Northampton broker Astute Insurance Solutions is now part of Leeds-headquartered JMG Group, creating an East Midlands hub for the broader business.
JMG Group – the name behind JM Glendinning Insurance Brokers, Butterworth Spengler Insurance Brokers, Nowell & Richards, Bickley Insurance Services, and Brunsdon Insurance – snapped up the £6.5 million GWP (gross written premium) brokerage for an undisclosed sum.
Meanwhile directors Ian Mahony and Andy Baggott, who set up Astute Insurance in 2009, will retain a stake in the acquired company that offers a range of insurance broking services for corporate clients not only in Northamptonshire but across the UK.
“Our business is built on strong client relationships and growth through referrals,” noted Mahony. “Astute Insurance will continue to provide the same client care provided by the same experienced team.
“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.”
Born out of a management buyout (MBO) of the Glendinning family in 2020, JMG Group spans 11 offices manned by more than 230 people who make up 13 businesses. The MBO was backed by private equity firm Synova, whose investment is helping JMG Group realise its ambitious growth plans.
“This acquisition gives us a strong foothold in the Northampton area that we will use to develop other acquisitions,” said chief executive Nick Houghton, whose camp has already made six swoops in just over a year.
“We are very selective about the businesses we invest in, with the people and culture top of the list when it comes to diligence. Ian and Andy have a great business and are a perfect fit for our group. We are delighted to welcome them to the team.”
Over the next 12 months, JMG Group aims to double in size.
