Insurance broker breaks through £200m barrier with latest acquisition
Leeds-headquartered insurance broker, JMG Group, has acquired BJP Insurance Brokers in a move that will see the group exceed £200m gross written premium.
JMG Group has been growing since group CEO Nick Houghton completed a management buyout in 2020, backed by growth investor Synova. The group has acquired 14 businesses over the last two years.
The addition of BJP to the group will see the headcount increase by 60 to over 420 and strengthen the JMG Group’s presence in the south, following the purchase of Bickley Insurance in 2021.
Established in 1997, BJP Insurance Brokers is based in Wokingham. The firm specialises in the building, construction, security, and agricultural machinery sectors and has its own specialist underwriting division – Focus.
BJP places over £37m in gross written premium (GWP) annually across its retail and underwriting divisions.
BJP managing director Andrew Brown will remain invested and at the helm of the business following the sale.
He said joining JMG Group will enable a smooth retirement for founding directors Barry McGoun and John Finch, while giving the team access to resource and capital to help support its growth plans.
Brown added: “It was important for us to find a home where we could continue building on all we have created over the last 25 years. When we met the JMG team, they just felt like the right partner for us.
“The JMG support, scale and approach will undoubtedly be good for our team, our customers, and our retail and underwriting divisions. One chapter closes, another one opens – and we can’t wait to get cracking.”
JMG Group CEO, Nick Houghton, added: “In BJP, we have found another great business to join forces with to help Andrew and his team with their growth plans.
“The added dimension of an underwriting division is exciting, as this is something we’ve been thinking about for some time now.
“On behalf of everyone at JMG Group, I’d like to extend a warm welcome to Andrew and his team, we look
forward to supporting them to achieve their growth plans.”