JM Glendinning parent buys first broker in the South

Insurance Age can reveal that JMG Group, the parent company of Yorkshire-headquartered insurance broker JM Glendinning, has invested in the Surrey-based business, which will continue to trade as Bickley Insurance.

Bickley will still be led by MD, Jeff Bickley, who has been head of the business since an MBO in 1991, and the deal sees the brokers eight staff members join the JMG group.

Power
Bickley commented: “To clients, it’s very much business as usual – same name; same MD; same premises; and same exceptional team. The difference will be in the services we can provide and the buying power we will tap into, which will be enhanced by being part of something much bigger.

“We will also have support from a wider pool of professionals, which will allow us to grow and simultaneously benefit the Group.”

Bickley suggested that the JMG proposition was attractive as the two business have lots of synergies and shared values and both favour a client-centred approach.  

He added: “After 30 years at the helm of the business, I felt it was the right time to partner with like-minded people that will help secure the future of the business in a rapidly changing world as well as provide opportunities for the Bickley team to develop their careers.”

MBO
The JMG Group was formed in 2020 when JM Glendinning underwent an MBO led by group CEO Nick Houghton, with private equity backing from growth investor Synova.

The move saw former Stackhouse Poland boss, Tim Johnson, join the board while Jeremy Cary became an adviser.

Synova noted at the time that it would provide funding and work in partnership with the team to support their plans, which it said included supplementing the strong organic growth with a series of complementary strategic acquisitions to grow the business four-fold over the next five years.

M&A
Following the Synova deal, the business highlighted its ambitions to grow GWP from £45m to £200m in the next five years and hit the consolidation trail.

It soon got to work on its M&A plan with its buy of Nowell and Richards, a Staffordshire-based broker, in March 2021.

Houghton commented: “Bickley Insurance is an impressive business, and Jeff and his team are first class operators and a great addition to the Group.  We are delighted to welcome them into the fold.

“The acquisition will provide us with a great platform for future growth in the South as we look to invest in more independently owned insurance brokers who are considering their options for the future.”

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