JMG Group buys Northampton broker to continue expansion

JM Glendinning parent, JMG Group, has bought Northampton business Astute Insurance Solutions for an undisclosed sum, Insurance Age can reveal.

Leeds-based JMG Group, a Top 100 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.

Corporate

Astute Insurance was established in 2009 by directors Ian Mahony and Andy Baggott.

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. Both Mahoney and Baggott will retain a stake in the business.

Nick Houghton, JMG Group CEO, said: “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.”

Mahony added: “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.”

MBO

JM Glendinning underwent an MBO led by 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.

Houghton has previously outlined a strategy to make 12 to 15 deals, with the aim to get JMG’s GWP at group level up to £200m, in the next five years.

Last year, it appointed Jake Fox to lead the JM Glendinning business as Houghton took on the group CEO role.

Businesses acquired by JM Glendinning include Staffordshire-based Nowell & Richards and Liverpool-headquartered Butterworth Spengler.

Parent firm JMG Group has also bought Bickley Insurance in Surrey and Butterworth Spengler has gone on to purchase Brunsdon Insurance in Gloucester.

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