Acquisitions director Hutton says he is "buying quality" with Ridge Insurance
New high street broker NMJ Insurance Brokers has made its first acquisition. The Halifax-based broker launched by two former Equity directors received FSA authorisation in December and has acquired Ridge Insurance Services, based in Glossop, Derbyshire.
As reported by Insurance Times in July, former Equity Insurance Brokers’ managing director, Nick Potts, and acquisitions and insurer development director Mike Hutton founded NMJ last year, with the aim of building its own branch network of between 15 and 20 branches in the North of England and the Midlands by making multiple acquisitions. The pair received “significant” funding from Wilson Insurance Group directors John Wilson and Gareth Hooper, who are non-executive directors.
Ridge Insurance has over 4,000 commercial and personal clients. Its owner, Gareth Morris, will move on to concentrate on his other broker, based in Rhyl, Wales. Potts said Ridge has an “excellent local reputation” and that its ten staff would remain in place.
Hutton added: “This acquisition fits perfectly with our strategy to buy quality, established businesses in communities that have strong customer loyalty and, by virtue of being located in good underwriting areas, can also provide excellent returns for our insurer partners.”