JMG Group – which owns JM Glendinning Insurance Brokers, Butterworth Spengler Insurance Brokers, Nowell & Richards, Bickley Insurance Services, Brunsdon Insurance, and Astute Insurance Solutions – has invested in Greenwood Moreland in Scotland.
Financial terms of the backing were not disclosed, but it was noted that JMG Group’s investment will facilitate a management buyout (MBO) at the Scottish brokerage. Manned by 35 people across four branches, Greenwood Moreland came to life in 2017 when Greenwood Insurances and Moreland Insurance Brokers merged. The business has since snapped up six broking firms.
“The new partnership with the JMG Group is a real game-changer for our business that ticks our boxes for growth in the short-, medium-, and long term,” said Greenwood Moreland managing director Andrew Weir, whose camp will continue to expand the organisation under joint ownership.
“The people and processes they have in place are superb and will help us execute our strategy over the coming months and years. Clients will continue to enjoy a strong and committed trading relationship with us, and it will provide additional opportunities for the people in our team, too. It’s a really good fit for us, and we’re very excited.”
Meanwhile founding director Robert Weir, who set up the company in 2004 as part of his MBO of Greenwood Insurances, will be retiring.
Commenting on the deal, JMG Group chief executive Nick Houghton (pictured) stated: “I’ve watched Andrew’s business grow over recent years and have always been impressed by the way he does business. There is a real parallel between the Greenwood Moreland ethos and approach and our own, and I know the company and the team will be an excellent fit within the JMG Group.”
The new investment, which marks JMG Group’s entry into the Scottish market, comes hot on the heels of its acquisition of Newcastle-based insurance broker and risk management firm The Sphere Group earlier this month.
