Acquisitive start to the year for insurance broker group

Yorkshire-based insurance broker, JMG Group, has started the year with two acquisitions which help further strengthen its reach in the south of England and in Scotland.

The £205m turnover group has acquired Southampton-based Knightsure Insurance Brokers, in a deal that sees it purchase 100% of the £1.8m gross written premium (GWP) boutique corporate insurance broker business.

The acquisition further broadens JMG Group’s foothold in the south, following its recent acquisition of Wokingham-based BJP Insurance Brokers and also establishing the new JM Glendinning Community Risk Solutions out of offices in Fareham.

Its second acquisition is of £1.5m GWP TI Alexander Insurance Brokers in Bo’ness by Scotland-based JMG Group company Greenwood Moreland.

Scott Alexander, former owner of TI Alexander, will join the Greenwood Moreland team, primarily supported from its Bathgate office.

The acquisition will provide eventual succession for the TI Alexander business and in the meantime will allow Alexander to build on the success of the business with the support of a broader team.

Nick Houghton, JMG Group CEO, said “We are thrilled to bring these well established and highly successful businesses, at opposite ends of the country, into our group.

“Adding such high calibre industry professionals to our team gives us greater standing in the marketplace and additional wealth of knowledge and experience to tap into.

“Our deal with TI Alexander also demonstrates our commitment to investing in our acquired businesses so that they in turn can make sound investments and grow their offering.”

JMG Group has been expanding significantly since group CEO Nick Houghton completed a management buyout in 2020, backed by growth investor Synova. The group has acquired 16 businesses over the last two years.