Insurance broker JMG Group continues Scottish expansion
UK insurance broker JMG Group has acquired Scotland’s largest independent broker, its second major acquisition north of the border in just over a month.
The deal for Perth-based GS Group will expand JMG’s footprint in Scotland. The company entered the Scottish market in April when it facilitated a management buyout at insurance broker Greenwood Moreland.
Established in 1991, GS Group is a broker for business, personal lines and risk management insurance services. Along with its 50 employees, the company will become part of the JMG Group and in so doing join over 15 businesses operating out of 19 different UK offices. The acquisition takes JMG’s gross written premiums (GWP) in Scotland above the £50mn mark.
JMG says the deal will “allow GS Group to expand its footprint, continue to innovate and to grow its skilled team”. George Stubbs, the Founder and Managing Director of GS Group, will stay on as a shareholder and will continue to lead the business.
GS Group ‘a fantastic cultural fit’
Stubbs says: “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.”
Nick Houghton, CEO of JMG Group, adds: “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, taking our GWP placed in Scotland to £50mn. 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.”