JMG Group has completed the acquisition of BQI Insurance and its sister company BQI Protection to mark a significant expansion, particularly in the construction, fleet, and liability insurance sectors.
This double deal is set to bolster JMG Group’s client servicing capabilities and geographic reach, with new offices in London, Wellingborough, and Perth.
Founded in 2006 by Andy Brown and Sean Quinn, BQI Insurance specialises in construction, fleet, and motor trade insurance, as well as managing difficult-to-place risks.
With the acquisition, JMG Group will grow by 46 staff members and see an increase in gross written premium by £25 million.
BQI Protection, meanwhile, was established in August 2018 by Brown, Quinn, and Malcolm Robertson — who holds a 50% stake. It focuses on personal cover, business protection, and employee benefits.
“The investment is a great opportunity for our businesses to continue to flourish whilst retaining our identity,” Brown said. “We never rest on our laurels; we want to be on the front foot and we believe partnering with JMG Group will give us the added competitive edge we desire. It offers a significant opportunity for our employees to grow their portfolios and develop professionally.”
“Being a part of JMG will provide a tremendous opportunity for the group to leverage the advice and products we can provide, fostering substantial growth for all involved,” Robertson said.
Nick Houghton, CEO of JMG Group, also expressed enthusiasm about the integration of BQI's operations within JMG.
“Andy and Sean have built a great business and absolutely share our obsession with organic growth and data,” Houghton said. “Welcoming Malcolm on board will also bring valuable expertise to the wider group. To have an opportunity to invest in the team and help them continue their growth and success is a real privilege, and one I’m looking forward to being part of. A big thank you must go to Andy and Sean for approaching us when they were thinking about their next chapter.”
This latest deal comes at the heels of another for the insurance group, with JM Glendinning Insurance Brokers expanding its portfolio through the acquisition of Birmingham’s Madoc & Rhodes (Lea Village).
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