JMG Group buys GS Group

The addition of Perth-based GS Group and its 50 employees takes JMG Group to over 15 businesses operating out of 19 offices throughout the UK.

The acquisition for an undisclosed sum remains subject to regulatory approval and will increase JMG Group’s GWP placed in Scotland to £50m.

It is the second purchase by JMG Group in the Scottish market this year. The company entered a joint ownership deal with Greenwood Moreland in April.

GS Group was established in 1991 by current managing director George Stubbs. It specialises in business, personal lines and risk management services.

Stubbs will remain a shareholder and continue to lead the GS Group business.

He said: “The JMG Group proposition was particularly attractive as the company echoes our values and will allow us to grow autonomously whilst supporting the development of our team. It will also give us access to markets and infrastructure that will increase our ability to innovate.

“We are currently a £30m GWP business and this investment will help us to achieve our growth ambitions of becoming a £50m GWP business in the next four years. We will continue to offer the same professional service, with the existing team, still operating as GS Group, but with the added benefits of being part of a larger Group of insurance businesses.”

Fit

JMG Group CEO, Nick Houghton, commented: “This is an exciting deal for our expanding group as our growth strategy ramps up another gear. GS Group is a major player in Scotland and this deal complements our recent investment in Greenwood Moreland in Scotland.”

He concluded: “Our strengths lie in finding the best people in our market, looking after them and supporting them in providing the best advice for clients. We believe we have found a fantastic cultural fit in George and his team.”

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