JM Glendinning buys Sphere Group

Prior to being bought Sphere was an appointed representative and Gauntlet Group network member.

The deal will see Sphere move to the premises of JM Glendinning Insurance Brokers North East, which has been part of the JMG Group since 2013. It will sit alongside 23 JM Glendinning staff who work predominantly with SME clients in the Newcastle office.

HNW

Established in 2009, Sphere provides insurance broking services to a wide variety of businesses as well as high net worth individuals. The business will continue to trade as The Sphere Group and retain its team of seven experienced insurance professionals, including MD Alan Oliver.

Nick Houghton, JMG Group’s CEO, commented: “Sphere is another great addition to our group, further expanding our coverage both geographically and in the services we provide.

“The company has an impressive record, particularly in terms of staff and client retention, and it stands out as a business which is well managed and has a quality team that is valued by its clients. Being part of the JMG Group will further enhance Sphere’s services and give them even greater market strength.”

Timing

Oliver added: “We have come a very long way since we set up the business in 2009. We have grown year on year and my team has expanded to support this growth. The time was right for the business to move away from the network model of broking and to enter this next phase of expansion. I am excited to work with the other JMG Group businesses to offer even better access to markets and services for our clients’ benefit.”

JM Glendinning underwent a management buyout backed by Synova Capital in November 2021. The group currently has around £50m is GWP and has outlined its ambition to achieve £100m within three years.

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