Yorkshire-headquartered insurance broker group JMG Group has acquired Northampton business Astute Insurance Solutions for an undisclosed sum.
Leeds-based JMG Group, a Top 50 UK insurance broker, employs over 230 staff across 13 businesses from 11 offices throughout the UK. The acquisition of Astute Insurance Solutions takes JMG Group’s total acquisitions to six in just over a year and creates a hub in the East Midlands from which the group plans to expand further.
Astute Insurance was established in 2009 by directors Ian Mahony and Andy Baggott who bring an existing team of experienced insurance professionals to the JMG Group. The £6.5m gross written premium business provides a range of insurance broking services for corporate clients across Northamptonshire and throughout the whole of the UK. Ian and Andy retain a stake in the business.
Nick Houghton, JMG Group CEO, says: “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.”
Ian Mahony, who has 34 years’ experience in the insurance industry, explains what the acquisition means for the business: “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.”
JM Glendinning underwent an MBO led by Group CEO Nick Houghton in November 2020, with private equity backing from growth investor Synova. The Group plans to double in size, through organic and acquisitive growth, over the next 12 months.