The broker group plans to double in size over the next year
Leeds-based broking firm JMG Group has bought Northampton-based Astute Insurance Solutions, taking its total number of acquisitions to six in just over a year.
The transaction creates an East Midlands hub for JMG Group, from which it plans to expand further.
Astute Insurance was established in 2009 by managing director Ian Mahony and director Andy Baggot, who have both retained a stake in the business.
The commercial insurance broker handles £6.5m of gross written premium and serves corporate clients in Northamptonshire and the wider UK.
Its team of insurance professionals will be integrated into JMG Group. Mahony explained that Astute would continue to provide “the same client care provided by the same experienced team”.
East Midlands foothold
JMG Group chief executive Nick Houghton said: “This acquisition gives us a strong foothold in the Northampton area that we will use to develop other acquisitions.”
JM Glendinning, part of the JMG Group, underwent a management buyout in November 2020, backed by private equity investor Synova. The group now has plans to double in size over the next year via “organic and acquisitive growth”.
“We are very selective about the businesses we invest in, with the people and culture top of the list when it comes to diligence,” said Houghton.
He added that Mahony and Baggot had created a “great business” that was a “perfect fit” for the JMG Group.
Mahony said: “Our business is built on strong client relationships and growth through referrals.
“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.”
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