JMG Group has acquired specialist scheme broker Gleaming Insurance and motor trade insurance broker Executive Insurance Services for an undisclosed sum.
Known for its expertise in providing specialised Hiscox-underwritten insurance policies for cleaning professionals, Gleaming Insurance will continue to trade using its existing branding while now under the JMG Group umbrella.
Managing director Martin Holden (pictured above), who launched the business in 2011, will remain at the helm with the support of Gleaming Insurance’s new owner. Holden’s insurance career started in 1989, with him working at a large national insurance company as an underwriter before he transitioned to the broking side.
“The business is in a very strong position, and with the help of JMG Group this will allow us to build the brand further and become the go-to broker for all the cleaning industry’s insurance needs,” Holden declared. “JMG Group will help to open up market opportunities and support me in establishing and fostering even more partnerships. This move will also allow me to focus on its further development and growth.”
Meanwhile Nick Houghton, JMG Group chief executive, commented: “The relationship we’ve built with Martin over the years made this acquisition a very easy decision for both of us to make. As a successful niche business, Martin would have had his pick of investors, and so I’m utterly delighted that he and his team have chosen JMG Group to support the business’s next chapter of growth.”
Read more: JMG Group continues M&A spree
Separately, Houghton’s camp has also completed its swoop for Executive Insurance Services, which brings additional commercial and motor trade insurance know-how to JMG Group. Directors Martin Davies (pictured immediately above, left) and Martyn Owen (pictured immediately above, right) will continue to lead the 18-strong team in Eastbourne.
Lifting the lid on the transaction, Davies cited the firm’s “big plans for the future” and JMG Group’s role in helping realise those ambitions.
“Executive Insurance Services is an ideal partner for JMG,” Tim Johnson, chairman at JMG Group, noted. “Not only does the business extend our geographic footprint, it brings a specialist capability in the motor trade sector underpinned by an experienced team who share our client-first ethos.
“This partnership will bring added value to our joint customers up and down the country, and we’re excited to work together to further build on their successes to date.”
Formed in 2020 following a management buyout of JM Glendinning Insurance Brokers led by Houghton and backed by SYNOVA, JMG Group currently operates across more than 30 offices nationwide manned by over 600 people. It places over £300 million in premiums annually.
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