovate and to grow its team, now with added market strength which being part of the JMG Group will bring. GS Group was established in 1991 by managing director George Stubbs.
Nick Houghton, JMG Group CEO, said: “This is an exciting deal for our expanding Group as our growth strategy ramps up another gear.
“GS Group is a major player in Scotland and this deal complements our recent investment in Greenwood Moreland in Scotland, taking our GWP placed in Scotland to £50m.
“Our strengths lie in finding the best people in our market, looking after them and supporting them in providing the best advice for clients. We believe we have found a fantastic cultural fit in George and his team.”
Stubbs, who will remain a shareholder and continue to lead the GS Group business, added: “The JMG Group proposition was particularly attractive as the company echoes our values and will allow us to grow autonomously whilst supporting the development of our team.
“It will also give us access to markets and infrastructure that will increase our ability to innovate.
“We are currently a £30m gross written premium (GWP) business and this investment will help us achieve our growth ambitions of becoming a £50m GWP business in the next four years.
“We will continue to offer the same professional service, with the existing team, still operating as GS Group, but with the added benefits of being part of a larger Group insurance businesses.”
Advising the deal were Gordons Solicitors and Deloitte LLP (JMG Group) and Dickson Minto and Deloitte LLP (GS Group).
