JMG Group buys two brokers
JMG Group has snapped up Southampton-based Knightsure Insurance Brokers and T I Alexander Insurance Brokers in Bo’ness in two separate deals.
JMG bought 100% of £1.8m gross written premium boutique corporate broker Knightsure for an unspecified amount.
The second acquisition, of £1.5m GWP TI Alexander Insurance Brokers, was completed by Scotland-based JMG Group company Greenwood Moreland and also for an unspecified amount.
Former owner of the broker, Scott Alexander, will join the team following the acquisition.
The two deals in the first week of the new year are on the heels of JMG acquiring BJP Insurance and Premier Insurance in November 2022.
More to come?
Nick Houghton, JMG Group CEO, said: “We are thrilled to bring these well-established and highly successful businesses, at opposite ends of the country, into our group. Adding such high-calibre industry professionals to our team gives us greater standing in the marketplace and additional wealth of knowledge and experience to tap into.”
JMG first entered the Scottish market in April last year in a joint ownership deal with Greenwood Moreland.
Houghton continued: “Our deal with TI Alexander also demonstrates our commitment to investing in our acquired businesses so that they in turn can make sound investments and grow their offering.”
Succession
The broker leader also commented that by purchasing these two brokers JMG has established succession plans for the current owners, Tony Knight and Scott Alexander.
The group has grown a large amount since Houghton became CEO in 2020.
JMG acquired 14 businesses over 2020-2022, and now exceeds £200m GWP.
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